WEBVTT - Gooding & Company's Founder David Gooding 0:00:02.520 --> 0:00:07.040 Bloomberg Audio Studios, podcasts, radio news. 0:00:09.320 --> 0:00:11.800 I'm Matt Miller and I'm Hannah Elliott, and this is 0:00:11.840 --> 0:00:23.000 Hot Pursuit. So we have David Gooding with us today. 0:00:23.079 --> 0:00:26.120 He is the president and founder of Gooding and Co. 0:00:27.040 --> 0:00:29.480 Which he started with his wife Don in two thousand 0:00:29.480 --> 0:00:33.920 and three. But actually Gooding and Co. Is now Gooding Christie's, 0:00:34.560 --> 0:00:37.959 which is really exciting because they're just Christie's was in 0:00:37.960 --> 0:00:39.599 the car business and then they got out and now 0:00:39.600 --> 0:00:41.840 they're back in and they're sort of bigger and better 0:00:41.840 --> 0:00:45.920 than ever. And you know, I will say we've definitely 0:00:46.000 --> 0:00:50.920 chronicled the competition among the auction houses and it is 0:00:50.960 --> 0:00:54.560 a real it's real thing. But I have to say universally, 0:00:54.720 --> 0:00:57.800 whenever I ask any of the other auction house people, 0:00:58.120 --> 0:01:00.520 they say very nice things about David It he is 0:01:00.640 --> 0:01:06.000 really universally liked and universally called a nice, decent guy. 0:01:06.360 --> 0:01:09.680 So that's that's really a tribute. And he's he's gonna 0:01:09.680 --> 0:01:10.920 be great to have on the show. 0:01:10.760 --> 0:01:14.920 And has, as as we've learned, a very strong exclusive 0:01:14.959 --> 0:01:18.240 relationship really with Pebble Beach. So it's a nice preview 0:01:18.280 --> 0:01:19.400 for the trip that you and I are going to 0:01:19.480 --> 0:01:22.000 take there in August. Let's get straight to it. Well, 0:01:22.040 --> 0:01:26.280 welcome to Bloomberg, David. Great having you with us. You know, 0:01:26.360 --> 0:01:28.920 Hannah's told me so many great things about you and 0:01:28.959 --> 0:01:32.679 your business, and so I'm really looking forward to basically 0:01:32.720 --> 0:01:37.520 hearing you guys chat because she is the journalist responsible 0:01:37.560 --> 0:01:41.080 for covering the auctions and classic cars and collectors and stuff, 0:01:41.200 --> 0:01:47.600 and I'm usually interested in like trucks and and muscle cars. 0:01:47.640 --> 0:01:50.920 So I'm gonna let her kind of hog the ball here. 0:01:50.960 --> 0:01:53.320 So Hannah, why don't you take it away? 0:01:54.080 --> 0:01:55.440 I call me Hannah the Hog. 0:01:55.520 --> 0:01:59.200 I love it, and I will say I feel like 0:01:59.280 --> 0:02:05.560 truck's dude dovetail with collecting definitely. Yeah, David, thank you 0:02:05.640 --> 0:02:09.679 so much for joining us. It's really great to have you. Obviously, 0:02:10.200 --> 0:02:12.760 you know we've worked together for years. You've been in 0:02:12.800 --> 0:02:17.280 the industry forever. I think, did you start Gooding and Co. 0:02:17.440 --> 0:02:18.440 In two thousand and three? 0:02:19.000 --> 0:02:23.040 Correct? Yeah, we started. Our first auction was two thousand 0:02:23.040 --> 0:02:23.320 and four. 0:02:23.840 --> 0:02:28.200 Wow, And but forever, well, it was just two thousand 0:02:28.200 --> 0:02:28.520 and three. 0:02:29.480 --> 0:02:32.520 You had been at you'd been every you'd worked for 0:02:32.560 --> 0:02:35.680 everyone else. I think you got all the best practices 0:02:35.720 --> 0:02:37.680 and then started your own company. You were actually at 0:02:37.800 --> 0:02:41.240 Christie's in the nineties. Give us like a give that 0:02:41.480 --> 0:02:45.160 a run through, because even I don't know, okay, back. 0:02:45.000 --> 0:02:49.400 Farther, Okay. So in January of nineteen ninety, right as 0:02:49.440 --> 0:02:53.520 the car market was shifting, none of us had realized it, 0:02:53.560 --> 0:02:57.520 I joined Christie's and I was at Christie's for eleven 0:02:57.600 --> 0:03:01.600 years and really learned the trade, and Christie's instilled in 0:03:02.520 --> 0:03:08.800 me and all of us that ethics were and you know, 0:03:09.200 --> 0:03:11.880 the certain way of doing business is the most important thing. 0:03:11.880 --> 0:03:14.880 That that's all that you've got really above and everything out, 0:03:14.960 --> 0:03:17.919 above everything else. So I was there for eleven years. 0:03:17.960 --> 0:03:21.560 Then I worked at RM for three and a half years, 0:03:22.280 --> 0:03:26.480 and after that we started Gooding Company in two thousand 0:03:26.480 --> 0:03:31.280 and three. So it's been it's been a long and 0:03:31.360 --> 0:03:37.160 interesting ride, and we've watched the market change develop I've 0:03:37.160 --> 0:03:43.040 seen you know, markets go up and down and watch 0:03:43.080 --> 0:03:45.760 it all happen, and it's been interesting to be to 0:03:45.800 --> 0:03:47.960 be there throughout it all. 0:03:48.200 --> 0:03:50.760 David, I want to get to market talk, but just 0:03:50.800 --> 0:03:54.320 to like put a pin in the arc of your career. 0:03:54.880 --> 0:03:57.080 The most recent news of the course is that now 0:03:57.120 --> 0:04:00.680 Gooding and Chrissy's are back together. Which must be so 0:04:01.160 --> 0:04:05.440 surreal for you having been there before. Can you just 0:04:05.680 --> 0:04:09.240 tell us how did that come about and what does 0:04:09.240 --> 0:04:12.760 that mean for you in your I don't think you 0:04:12.840 --> 0:04:14.520 really have a new role. You're kind of doing the 0:04:14.560 --> 0:04:16.240 same that you always did. 0:04:16.520 --> 0:04:20.640 Yeah, I know the role. The role doesn't feel really 0:04:20.720 --> 0:04:23.800 any different, so you know, to sort of go back 0:04:26.360 --> 0:04:28.440 as as I think I alluded to, I mean I 0:04:28.640 --> 0:04:33.400 always felt very near and dear to Christie's. It was 0:04:33.640 --> 0:04:37.280 it was, you know, the soft spot in my heart. 0:04:37.360 --> 0:04:41.080 So even when we were competing against each other in 0:04:41.120 --> 0:04:43.840 the in the early two thousands, uh, there was a 0:04:43.880 --> 0:04:49.480 friendly rivalry. And then Christie's for a while got out 0:04:49.480 --> 0:04:51.839 of the car car business, but we were We worked 0:04:51.960 --> 0:04:54.760 very well together. They would refer business to us, we 0:04:54.800 --> 0:04:59.400 would refer business to them. And then then a little 0:04:59.440 --> 0:05:02.960 over a year and a half ago, uh, the chairman 0:05:03.080 --> 0:05:05.640 of Christie's pulled me in and said, we really, we 0:05:05.680 --> 0:05:08.159 really need to change this. We want to we wanna 0:05:08.680 --> 0:05:12.080 we want to acquire your company. And so it was 0:05:12.120 --> 0:05:16.960 not something that we were really My wife and I 0:05:16.960 --> 0:05:21.360 were not really looking to do that, but it made 0:05:21.400 --> 0:05:24.560 a lot of sense. They're the each company has the 0:05:24.600 --> 0:05:30.120 same ethos there they were. It's really a perfect marriage. 0:05:30.160 --> 0:05:35.720 So yeah, we're we're now working together and uh and 0:05:35.839 --> 0:05:40.680 uh or technically I'm working for them and uh uh 0:05:41.360 --> 0:05:44.680 we are busy expanding the business. I mean we're going 0:05:44.680 --> 0:05:48.080 into Europe. Uh, We're we're looking at expanding our sales, 0:05:48.120 --> 0:05:52.120 we're adding staff. So it's it's great. I mean, we're 0:05:52.160 --> 0:05:56.000 we we have the financial wherewithal behind us now that 0:05:56.440 --> 0:05:59.320 we can really compete on every level. So we're it's 0:05:59.360 --> 0:06:00.720 super exciting for us. 0:06:00.839 --> 0:06:03.400 Can I just jump in and ask about your wife, 0:06:03.440 --> 0:06:06.520 because I don't want to seem too cliche, but I've 0:06:06.560 --> 0:06:09.760 always in my career hooked up with really smart women, 0:06:10.360 --> 0:06:14.560 and uh, I think that's been one of my advantages 0:06:14.600 --> 0:06:20.360 in life. Right my wife, Hannah Carol mass or you 0:06:20.360 --> 0:06:22.640 you talk about your wife, I guess your your partners 0:06:22.640 --> 0:06:23.960 in the business or what is that? 0:06:24.240 --> 0:06:28.200 Yes, one hundred percent partners. Now, I'm I'm in charge 0:06:28.240 --> 0:06:32.400 of sales and and and uh a lot of the business. 0:06:32.480 --> 0:06:37.240 But she she does all of our marketing and branding, 0:06:37.520 --> 0:06:43.560 and she's involved in finance and operations. So we we 0:06:43.600 --> 0:06:47.640 compliment each other very very well. And uh it's been 0:06:47.880 --> 0:06:50.960 great for us because because the sales end of the 0:06:51.040 --> 0:06:55.840 business requires so much travel and she doesn't have to 0:06:55.880 --> 0:06:59.039 travel as much, and so, you know, we we just 0:07:00.080 --> 0:07:03.400 it's been very good that, you know, while I'm out 0:07:03.440 --> 0:07:07.720 on the road getting getting cars for these various auctions, 0:07:07.760 --> 0:07:12.040 she's here holding down the fort. And you know, she 0:07:12.560 --> 0:07:16.240 she is brilliant in terms of marketing. She has a 0:07:16.280 --> 0:07:23.360 background in motion picture marketing. And her vision for our 0:07:24.040 --> 0:07:27.240 brand and our look and our feel that that's all 0:07:27.280 --> 0:07:32.120 her and we became very well known for that, and 0:07:32.200 --> 0:07:38.360 so I just you know, it's a great, great partnership 0:07:38.360 --> 0:07:39.640 and marriage. 0:07:39.880 --> 0:07:42.360 David, I guess I've never asked you this, but it 0:07:42.400 --> 0:07:44.680 strikes me that you are sort of the face of 0:07:44.720 --> 0:07:47.840 the company. I'm curious if did you and don ever 0:07:47.920 --> 0:07:51.040 have a conversation that she actually doesn't want to have 0:07:51.120 --> 0:07:53.320 to do the heavy lifting of like talking to people 0:07:53.360 --> 0:07:56.680 like Matt and and she's very happy to let you 0:07:56.760 --> 0:07:57.080 do that. 0:07:57.200 --> 0:07:58.600 Wait, this is heavy lifting for you. 0:08:01.000 --> 0:08:05.000 Well, this isn't heavylifting, but sometimes it's heavy lifting. Yeah, 0:08:05.000 --> 0:08:08.560 I mean, we we I don't know if we actually 0:08:08.640 --> 0:08:10.760 sat down and had that conversation or it just sort 0:08:10.760 --> 0:08:14.640 of developed, but it's we agree. I mean, there's certainly, 0:08:14.880 --> 0:08:18.040 there's so many things that she does that she does 0:08:18.040 --> 0:08:20.000 so much better than I do that, so we just 0:08:20.080 --> 0:08:22.720 we just stick in our certain lanes, you know, And 0:08:23.080 --> 0:08:27.120 and it's kind of implicit. I think it's it's pretty 0:08:27.120 --> 0:08:29.680 obvious there's a lot of things that I'm not very 0:08:29.680 --> 0:08:33.600 good at that she handles, and so it's, uh, it 0:08:33.640 --> 0:08:34.960 didn't need to be a conversation. 0:08:36.200 --> 0:08:36.720 That's great. 0:08:37.000 --> 0:08:40.920 Yeah, yeah, yeah. 0:08:39.840 --> 0:08:41.960 So I'm okay. 0:08:42.080 --> 0:08:44.000 So back to what I really wanted to ask you too. 0:08:44.480 --> 0:08:48.200 After the Christie's news, you know, did Christie's come to 0:08:48.240 --> 0:08:53.119 you because they realized we need to get back into cars? 0:08:53.400 --> 0:08:55.320 I mean, are they what are they seeing in the 0:08:55.360 --> 0:08:59.360 market that made them think we need to get in 0:08:59.400 --> 0:09:00.000 on this again. 0:09:00.760 --> 0:09:05.600 Yeah, well, I think they definitely saw that and realized it. 0:09:05.640 --> 0:09:09.040 I mean, the car market has exploded over the last 0:09:09.080 --> 0:09:16.000 few years, and they certainly were aware that so many 0:09:16.040 --> 0:09:20.040 of their clients that collect in other categories also collecting cars, 0:09:20.679 --> 0:09:26.559 and their competitors have car you know, vibrant car departments, 0:09:28.200 --> 0:09:30.960 and so they just they knew that it was an 0:09:31.040 --> 0:09:36.360 important aspect and it's quite you know, in the luxury 0:09:36.440 --> 0:09:41.560 category and in everything that Christie's does, they are really 0:09:41.559 --> 0:09:43.840 at the top of their field, and there was this 0:09:43.880 --> 0:09:46.319 big vacuum where they just weren't in the car business, 0:09:46.360 --> 0:09:51.600 and so that, you know, I think it became pretty 0:09:51.600 --> 0:09:55.160 obvious that they needed to be So it worked out 0:09:55.160 --> 0:09:58.120 really well. We were excited to join together. 0:09:58.679 --> 0:10:03.720 What is the unique selling point of Gooding. I mean, 0:10:04.200 --> 0:10:09.079 you've even I know you've sold some really exclusive cars 0:10:10.000 --> 0:10:16.040 the Yellowbird, uh dusenberg S, SJ and and some others 0:10:16.080 --> 0:10:19.800 that I've read about. And you're very closely connected to 0:10:19.880 --> 0:10:23.080 Pebble Beach where Hannah and I for the first time, 0:10:23.120 --> 0:10:25.920 Hannah's been there a million times, will go in August. 0:10:27.000 --> 0:10:29.760 Great, I'm glad you're coming out. So yeah, I mean 0:10:30.760 --> 0:10:35.800 we are. We've always been very involved at Pebble Beach. 0:10:35.840 --> 0:10:40.440 We've been the auction house there. Well, Christie's was an 0:10:40.440 --> 0:10:43.880 auction house there and then Gooding took over the spot. 0:10:43.960 --> 0:10:46.200 So now it's it's great that it's good in Christie's again, 0:10:47.880 --> 0:10:52.120 you know, I guess are we pride ourselves on not 0:10:52.240 --> 0:10:58.040 doing the most sales, but really focusing on quality and 0:10:58.160 --> 0:11:04.520 transparency and integrity, and and I think we're we're well, 0:11:04.600 --> 0:11:09.559 I know, we're quite passionate about the objects we really enjoy. 0:11:09.679 --> 0:11:12.480 We're very enthusiastic about the cars. Not to say that 0:11:13.000 --> 0:11:15.320 others are not, but but we get we get really 0:11:18.640 --> 0:11:21.520 focused on bringing out the best of every car that 0:11:21.559 --> 0:11:24.360 we can that we consign, and we search search the world. 0:11:24.400 --> 0:11:29.400 I just got back from from the UK too to 0:11:29.480 --> 0:11:34.120 get a big car that we'll be announcing soon. So 0:11:34.920 --> 0:11:38.840 we're constantly searching the world for the you know, the 0:11:38.880 --> 0:11:41.400 best kind of cars that we can find that are 0:11:41.800 --> 0:11:44.640 that are different, that we think will risk the market 0:11:44.679 --> 0:11:47.959 will respond to really, well, what are you. 0:11:48.000 --> 0:11:50.760 Seeing like when you like when you just travel and 0:11:50.760 --> 0:11:54.599 you're looking at cars, like, what has the market produced 0:11:55.040 --> 0:11:55.680 this summer? 0:11:56.200 --> 0:12:00.120 So you know it's there there. We're offered a lot 0:12:00.160 --> 0:12:03.920 and we turn away a lot. So the market, there 0:12:03.920 --> 0:12:06.120 are a lot of things that people put towards us 0:12:06.160 --> 0:12:09.559 that we say, you know, and they may be great cars, 0:12:10.040 --> 0:12:15.040 but they may be priced too high or we feel 0:12:15.080 --> 0:12:18.240 that there have been too many similar cars like that 0:12:18.320 --> 0:12:20.320 offered on the market. We feel like, you know, we 0:12:20.360 --> 0:12:23.880 want to we try to build a sale that is 0:12:25.559 --> 0:12:29.320 interesting and has a lot to offer, and we also 0:12:30.040 --> 0:12:33.200 are trying very hard to be conscious of what else 0:12:33.640 --> 0:12:36.240 is coming on the market, and that's hard because obviously 0:12:36.280 --> 0:12:39.400 our competitors don't you know, we don't know what they have, 0:12:39.840 --> 0:12:43.000 and they don't know what we have. So we try 0:12:43.000 --> 0:12:46.840 to balance things out and offer something that will be 0:12:47.000 --> 0:12:49.960 that that will respond our clients will respond well. 0:12:49.840 --> 0:12:54.319 To what are people trying to. 0:12:55.040 --> 0:12:58.760 Some you know, here's the thing. I mean, sometimes it's 0:12:58.800 --> 0:13:01.080 not what you know. We can we can hear, you know, 0:13:01.120 --> 0:13:03.840 clients will say, oh, I want to you know, you know, 0:13:03.920 --> 0:13:07.240 I want a really special roof, or I want you know, 0:13:08.280 --> 0:13:11.040 I want this kind of Ferrari or or this kind 0:13:11.080 --> 0:13:17.040 of Dusenberg. But but we actually always also try to 0:13:17.040 --> 0:13:21.280 think what can we they don't necessarily Sometimes we can 0:13:21.800 --> 0:13:24.319 try to anticipate what they want without them even knowing. 0:13:24.400 --> 0:13:26.520 So that sounds a little. 0:13:29.280 --> 0:13:30.679 You know, we presumptuous. 0:13:31.280 --> 0:13:33.560 Yeah, presumptuous. I don't Yeah, yeah, I don't mean it 0:13:33.600 --> 0:13:34.720 to be, but I. 0:13:34.679 --> 0:13:37.359 But I think that you're forecasting. 0:13:37.720 --> 0:13:39.720 Yeah, we can we can just see that, oh, this 0:13:39.840 --> 0:13:42.360 is something really special. We know that their tastes are 0:13:43.080 --> 0:13:46.520 like this, and therefore they would like that, and and 0:13:47.320 --> 0:13:51.120 we try to match that. And it's exciting and you know, 0:13:52.800 --> 0:13:55.720 it's really exciting when when it works. Sometimes it doesn't work, 0:13:55.760 --> 0:13:59.319 but that's part of the fun of that's part of 0:13:59.320 --> 0:14:02.320 the fun of the auction businesses. It is a real test. 0:14:02.360 --> 0:14:05.520 I mean, you kind of you put yourself out there, 0:14:05.600 --> 0:14:08.520 you put these cars out there, you're you know, and 0:14:08.559 --> 0:14:12.000 the market speaks, and sometimes it applauds really loudly, and 0:14:12.360 --> 0:14:15.000 sometimes it doesn't, and that's okay. You know, we all 0:14:15.080 --> 0:14:20.440 learn from it. I like the I like the real feedback. 0:14:20.480 --> 0:14:25.120 It's a real test. It's not some you know, kind 0:14:25.160 --> 0:14:29.640 of manufactured thing that sometimes ourselves very well and sometimes 0:14:29.680 --> 0:14:31.320 they don't. And that is the market speaking. 0:14:32.040 --> 0:14:34.320 It does seem like, you know, if the money is 0:14:34.320 --> 0:14:35.760 in the room, the money is in the room, and 0:14:35.800 --> 0:14:40.160 if it's not, yeah, figuratively speaking obviously, yeah. 0:14:40.320 --> 0:14:43.040 And you know, and sometimes we we have cars that 0:14:43.080 --> 0:14:48.160 we're super excited about that we think we'll do exceptionally 0:14:48.200 --> 0:14:50.960 well and they can do just okay, or you know, 0:14:51.040 --> 0:14:54.800 other times they really surprise you. So it's you don't know, 0:14:55.200 --> 0:14:58.840 you know, And that's when you think you know, then 0:14:59.040 --> 0:15:02.880 then you're that dangerous. You can have an idea and 0:15:02.960 --> 0:15:05.600 you you know, but you don't know for sure. 0:15:06.200 --> 0:15:12.000 What is the conversation that you're having with people selling things, 0:15:12.640 --> 0:15:16.360 consigning things, and also those looking for things in terms 0:15:16.400 --> 0:15:20.800 of are they talking about tariffs? Are they talking about 0:15:20.960 --> 0:15:24.800 you know, economic and political factors. 0:15:25.160 --> 0:15:31.200 What's the chatter, well, the the the tariff, the introduction 0:15:31.280 --> 0:15:35.320 of tariffs in April. We basically should have taken the 0:15:35.360 --> 0:15:39.560 month off of April. We should we should we should 0:15:39.560 --> 0:15:43.320 have all gone on vacation then, because it just stopped 0:15:43.320 --> 0:15:45.880 all conversations. We were in discussion with a lot of 0:15:45.880 --> 0:15:51.280 clients from from England and Europe who were talking about 0:15:51.360 --> 0:15:56.440 giving bringing cars over to Pebble Beach, and it just 0:15:57.120 --> 0:16:01.040 shut everything down. And uh, but not only that, even 0:16:01.520 --> 0:16:05.040 our US clients were distracted by it. They obviously were 0:16:05.120 --> 0:16:09.720 focusing on their investments, the stock market, you know, all 0:16:09.800 --> 0:16:14.000 kinds of things, all of the news, and so that 0:16:14.240 --> 0:16:17.000 certainly had an effect this year. So what that did 0:16:17.640 --> 0:16:21.080 is it really compressed our time. I mean usually April 0:16:21.160 --> 0:16:24.880 May June is a real busy time for us in 0:16:25.800 --> 0:16:29.800 business gathering, in getting the consignments. What it did this 0:16:29.880 --> 0:16:33.040 year is it compressed it all into June and now 0:16:33.080 --> 0:16:37.040 we're just getting the last few cars in for Pebble 0:16:37.080 --> 0:16:40.560 Beach in July. It's really tight. But yeah, so that's 0:16:40.760 --> 0:16:43.600 that's what it's done. It's really just our windows. So 0:16:44.920 --> 0:16:49.200 the I think all the noise, and I would call 0:16:49.240 --> 0:16:55.680 it all the distraction of that has has calmed down 0:16:55.720 --> 0:16:58.080 a little bit and people are ready to move on 0:16:58.280 --> 0:17:02.760 and kind of you know, make decisions anyway and commitments anyway. 0:17:02.920 --> 0:17:06.399 So some of the concern sorry, Matt, I'll just I'll 0:17:06.480 --> 0:17:08.320 let you I'll let you ask a question just to 0:17:08.359 --> 0:17:11.560 follow up. Some of the concerns specifically was even if 0:17:11.600 --> 0:17:15.359 you even if vintage cars were exempt from you know, 0:17:15.440 --> 0:17:21.920 these very high tariffs, parts would still be taxed. Yeah, 0:17:21.960 --> 0:17:24.639 And it was unclear if a car was had for 0:17:25.200 --> 0:17:27.960 like you know, certain alloy or steel components, whether it 0:17:28.080 --> 0:17:31.200 be taxed partially based on that percentage of the car. 0:17:31.280 --> 0:17:33.919 Right. It was just very it was very unclear, and 0:17:33.960 --> 0:17:37.960 the messaging was unclear. So it was you know, people 0:17:38.200 --> 0:17:43.160 saying it was chaos. Yeah, so, uh, you know, nobody 0:17:43.200 --> 0:17:45.600 really knew and people didn't want to make big decisions, 0:17:45.600 --> 0:17:50.160 which which I understand. But I think now it has 0:17:50.760 --> 0:17:55.200 calmed down a little bit, and certainly for pre two 0:17:55.280 --> 0:17:57.400 thousand cars, which is a lot of what we sell, 0:17:59.160 --> 0:18:02.840 it's it's calmed down. And again I think a lot 0:18:02.840 --> 0:18:06.919 of it was just people not wanting to focus on 0:18:07.000 --> 0:18:10.880 their car side of their life and really focus more 0:18:10.920 --> 0:18:13.479 on everything else that they were dealing with. I mean 0:18:13.560 --> 0:18:15.760 a lot of these a lot of our clients are 0:18:16.480 --> 0:18:19.480 very active in business, and so they were, you know, 0:18:19.520 --> 0:18:24.119 there was they were dealing with more urgent issues first, 0:18:24.400 --> 0:18:27.400 and then they kind of came out of the came 0:18:27.440 --> 0:18:30.800 out of the cloud and could talk about their summer plans. 0:18:30.880 --> 0:18:33.040 You mentioned the pre two thousand cars, and I'm looking 0:18:33.080 --> 0:18:38.200 at a list of it. Maybe you know, an Ai hallucination, 0:18:38.320 --> 0:18:41.480 but a list of the most famous cars you've sold, 0:18:41.920 --> 0:18:44.720 and almost all of them look like pre nineteen sixty. 0:18:45.359 --> 0:18:49.840 You've got the Dusenberg, the afore mentioned Dusenberg nineteen thirty five, 0:18:49.960 --> 0:18:54.400 Talbot Alago nineteen thirty seven, nineteen oh three, Mercedes Simplex. 0:18:54.840 --> 0:18:58.600 But then you get a bunch of fifties ferraris right, 0:18:59.680 --> 0:19:03.720 the requisite Bugatti Type fifty nine at Alfa Romeo eight 0:19:03.840 --> 0:19:07.840 c also in nineteen thirties cars, and the only thing 0:19:07.920 --> 0:19:11.320 modern I see is the Yellowbird nineteen eighty nine off 0:19:11.440 --> 0:19:15.639 CTR yellow Bird and the nineteen ninety five McLaren F one. 0:19:15.680 --> 0:19:17.640 Is that starting to change, a little? 0:19:17.680 --> 0:19:18.480 David? Are you? 0:19:18.560 --> 0:19:21.280 Are you selling newer cars or are people you know, 0:19:21.680 --> 0:19:25.919 are the high highest networth individuals still focused on the 0:19:26.040 --> 0:19:28.880 classic sort of pre war American cars and the fifties. 0:19:28.880 --> 0:19:33.399 Ferraris, Oh, we're definitely selling a lot more contemporary newer 0:19:33.400 --> 0:19:36.480 cars than we ever did before. Definitely trending that way. 0:19:36.800 --> 0:19:42.320 I mean in the what you're seeing in the you know, 0:19:42.520 --> 0:19:45.199 north of ten million dollar range, they tend to be 0:19:45.240 --> 0:19:48.639 more classic are cars, not as much that you know, 0:19:50.240 --> 0:19:53.359 Porsches and things like that. But we have sold we 0:19:53.440 --> 0:19:56.480 still hold a record for the Porsche mark with a 0:19:56.560 --> 0:20:01.200 nine to seventeen that we sold. That's obviously a sixty Porsche, 0:20:01.200 --> 0:20:05.359 but we sold the car we sold lamal winning Porsche 0:20:05.800 --> 0:20:11.520 nine five six from the eighties. So there are much 0:20:11.560 --> 0:20:15.240 more contemporary cars. A lot of our bread and butter 0:20:15.359 --> 0:20:19.920 cars are are you know, nine ninety three Porsches and 0:20:20.160 --> 0:20:25.640 more contemporary cars like that. Lots of more contemporary Ferraris Mercedes. 0:20:27.000 --> 0:20:34.680 So yeah, we're seeing that, you know, we are. We've 0:20:34.720 --> 0:20:38.000 sold McLaren f ones, will continue to sell McLaren f ones, 0:20:38.000 --> 0:20:41.639 but to get to get north of fifteen million dollars, 0:20:41.640 --> 0:20:46.080 it tends to be a classic era car and you know. 0:20:46.119 --> 0:20:49.640 But I see this nineteen ninety five. McLaren f one 0:20:50.080 --> 0:20:52.800 sold a Pebble Beach in twenty seventeen for fifteen point 0:20:52.880 --> 0:20:54.720 six two million dollars. 0:20:56.040 --> 0:20:58.320 That was we sold. No, we sold on McLaren f 0:20:58.359 --> 0:21:02.800 one for more money than fifty team it brought brought 0:21:02.880 --> 0:21:04.240 twenty Wow. 0:21:05.560 --> 0:21:07.480 Yeah, that is a stunning. 0:21:09.080 --> 0:21:09.439 Yeah. 0:21:09.680 --> 0:21:14.639 Are the people who buy something like that? Is that 0:21:16.000 --> 0:21:20.840 someone who's buying like bitcoin and lives in Dubai? 0:21:21.960 --> 0:21:24.119 Like what type of buyer is that? 0:21:24.440 --> 0:21:28.240 So that was names but you can't Yeah, yeah, I 0:21:28.520 --> 0:21:31.359 can give you sort of a profile that that was 0:21:31.480 --> 0:21:36.920 a an American collector who we've known for a long time. 0:21:38.320 --> 0:21:42.639 And I was a bit surprised that he that he 0:21:42.840 --> 0:21:50.000 bought that car that was newer territory for him. But yeah, no, 0:21:50.040 --> 0:21:53.280 I mean he's a he's a he is a you know, 0:21:54.760 --> 0:21:58.800 follows the typical profile of our of our clientele. 0:21:59.320 --> 0:22:01.879 Are these guys all anonymous or do you have buyers 0:22:01.880 --> 0:22:03.720 who are pretty open about what they're doing? 0:22:04.680 --> 0:22:04.920 Both? 0:22:05.160 --> 0:22:05.240 Are? 0:22:05.320 --> 0:22:07.840 There are some that are very open and a lot 0:22:07.920 --> 0:22:10.480 tend to be more anonymous, But yeah, they're they're very open. 0:22:11.040 --> 0:22:16.080 Some are extremely private about it. But yeah, I would say, 0:22:16.200 --> 0:22:19.879 you know it tends to be about seventy percent are 0:22:19.920 --> 0:22:22.800 pretty anonymous about it. But then of course when they 0:22:22.880 --> 0:22:26.040 take these cars to a classic car show or to 0:22:26.119 --> 0:22:29.280 a concord, you know, it all gets revealed. 0:22:36.800 --> 0:22:39.359 Can I ask you about the conversation that you have 0:22:39.560 --> 0:22:43.760 with sellers about reserve prizes? And this is something Met 0:22:43.760 --> 0:22:48.040 and I have discussed and debated before about the merits 0:22:48.080 --> 0:22:53.320 of having a reserve. Yeah, what do you counsel people? 0:22:53.520 --> 0:22:55.239 And maybe it depends on the car and you can 0:22:55.359 --> 0:22:58.480 talk to us about the nuances, but what are the 0:22:58.520 --> 0:23:02.639 benefits of setting a reserve or not? Because I think 0:23:03.119 --> 0:23:05.040 you know, if you don't have a reserve, the market 0:23:05.080 --> 0:23:06.680 truly speaks for itself. 0:23:06.520 --> 0:23:13.040 It does, you know. We well, we have we have 0:23:13.160 --> 0:23:17.040 these sales estate sales oftentimes where everything is no reserve. 0:23:18.280 --> 0:23:22.000 And you know, the cars that we have at any 0:23:22.040 --> 0:23:25.560 of our auctions, anything two hundred and fifty thousand dollars 0:23:25.680 --> 0:23:30.359 or below is without reserve. Oftentimes we have cars that 0:23:30.400 --> 0:23:35.000 are north of that value that are without reserve. You know, 0:23:35.080 --> 0:23:43.879 I think particularly on high production, easy to value cars, 0:23:43.920 --> 0:23:47.040 I think of like a three hundred sl is going 0:23:47.160 --> 0:23:50.720 or a roadster that is a perfect car, that is 0:23:50.760 --> 0:23:52.959 a perfect valuable car. You know, they tend to be. 0:23:53.240 --> 0:23:58.399 They're worth over a million dollars. That is a perfectly safe, 0:23:58.840 --> 0:24:03.160 valuable car to it in at no reserve. Now that's 0:24:03.200 --> 0:24:06.240 easy for me to say, it's not it's not you know, 0:24:06.280 --> 0:24:09.520 it's not my it's not my neck on the line there. 0:24:09.640 --> 0:24:11.639 But it's it's kind of a known thing. 0:24:12.119 --> 0:24:15.000 It's in this day and age, especially at an auction 0:24:15.080 --> 0:24:17.920 like Pebble Beach, it's the world stage. It's it's where 0:24:17.960 --> 0:24:21.720 the many world records are set. Year after year after year, 0:24:22.080 --> 0:24:25.439 everyone will be there. A three hundred sl is going 0:24:25.520 --> 0:24:27.800 to sell for a market price, whatever the market. If 0:24:27.840 --> 0:24:29.800 you're if you're accepting I'm going to sell the car 0:24:29.880 --> 0:24:31.960 this year, I'm going to sell it for a market price. 0:24:33.160 --> 0:24:36.720 I would I think it's better to put it in 0:24:36.760 --> 0:24:40.040 no reserve if you if you're comfortable with that, because 0:24:40.119 --> 0:24:43.199 actually what that does is it focuses all of the 0:24:43.240 --> 0:24:46.479 potential buyers. They think, oh, you know, I'm kind of 0:24:46.560 --> 0:24:48.520 casually looking at that car, but I'm not sure if 0:24:48.560 --> 0:24:52.040 it's really gonna if it's priced writer or you know, 0:24:52.080 --> 0:24:54.199 maybe it will sell, maybe it won't sell. When you 0:24:54.240 --> 0:24:56.720 say it's no reserve, it is going to sell. It's 0:24:56.720 --> 0:24:58.840 going to walk on stage. It's selling no matter what. 0:24:59.040 --> 0:25:01.520 So so you or get you know, you better really 0:25:01.520 --> 0:25:03.840 focused because if you want to you know, if you think, oh, 0:25:03.920 --> 0:25:06.600 I'll pay one point two for that car all day long, 0:25:06.680 --> 0:25:09.040 well you better look at it. You better do your 0:25:09.040 --> 0:25:11.480