Gooding & Company CEO David Gooding joins Yahoo Finance’s On The Move panel to break down how the coronavirus outbreak has impacted car auctions across the country.
ADAM SHAPIRO: Welcome back to Yahoo Finance "On the Move." As we head into August, car collectors would be focusing on what is traditionally the Pebble Beach Concours d'Elegance. And this year, it has been obviously postponed, canceled you might say, because of the coronavirus pandemic. One of the big impacts of that is more than a billion dollars in sales of fine antique automobiles.
David Gooding, from Gooding & Company, is the premiere auction house at Pebble Beach, selling up to $150 million worth of antique cars in just two days each year. But this year without the Pebble Beach Concours, Gooding & Company is going to have the Geared Online auction. It begins Monday. It will run through August 7. David Gooding joins us now. And it's great to have you here, David. Good to see you.
DAVID GOODING: Thank you.
ADAM SHAPIRO: Real quick, before we talk about some of the cars coming to auction through Geared Online, what has the impact from coronavirus been on not only your business, but the auction business in general?
DAVID GOODING: Well, actually, I mean, the car market has been enormously resilient and adaptive. So we-- we've been very surprised to see how strong the interest is in-- in the car market. We've been selling a lot of cars privately, but there's certainly been a push in the demand for these auctions. So we have developed this online platform, which is going to run not only all the time with-- in addition to our live auction. So it's been-- this will be our first one.
ADAM SHAPIRO: Well, we wish you the best on that. So let's talk about what's coming up. And one of the cars is right behind you, but we have video of the car as well, and that is a 1966 Ferrari. When you're a billionaire, pandemic or not, I guess money is no option. This could go for as much as 3 and 1/4 million dollars or more. Tell me about this car.
DAVID GOODING: Oh, it's a sensational car. So it's a 1966 Ferrari 275 GTB 6 carburetor, and it's one of the few that has an outside filler. And this car has been locked away in New Mexico for many, many years, and it's the first time it's coming to auction. It's exceptionally original, original-- mostly original paint and incredible original interior. So we're very excited to-- to have this car.
JULIE HYMAN: David, when someone is bidding on a car like that or any of those cars remotely, I-- I mean, I imagine even for your regular auctions, you must have some proxy bidders and whatnot. In other words, there must be people bidding who are not usually physically there, correct?
DAVID GOODING: Yes. Actually yeah, in our normal traditional live auctions, we-- we have many people who are bidding by phone. We have online bidding and that platform as well. So it's not unusual to-- for us to-- to have that. So, of course, with the online sale, people will be clicking away, and, you know, that's-- we'll be eager to see how it works.
JULIE HYMAN: Do you expect any of the-- any of the prices to be diminished at all because of the online method that you're doing it? Or do you think it'll be similar to what you usually see?
DAVID GOODING: You know, I mean, the-- the offering that we have here, number one, this is a very different sale than, say, Pebble Beach. Our Pebble Beach auction is much more robust. We have a 120-car sale. This is a small curated online platform, so we're not looking for the big mega $20 million cars that we would have at Pebble Beach. It's a different platform. But we do expect that the prices will be actually very good based on other-- what other competitors have been doing in the market. So it's-- if-- really if you have quality, the prices are holding up.
ADAM SHAPIRO: And-- and when you talk about quality, not everything is an antique. There's a 2003 Ferrari Enzo that you've got--
DAVID GOODING: Yeah.
ADAM SHAPIRO: --which could go for, what, $2 to almost $3 million.
DAVID GOODING: Correct. 2.2 to 2.6, and it's a spectacular car. Finished in silver, just over 7,100 miles, coming from a single owner. There's three Ferraris actually in that collection. So there's the Enzo the F50, and the F40 all from one private collection.
ADAM SHAPIRO: David, we like to joke when we talk about billionaires, if you have to ask the price, you can't afford it. And I would imagine you encounter that with some of your clients. But this 1938 Bugatti, they're so rare. And is it a bargain at 1.3 to 1.6 million?
DAVID GOODING: Yeah, I mean, I really believe it is. It's-- look, billionaires are always price conscious, and-- and they're very focused. But this Bugatti is sensational. We've sold many Bugattis Type 57s for well in-- well north of $5 million. So this car at 1.3 to 1.6 should be a very good value.
ADAM SHAPIRO: David, I'm on a budget. But I bought a Powerball ticket because if I win, I'm joining the auction to buy that 1953 Chrysler Special. We appreciate your being here and wish you the best. The cars are amazing, and you can find Geared Online at Gooding & Company Online as well. All the best to you, David.
DAVID GOODING: Thank you very much.