From Star Trek Memorabilia to Diana’s Dresses. He’s Gavelling in the Next Generation of Auction Buyers.

A fury of fast and frequent bidding appeared to take auctioneer Kody Frederick by surprise at June sale of Princess Diana’s dresses and other memorabilia from the royal family

At one point, the bidding for a Catherine Walker evening gown worn by the late Princess of Wales blew past an original estimate of US$100,000 to US$200,000, topping out at US$450,000 with Frederick ultimately calling it “a moment of moments.”

“You have to give people a minute to breathe when you’re talking about hundreds of thousands of dollars per bid,” he says about the auction.

That event continued to rack up records, including the US$910,000 sale of another dress, and it demonstrated not only a rise in the relevance of cultural memorabilia as a category, but Frederick’s quick ascent among auctioneers.

Although on the younger side of the current auctioneer crop, at age 40, and with just two years of experience with gavel in hand, Frederick is finding himself running sales in new categories and welcoming in a new set of auction buyers.

“So much of this stuff has never come to auction, so it really is a first time [opportunity],” he says.

Frederick, who is based in Los Angeles, is not a career showperson. Prior to attending auctioneering school in Indiana, he was working in production for Disney+, and didn’t even have auctioneering on his radar until a colleague suggested he check out the profession while looking for work. He joined Julien’s in April 2020.

“My start date was supposed to be the day California went into lockdown, but it was delayed a month because of that,” he says.

Frederick ran his first auction in September 2021, selling low-value music memorabilia in a largely empty room where the top-selling item (a commemorative guitar) went for US$2,880.

“Ninety percent of our bidding takes place online, so being able to communicate to online bidders in the moment is always the challenge,” he says. “Creating the sense of excitement is challenging, and the personality is more important than the medium.”

He would continue to work his way up through various Julien’s sales until he found himself selling a signed Banksy painting in March 2023. The item was the marquee lot of a larger contemporary art sale, and had an original estimate of US$600,000 to US$800,000. The hammer price topped out at just over US$2 million.

“We had bidders in the room and put an event around it,” he says.

Frederick says it’s important to see in the room who’s bidding and in which order the bids are coming in, especially in high-value, high-volume sales.

Frederick leads a sale of music memorabilia at the Hard Rock Cafe in New York.
Courtesy of Julien’s Auctions

“I have to keep things as close to real time as possible, and make sure there’s no disconnect between bidding and the auctioneer,” he says.

Much of what Julien’s sells falls into new or emerging auction categories—music memorabilia, pop culture artefacts, or modern art pieces that newer buyers connect to in ways that traditional areas (like classic art or wine) don’t.

Frederick will run an auction this fall featuring original Star Trek items and a separate event selling a significant guitar played in 1993 by the late Eddie Van Halen. Both sales could potentially resonate with those who haven’t spent much time in the auction world.

“It’s easier to convey value when an item has strong cultural significance,” he says. “A lot of what we sell has stories.”

Former New Hampshire Gov. Chris Sununu delivered a warning to Treasury Secretary Scott Bessent during a recent visit to Washington: Already-high airfares will surge if the war in Iran doesn’t end soon.

Sununu, a Republican who represents some of the biggest airlines as president of the industry group Airlines for America, has for weeks sounded the alarm to Trump administration officials about the economic fallout from high jet fuel prices. The war, Sununu has argued, must come to a close soon, or things will get worse.

Administration officials have gotten the message.

Privately, President Trump’s advisers are increasingly worried that Republicans will pay a political price for the rising fuel costs, according to people familiar with the matter. Many of those advisers are eager to end the war, hoping prices will begin to moderate before November’s midterm elections.

The fallout from the U.S.-Israeli attack in late February has slowed traffic through the Strait of Hormuz, a vital shipping lane, triggering a sharp increase in oil, gasoline and jet-fuel prices.

That means consumers are grappling with high costs ahead of the summer travel season, as they consider vacation plans.

Sixty-three per cent of Americans said they put a great deal or a good amount of blame on Trump for the increase in gas prices, according to a new poll conducted by NPR, PBS and Marist.

More than 8 in 10 Americans said struggles at the gas pump are putting strain on their finances.

Jet-fuel prices roughly doubled in a matter of weeks after the war began, and they have remained high. Airlines have said that will add billions of dollars of additional expenses this year, squeezing profit margins.

U.S. airlines spent more than $5 billion on fuel in March—up 30% from a year earlier, according to government data.

Carriers have been raising ticket prices, hoping to pass the cost along to consumers, and they are culling flights that will no longer make money at higher price levels.

In March, the price of a U.S. domestic round-trip economy ticket rose 21% from a year earlier to $570, according to Airlines Reporting Corp., which tracks travel-agency sales.

So far, airlines have said the higher fares haven’t deterred bookings and they are hoping to recoup more of the fuel-cost increases as the year goes on.

Earlier this week, Trump said the current price of oil is “a very small price to pay for getting rid of a nuclear weapon from people that are really mentally deranged.”

Secretary of State Marco Rubio told reporters that if Iran got a nuclear weapon, the country would have more leverage to keep the strait closed and “make our gas prices like $9 a gallon or $8 a gallon.”

Trump has taken steps in recent days to bring the war to an end. Late Tuesday, the president paused a plan to help guide trapped commercial ships out of the Strait of Hormuz, expressing optimism that a deal could be reached with Iran to end the conflict.

Crude oil prices fell below $100 a barrel on Wednesday, after reports that Iran and the U.S. are working with mediators on a one-page framework to restart negotiations aimed at ending the conflict and opening the strait.

Sununu said Trump administration officials are conscious of the economic fallout from the war: “They get it…and I think that’s why they’re trying to get through the war as fast as they can.”

But he cautioned that it could take months for prices to return to prewar levels.

“Ticket prices won’t go down immediately” after the strait is fully reopened, Sununu said. “You’re looking at elevated ticket prices through the summer and fall because it takes a while for the prices to go down.”

Since the initial U.S.-Israeli attack in late February, Sununu has met in Washington with National Economic Council Director Kevin Hassett, representatives from the Transportation Department and senior White House officials.

A White House official confirmed that Hassett and Sununu have discussed the effect of increased fuel prices on the airline industry. The official said the conversation touched on how the industry can mitigate the impact of high jet fuel prices on consumers.

“The president and his entire energy team anticipated these short-term disruptions to the global energy markets from Operation Epic Fury and had a plan prepared to mitigate these disruptions,” White House spokeswoman Taylor Rogers said, pointing to the administration’s decision to waive a century-old shipping law in a bid to lower the cost of moving oil.

Rogers said the administration is working with industry representatives to “address their concerns, explore potential actions, and inform the president’s policy decisions.”

A Treasury Department spokesman pointed to Bessent’s recent comments on Fox News that the U.S. economy remains strong despite price increases. The spokesman said Treasury officials have met with airline executives, who have reaffirmed strong ticket bookings.

“We’re cognizant that this short-term move up in prices is affecting the American people, but I am also confident, on the other side of this, prices will come down very quickly,” Bessent told Fox News on Monday.

The war has already contributed to one casualty in the industry: Spirit Airlines. Company representatives have said they were forced to close the airline because the sustained surge in jet-fuel prices derailed the company’s plan to emerge from chapter 11 bankruptcy.

The Trump administration and Spirit failed to come to an agreement for the company to receive a financial lifeline of as much as $500 million from the federal government.

Transportation Secretary Sean Duffy has argued that the Iran war wasn’t the cause of Spirit’s demise, pointing to the company’s past financial struggles, as well as the Biden administration’s decision to challenge a merger with JetBlue.

Other budget airlines have also turned to the federal government for help since the U.S.-Israeli attack. A group of budget airlines last month sought $2.5 billion in financial assistance to offset higher fuel costs, and they separately wrote to lawmakers asking for relief from certain ticket taxes.

From Star Trek Memorabilia to Diana’s Dresses. He’s Gavelling in the Next Generation of Auction Buyers.

Administration officials have spoken to the airline industry, which has voiced concerns about the rising costs.