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

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

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