Gooding & Co. Sold to Christie’s Auction House

[edinmass]

Interesting development………David Gooding has sold out to Christie’s Auction House. RM partnered with Sotheby’s back in 2015, and may now be wholly owned by them? I’m not certain on the current makeup of RM/Southeby’s. I’m wondering if this trend will continue to some of the other large auction houses that primarily target the post war and more common cars? Only thing that is certain………changes to the hobby continue.

 

Disclosure……..I’m friendly with many principles in both businesses mentioned above, and have done business with both of them. 

Edited September 12 by edinmass (see edit history)

[prewarnut]

...maybe a theme. Two years ago Skinner in Massachusetts merged or was purchased by Bonhams. While they didn't previously offer a lot of cars for sale the new arrangement opens a lot of international venues including two houses in Scandinavia as well. It could have to do with opening market options. It may also be the principals looking towards retirement....

[1935Packard]

Interesting.  Article about the deal here: 

https://www.magnetomagazine.com/articles/gooding-acquired-by-auctions-giant-christies/

 

An excerpt:

 

Christie’s has a rather longer history, having been founded in 1766. Now owned by Groupe Artémis, the holding company of the Pinault family, it has physical locations in 46 countries and flagship sales hubs in New York, London, Hong Kong, Paris and Geneva. It specialises in art, antiques and luxury objects, but for many years it was well known for its collector car department, which opened in 1972 – many of the world’s current car auctioneers and dealers cut their teeth at Christie’s.

However, Christie’s closed its car department in 2007. This was a few months after an embarrassing sale at Rétromobile Paris, at which the star car, a 1937 Auto Union Type D race car, had to be withdrawn at the last minute following questions over its claimed history. The confusion was soon explained, due to legitimate period mixings of chassis and engines, but it was a damaging episode for the Christie’s car team. Having already lost ground to rivals RM Auctions, Bonhams and Coys at the time, Christie’s seemed to decide that it was better off out of the car market, and it withdrew completely.

Now, with the acquisition of Gooding & Company, it’s most certainly back. Gooding has just added to its team with New York-based Brit Rupert Banner (another former Christie’s employee) as well as American Lance Butler, most recently of SBX Cars. It was weakened recently by the loss of UK car specialist Joe Twyman, who has moved to Broad Arrow, along with colleague Harry Wassell, so it remains to be seen what the new Gooding Christie’s will plan for the UK in the future. Currently its only UK or European sale is at Concours of Elegance Hampton Court Palace.

There’s an intense rivalry between Christie’s and Sotheby’s, with the two vying for top spot year after year; in 2023 Sotheby’s sold a total of $7.9 billion in total sales compared to Christie’s $6.2 billion. The differences between the two, both of which were founded in the 1700s, are explained in depth in this article in The Collector.

Meanwhile, there will be obvious comparisons with RM Sotheby’s, which was formed when Sotheby’s acquired a 25 percent stake in RM Auctions in 2015. This enabled the already dominant RM to grow still further, to secure its place as the largest collector car auction house in the world, but it suffered two years ago with the loss of several key management and staff members to Hagerty’s Broad Arrow Auctions.

 

 

[1939_Buick]

8 hours ago, edinmass said:

...... Christie’s Auction House. RM partnered with Sotheby’s back in 2015, and may now be wholly owned by them? I’m not certain on the current makeup of RM/Southeby’s.

 

The beneficial owners of some these big high end auction houses can be a little murky. Wikipedia is not always correct or up to date

https://en.wikipedia.org/wiki/Sotheby's

https://en.wikipedia.org/wiki/RM_Sotheby's

https://en.wikipedia.org/wiki/Christie's

https://en.wikipedia.org/wiki/Gooding_%26_Company

[Steve Moskowitz]

Inevitable Ed, the auction market is now so global on the high end and more modern cars that it makes sense to partner/sell out to established firms that have a network of high net worth individuals all over the world. RM's auction in Hershey is pretty mind blowing to me with some fabulous cars and many at a price that could be "affordable".  Not cheap but affordable!  I hope there is interest in the 1930 Lincoln Touring car we are selling....a very nice car and runs well.

[edinmass]

 

Good Morning Steve...........it seems car auctions have turned into entertainment venues.......like a county fair, or some other social celebration. The car's are not the focus of the auction.......the atmosphere is trying to duplicate a casino atmosphere. Most new super car owners in my experience are not car people.......they are lifestyle and conspicuous consumption crowd..........which is fine, to each his own. Times change, as does the hobby. I for one will not participate in the "look at me" lifestyle. I'm guessing some small venue or small operators will fill any gap in the marketplace of car auctions............to cater to the antique car hobby with cars from the 70's and earlier. With old venues disappearing like the Hemmings monthly printed issue......to Bring a Trailer and everything in-between. Things have already changed quite a bit in the last ten years. I expect the change will continue........it will be interesting to see that tempo the change will continue at. 

[Walt G]

7 minutes ago, edinmass said:

.........it seems car auctions have turned into entertainment venues.......like a county fair, or some other social celebration. The car's are not the focus of the auction.......the atmosphere is trying to duplicate a casino atmosphere. Most new super car owners in my experience are not car people.......they are lifestyle and conspicuous consumption crowd..........which is fine, to each his own. Times change, as does the hobby. I for one will not participate in the "look at me" lifestyle.

Ed, WELL STATED. I agree completely . Barnum & Bailey atmosphere and attitude for this era.

Walt

[Matt Harwood]

25 minutes ago, edinmass said:

it seems car auctions have turned into entertainment venues

 

This couldn't be more true. Barrett-Jackson is owned by an entertainment company and makes more from the TV rights than they do selling cars (as does Mecum, I suspect). That's why I'm very suspicious of many of the high-end sales on TV auctions--it's entertainment, so they gotta keep the viewers pinned to their seats. Cars that you can't believe make such large numbers (a certain Lamborghini last year, for instance), I have a hunch that they're sold internally for entertainment purposes with no basis in reality.

[edinmass]

I don't know much about the very large venue guys..........like some of the mentioned above. I do know Dana Mecum has a great personel car collection and he is active in showing at the major shows now. I met him for only a few seconds and seems like a decent guy.......with fantastic taste in cars.........especially European big boy stuff. As far as the market price of stuff at the big events.......seems like some stuff is recycled for event to event to an extent. 

 

My point of view on the BIG auctions where they sell 2500 cars or more at one location...........I would never sell a car there, as your vehicle just has too much price competition......especially with 50's-70's stock cars.........want a nice 60's Mustang? There will be a bunch of good & decent cars at market or below market price due to the volume. 

[60FlatTop]

53 minutes ago, Matt Harwood said:

I have a hunch that they're sold internally for entertainment purposes with no basis in reality.

Non-car people bring up the topic of TV car auctions at social functions. I usually tell them I prefer professional wrestling for the reality.

[Avanti Bill]

There are auctions that definitely have a carnival atmosphere, which turns me off.  I would say that of Gooding, RM and Bonham's they are in a different category.  I understand why David Gooding sold, he is of an age when he probably wants to enjoy himself some and may not have a good person to take over.  Further when opportunity knocks you should not ignore it but embrace it if you can.  I am surprised one of the big houses didn't buy Bring a Trailer as it seems to have really taken off since it sold a few years ago.  It is a pretty good format which a lot of others are following, though it has its drawbacks.  I have zero knowledge of the financials which may be why the big guys didn't step in.   I had never thought of media revenue that Mecum and Barrett receive, but that could influence how the sales go down I suppose.  It also is the probable reason for the theater they like to put on.  I remember a few years ago when some of the big auction houses were guarantying the sale of art pieces to get the consignment, when a downturn in the art world occurred there were some that had to go out of business.  I haven't heard of that in the auto auctions yet but I suppose it could be happening.       

[alsancle]

59 minutes ago, Avanti Bill said:

There are auctions that definitely have a carnival atmosphere, which turns me off.  I would say that of Gooding, RM and Bonham's they are in a different category.  I understand why David Gooding sold, he is of an age when he probably wants to enjoy himself some and may not have a good person to take over.  Further when opportunity knocks you should not ignore it but embrace it if you can.  I am surprised one of the big houses didn't buy Bring a Trailer as it seems to have really taken off since it sold a few years ago.  It is a pretty good format which a lot of others are following, though it has its drawbacks.  I have zero knowledge of the financials which may be why the big guys didn't step in.   I had never thought of media revenue that Mecum and Barrett receive, but that could influence how the sales go down I suppose.  It also is the probable reason for the theater they like to put on.  I remember a few years ago when some of the big auction houses were guarantying the sale of art pieces to get the consignment, when a downturn in the art world occurred there were some that had to go out of business.  I haven't heard of that in the auto auctions yet but I suppose it could be happening.       

BroadArrow, Bonhams,  RM and Gooding are all what is considered "boutique" catalog auction houses.  Meaning they spend time and effort to put a catalog together with an actual write up of each car that isn't necessarily what the owner says.  Also, they are selective with what inventory they are willing to accept.

[Steve Moskowitz]

https://rmsothebys.com/auctions/hf24/lots/  I don't mean to hi-jack this thread but look at the great stuff that will be up for sale at Hershey, something almost for everyone, especially our 1930 Lincoln!

[CarNucopia]

2 hours ago, Avanti Bill said:

I am surprised one of the big houses didn't buy Bring a Trailer as it seems to have really taken off since it sold a few years ago. .       

Bring a Trailer was acquired by Hearst Autos (publisher of Road & Track and Car and Driver). This certainly supports an notion mentioned above that auctions are becoming media properties for entertainment, not selling cars.

Edited September 13 by CarNucopia (see edit history)

[Tph479]

5 hours ago, edinmass said:

I don't know much about the very large venue guys..........like some of the mentioned above. I do know Dana Mecum has a great personel car collection and he is active in showing at the major shows now. I met him for only a few seconds and seems like a decent guy.......with fantastic taste in cars.........especially European big boy stuff. As far as the market price of stuff at the big events.......seems like some stuff is recycled for event to event to an extent. 

 

My point of view on the BIG auctions where they sell 2500 cars or more at one location...........I would never sell a car there, as your vehicle just has too much price competition......especially with 50's-70's stock cars.........want a nice 60's Mustang? There will be a bunch of good & decent cars at market or below market price due to the volume. 

He’s also into wood boats. I seen this yesterday getting loaded up at the marina to send off to the new owner. There is usually some cool wood boats at his piers. This boat was named “sold” on it’s transom.

[B Jake Moran]

A couple of points caught my attention.  
 

Hemmings print is done?   I just received my October issue.  
 

I am one of those bottom feeders that would prefer $5,000 to $15,000 cars so the auctions are not for me.   
 

They are entertainment.  I especially enjoyed the scenes from CHASING CLASSIC CARS.   Those auctioneers seemed like real car guys.  I just don’t play in that sandbox.   

[Avanti Bill]

5 hours ago, alsancle said:

BroadArrow, Bonhams,  RM and Gooding are all what is considered "boutique" catalog auction houses.  Meaning they spend time and effort to put a catalog together with an actual write up of each car that isn't necessarily what the owner says.  Also, they are selective with what inventory they are willing to accept.

I should have included Broad Arrow in my group of what I consider more civilized auctions.  Most of their people came from RM.

[edinmass]

Hemmings print magazine hasn’t been relative to the hobby for a decade. I make my living in the pre-war car hobby and I haven’t been a subscriber to it for over 15 years. At one time every old car collector was a subscriber to Hemmings. To the best of my knowledge, I don’t know anybody who subscribes to the print version anymore. It’s a pretty profound statement, but it’s the truth. 

[3macboys]

5 hours ago, B Jake Moran said:

Hemmings print is done?   I just received my October issue.

I just checked their website and they are still offering 12 issues a month - on three different publications.  

[Tph479]

6 hours ago, Tph479 said:

He’s also into wood boats. I seen this yesterday getting loaded up at the marina to send off to the new owner. There is usually some cool wood boats at his piers. This boat was named “sold” on it’s transom.

Here is another of the big boy boat toys. It appears to have two V16’s, which I assume are Millers. I’m not 100 percent sure though since I haven’t seen it up close. I would love to see it blast by on the open water with wide open throttles as I’m chowing on cheese curds and enjoying a cold beverage. For you folks that enjoy boats, another good website is woodyboater.com. There is always pretty of good coverage on antique boats and boat shows. There should be a lot of fantastic pictures posted soon since the national wood boat show is this weekend. It’s being held in Minnesota where the best of the best wood boats are.

[alsancle]

13 hours ago, edinmass said:

Hemmings print magazine hasn’t been relative to the hobby for a decade. I make my living in the pre-war car hobby and I haven’t been a subscriber to it for over 15 years. At one time every old car collector was a subscriber to Hemmings. To the best of my knowledge, I don’t know anybody who subscribes to the print version anymore. It’s a pretty profound statement, but it’s the truth. 

I dropped Hemmings almost 20 years ago.  I would occasionally read it at my dad's or down the shop and was always reminded that I didn't need it anymore.   A shame.  It was the bible of the old car hobby for 50 years.

[58L-Y8]

When I realized about twenty years ago that I spent about ten minutes reading the new copy of Hemmings that arrived in the mail, I concluded it was time to let the remaining subscription run out, not renew.  Sad milestone indeed, even ten years before, its arrival was anticipated.  I recall when the last issue of the Saturday Evening Post arrived as well, a milestone for my parents.