Gooding's Auction at Monterey Car Week: Successes and Strategic Missteps

Gooding’s recent auction in Monterey delivered mixed results. Despite an increase in the percentage of cars sold at 78.26% (144 out of 184) compared to 77.57% last year, Gooding only achieved half of its projected revenue, compared to a solid 70% of last year’s target. The total value reached was $92,739,200, which is close to the previous year’s total but with 16 more cars sold and an average price per car of $644,022 compared to $733,500 last year. From a marketing standpoint, Gooding's decisions seemed to have overestimated many lots. It's one thing to have no reserve on a car, but when the reserve price is set too high, the risk of a no-sale becomes almost guaranteed.

The most expensive car of the sale, the 1938 Alfa Romeo 8C 2900B Lungo Spider, is a prime example. As mentioned in the preview, this car was stolen in 2022 and later recovered by the FBI, who returned it to the insurance company after reimbursing the previous owner. With an ambitious estimate of $16-20 million, and in need of restoration (which the new owner has already confirmed he will undertake), the insurance company, after reimbursing the owner and considering the market's sensitivity to stock market fluctuations, accepted the maximum offer of $14,030,000. In my opinion, this is a fair price for the current market.