Market Intelligence
Gooding and RM: European ups and downs
Gooding and RM, two leading car auction companies, held two different auctions in Europe, with Gooding holding its auction in London, while RM held its event in St. Moritz. Gooding recorded an excellent result, with 78.37% of the cars sold, generating 78.08% of the estimated total value, equivalent to €26.5m (£23m). RM's auction, on the other hand, was less successful, with only 10 cars sold out of the 22 on offer and only 28% of the total value. The top lot at RM's auction was a 1936 Bugatti 57S Atalante, which failed to sell when offers stopped at €8,082,750 (CHF 7.8m). Conversely, Gooding's top lot, a 1960 Ferrari 250 GT SWB Competizione, sold for €8,960,250 (£7,762,500), exceeding the €7m-€8m estimate. The article suggests that the mismatch between the cars on offer and the type of buyers in the room may have contributed to RM's underperformance.
After what was to all intents and purposes a stellar edition of Pebble Beach, the two action giants of RM and Gooding put themselves to the test in Europe in two very different locations: a tried and tested London for Gooding, and a steep and slippery St. Moritz for RM.
At its second European auction, Gooding brought home an excellent result: 78.37% of the cars on offer were sold (29 out of 37) generating 78.08% of the estimated total value, equivalent to €26.5m (£23m).
