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Christie’s purchase of classic car dealer amid art market slump hailed as ‘great news’

With art sales down, the auction house’s merger with Los Angeles-based Gooding & Co is expected to breathe life into the classic car market

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The 1970 Porsche 917K Gooding & Company sold for US$14 million in 2017. The classic car seller announced on September 12 that it had agreed to a merger with Christie’s that even competitors are praising. Photo: courtesy Christie’s Images Ltd.

Auction house Christie’s will acquire classic car seller Gooding & Company, the companies announced on September 12.

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The deal for the Los Angeles-based car consignor is said to be Christie’s largest in more than two decades.

The purchase will help diversify Christie’s offerings as the art market weakens.

In the first six months of 2024, Christie’s auction sales declined 22 per cent year on year, to US$2.1 billion (HK$16.4 billion) – roughly half the US$4.1 billion achieved during the same time period in 2022.

The 1967 Toyota-Shelby 2000 GT Gooding & Company sold for just over US$2.5 million in 2022 as the most expensive Japanese car sold at auction. Photo: courtesy Christie’s Images Ltd.
The 1967 Toyota-Shelby 2000 GT Gooding & Company sold for just over US$2.5 million in 2022 as the most expensive Japanese car sold at auction. Photo: courtesy Christie’s Images Ltd.

The auction house exited car auctions in 2007, although it has continued to sell cars as part of specific collections.

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