From the Archives: Valuing Freddie Mercury’s Auction with Ashley Stuart-Noble, Carey Wallace, Sarah Hodgson and Rachel Reilly #222

The RICS Podcast

The RICS Podcast
From the Archives: Valuing Freddie Mercury’s Auction with Ashley Stuart-Noble, Carey Wallace, Sarah Hodgson and Rachel Reilly #222
Dec 14, 2025 Episode 222
The Royal Institution of Chartered Surveyors

With more than 30,000 items and an original estimate between £7.6m and £11.3m, Freddie Mercury's auction at Sotheby's in London in 2023 exceeded expectations, fetching £39.9m in just over a week.  

In this week’s episode of The RICS Podcast, we meet the three exceptional women who helped bring this sale to the public and asked them about the challenges in discovering, valuing and selling the belongings of an international rock star who is so fondly remembered. 

Rachel Reilly is the Senior Director and Head of Valuation for Europe at Sotheby’s London. Sarah Hodgson and Carey Wallace are memorabilia specialists and Co-Founders of Wallace and Hodgson, who were engaged as consultants to work on the wardrobe section of the sale.

Notable sales include Mercury's crown and cloak, selling for £629,000, almost 10 times the estimate, and a Tiffany & Co moustache comb that went for £152,400, over 250 times its estimate. 

The auction's success (140,000 people visited Sotheby's to view the items) highlights the enduring appeal and legacy of the iconic Queen frontman.

This episode of The RICS Podcast covers:

  • The extraordinary scale, popularity, and success of the Sotheby’s Freddie Mercury auction
  • The process, challenges, and expertise needed to manage over 30,000 items, including iconic costumes and unique memorabilia
  • The importance of storytelling and immersive curation to make the experience accessible, emotional, and museum-like for visitors

Ashley Stewart-Noble

https://www.linkedin.com/in/ashleystewartnoble/

Carey Wallace

https://www.linkedin.com/in/carey-wallace-0b0a3a28/

Sarah Hodgson

https://www.linkedin.com/in/sarah-hodgson-76792923/

Rachel Reilly

https://www.linkedin.com/in/rachel-reilly-172513273/

Royal Institution of Chartered Surveyors:

https://www.rics.org/uk/

RICS Podcast Page

https://www.rics.org/podcast/

Kieran Halliwell

https://www.linkedin.com/in/kdhalliwell/

Episode Artwork From the Archives: Valuing Freddie Mercury’s Auction with Ashley Stuart-Noble, Carey Wallace, Sarah Hodgson and Rachel Reilly #222 42:26 Episode Artwork RICS Legal Landscapes: Construction and Legal Change - ADR, Case Law and Practical Risk with Dave Hull MRICS, Guy Bolt MRICS & Kirsti Olson #221 37:36 Episode Artwork The RICS Sustainability Report with Susanne Eickermann-Riepe FRICS, Alexandra Faciu MA MRICS & Kisa Zehra #220 27:50 Episode Artwork RICS Legal Landscapes: Building Safety & Gateway 2 – Legal and Regulatory Realities #219 47:39 Episode Artwork The Harris Debate 2025: Ethical Surveying During a Housing Crisis #218 57:52 Episode Artwork Why Are You Proud to Be a Surveyor? with Morag Angus FRICS, Diana Massawa MRICS, Tim Kenny AssocRICS and Maarukh Abbas #217 36:27 Episode Artwork What Skills Should Be Nurtured for the Future of the Built Environment? with Kevin Keane FRICS, Jane Sykes MRICS and Babatunji Adegoke MRICS #216 37:01 Episode Artwork Surveying Insights: The History of the Profession with Professor Carl Chinn MBE and Suki Bell FRICS #215 38:58 Episode Artwork How Do Surveying Students Find Work Experience with Norman Hutchinson FRICS, Fiona Stoddard MRICS, Danny Waters (candidate) and Toby Stewart (student) #214 49:28 Episode Artwork Surveyors Leading SMEs: Resilience, Growth, and Influence with Jennifer Hobart MRICS, Dominic Doig FRICS, Zaman Sheikh AssocRICS and Sean Pearson AssocRICS #213 44:46 Episode Artwork Going for FRICS: How Do You Know You're Ready? with Tammy Harrison-Round FRICS, Chris Smith FRICS and Jamie Collins MRICS #212 45:22 Episode Artwork Member Profile: Thomas Haithwaite MRICS and Infrastructure in Peru #211 38:03 Episode Artwork Supporting Men’s Mental Health in Construction with Mark McBride Wright, Scott Pearshouse MRICS and Tomi Laguda #210 41:12 Episode Artwork Member Profile: Dorothy Natukunda MRICS and Uganda’s Standard Gauge Railway #209 51:01 Episode Artwork Dear Diary: What Should Be Included For Your APC with Steve Joel-Dicks FRICS, Alicia Styring MRICS and Adam Quinn #208 46:48 Episode Artwork Member Profile: Inoka Withana Gamage MRICS and the Central Interceptor Tunnel #207 30:43 Episode Artwork Transitioning from Education to Industry: What Are the Challenges? with Matthew Fedigan FRICS, Machel Bogues, Sybil Taunton and Lucy Day #206 43:44 Episode Artwork Member profile: redeveloping the Jewry Wall Museum with Emily Thorpe-Jones MRICS #205 35:45 Episode Artwork SME's Developing the Next Generation of Surveyors with Craig MacDonald FRICS, Jodie O'Connor MRICS, Marina Gerogieva MRICS and Callum Saville MRICS #204 44:03 Episode Artwork DRS: Surveyors Using CAP in Contracts with Martin Burns and Jim McCluskey FRICS #203 43:37 Episode Artwork What’s Coming Soon on The RICS Podcast with Kieran Dhunna Halliwell #202 6:14 Episode Artwork What makes a safe, inclusive work environment for LGBTQ+ professionals? with Sharon Slinger FRICS, Scott Wilkinson FRICS and Mark Bennett AssocRICS #201 38:05 Episode Artwork Surveyors and Their Favourite Projects with Florence Andrews MRICS, Vincent John Harney MRICS & Iona Lennon AssocRICS #200 50:18 Episode Artwork Opportunities for equity: effective organisations with RICS Sybil Taunton & UKREiiF’s Nathan Spencer #199 28:56 Episode Artwork Surveyors: Character, Competency and Changing Demands with Craig Ross MRICS and Alexandra Faciu MRICS #198 38:00