Market Intelligence
Gooding: a step back to move forward
Gooding & Company's “Geared Online” auction held in October 2020 was a success despite the current period of uncertainty and the proliferation of online platforms for classic car auctions. The event could become a permanent fixture as it expands Gooding's offer and attracts a livelier and younger market. The auction saw 65.3% of lots sold and 75.4% of takings, including the sale of all three top lots. The article highlights some of the most interesting cars sold, including a 1956 Maserati A6G/54 Spider, a 1972 Porsche 914/6, a 1975 Lancia Stratos, and a 1937 Rolls-Royce 25/30 Razor Edge Saloon, which sold for a bargain $14,850. The BMW M3 Coupé E36 US version was also sold for half of the estimated price and considered the best deal of the auction.
The “Geared Online” auction, which this year was held from 26th to 30th October, could become a fixed event even after Covid-19 has abated. First of all, it’s online so doesn’t need any other events connected to it. Second, it’s more than capable of expanding Gooding’s offer – perhaps with cheaper cars, attracting a livelier and much younger market – and allows potential sellers to take advantage of the professionalism and network of a large auction house even if they’re not selling million-dollar cars.
What about the results? Very good in normal times but considering the current period of uncertainty (the sale ended 3 days before the American elections) and, not to be ignored, the recent proliferation of online platforms that are more or less specialized in classic car auctions, it was of the very highest order.
How else can you define 65.3% of lots sold (32 cars out of 49 on offer) and 75.4% in takings with $8,915,500 sold against estimates of $11,830,000? What’s more, all three top lots were sold which is something we haven’t seen in a while.
