Business
Christie’s Strategic Acquisition of Classic Car Dealer Gooding & Co: A Revival Amid Art Market Decline
Christie's acquisition of vintage car dealership in the midst of art market decline is being celebrated as 'fantastic news'. As art auctions are experiencing a decrease, the fusion of the auction house with LA's Gooding & Co is anticipated to rejuvenate the vintage car industry.
Christie's, the auction house, is set to purchase Gooding & Company, a dealer of classic cars, as declared by both firms on September 12.
The agreement with the car consignment company from Los Angeles is reportedly the biggest for Christie's in over 20 years.
This acquisition will aid Christie's in broadening its portfolio as the art sector shows signs of decline.
During the initial half of 2024, Christie's auction revenue dropped by 22 per cent compared to the previous year, totaling US$2.1 billion (HK$16.4 billion). This is approximately half of the US$4.1 billion they made in the same timeframe in 2022.
The auction company withdrew from automobile auctions in 2007, however, it has sustained the sale of vehicles within certain collections.
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