David Gooding on Gooding & Company's Merger with Christie's and the Future of Car Auctions

The Gooding & Christie's Merger

• 🤝 Gooding & Company, founded by David and Don Gooding in 2003, has merged with Christie's, marking a significant return for Christie's to the car auction business.
• 💡 The merger was initiated by Christie's chairman, seeing it as a "perfect marriage" due to shared ethos and the expansion of the car market.
• 🚀 The combined entity is expanding into Europe and increasing sales, leveraging Christie's financial backing for broader competition.

Career Trajectory and Partnership

• 🕰️ David Gooding began his career at Christie's in 1990, learning the trade and emphasizing ethics, before moving to RM and then founding Gooding & Company.
• 👩‍💼 His wife, Don, is a crucial partner, managing marketing, branding, finance, and operations, complementing David's sales and client-facing role.
• 🌟 Their partnership is described as highly effective, with each focusing on their strengths, contributing to the company's well-known brand and marketing vision.

The Car Market and Auction Strategy

• 📈 The classic car market has "exploded" in recent years, prompting Christie's re-entry to serve clients who collect in both art and automobiles.
• 💎 Gooding & Company prides itself on focusing on quality, transparency, and integrity over sheer sales volume, passionately seeking the world's best cars.
• 🎯 The company aims to build curated sales by balancing client desires with market trends, sometimes anticipating what collectors want before they know it themselves.

Market Dynamics and Tariffs

• ⚠️ The introduction of tariffs in April significantly disrupted conversations and deal-making, causing a compression of the selling window into June and July.
• 📉 Clients were distracted by economic and political factors, leading to a pause in major decisions regarding car acquisitions.
• ✅ The market has since calmed, particularly for pre-2000 cars, allowing business to resume with clients now able to focus on their automotive interests.

Evolving Collector Preferences

• 🚗 While classic pre-war and 1950s/60s cars remain significant, there's a growing trend towards contemporary and newer performance cars.
• 💰 Cars in the north of $10 million range are typically classic era, but the market for more modern vehicles, including Porsches and Ferraris, is expanding.
• 🚀 Gooding & Company holds records for contemporary cars, such as a McLaren F1 sold for over $20 million, indicating a strong market for high-value modern vehicles.

Auction Strategies and Private Sales

• 💡 Selling cars with "no reserve" can focus buyer attention and create excitement, especially for well-known, high-value models like the 300 SL Mercedes.
• private sales are a significant part of the business, including record-breaking transactions like a Ferrari 250 GTO, with the decision to sell privately or at auction depending on the car, timing, and seller's needs.
• 🤝 David Gooding offers advice to sellers, guiding them on the best venue for their specific car and circumstances.

Experiencing Monterey Car Week

• 🌟 First-time visitors to Monterey Car Week are advised to soak in the atmosphere, observe the auctions, and explore the cars during the viewing periods.
• 🚗 The Thursday tour is highlighted as a special event, showcasing cars in motion, often after extensive restorations, providing a unique perspective on their performance and beauty.
• 🎶 Retromobile, a major European car show, is expanding to New York City in November, featuring auctions, dealers, manufacturers, and vintage parts, promising a vibrant event.

Resources for Car Enthusiasts

• 📚 For those new to the classic car world, resources like the Revs Institute and the Peterson Museum are highly recommended.
• 🚗 Attending local "Cars and Coffee" events and exploring swap meets like the Hershey Classic Car Swap Meet can provide access to enthusiasts and affordable classic cars, particularly pre-war models.
• 🤝 Connections can be made with V8 Ford enthusiasts and other specialized clubs to learn more about specific eras and models.