Bonhams is one of the world's leading auction houses. Last year, they reportedly had a record turnover of £600 million. The historic auction house founded in England in 1793 is today owned by the private equity company Epiris. The auction giant intends to gain market share and grow through a larger global presence and become a market leader online in an industry that, in recent years, has undergone a transformation accelerated by a change in customer behaviour and COVID-19.
This is being made possible by acquiring one of the world's leading auction houses online, the Swedish Bukowskis, which positioned itself early on in online auctions, putting the customer in focus.
“The acquisition of Bukowskis is an important step in our vision for Bonhams to become the world’s local auction house. Bukowskis’ incredible history and digital accomplishments makes it an ideal partner and member of the Bonhams family,” said Hans-Kristian Hoejsgaard, Chairman of Bonhams, in a press release.
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Bonhams is based in London, New York, Los Angeles and Hong Kong, and also holds auctions in Knightsbridge, Edinburgh, Paris, San Francisco and Sydney, and has a worldwide network of offices and regional representatives in twenty-two countries.
“In recent years, we have seen a consolidation of the art and auction industry, which will continue for several years to come. It is a natural development of a very conservative and digitally immature industry that has suddenly had to adapt to a new reality driven by users around the world. In a global and online-driven market, there are both economies of scale for the auction houses, their customers and not least its owners to adapt to a much more active global market,” says Barnebys co-founder, Pontus Silfverstolpe.
See also: The 10 Most Expensive Artworks Auctioned in 2021
“This increased consolidation will happen at all levels. Such an agreement puts a finger on the importance of clear and strong brands, and the importance of controlling customer bases and owning own data,” Silfverstolpe continues.
See also: Adapting to Change: In Conversation with Louise Arén of Bukowskis
Barnebys: There had been a rumour for some time that Bukowskis was about to be sold. Were there any other interested parties, besides Bonhams?
Louise Arén, CEO of Bukowskis: “As a leading auction house in the Nordic region, we’ve received many proposals over the years. The financial successes Bukowskis has had over the past five years, as well as the digital transformation Bukowskis has made, have also attracted international attention and created great interest in the market. We look forward to an exciting journey together with Bonhams.”
What do you see as the main benefits of being sold to a global player?
Arén: “Through Bonhams, Bukowskis will have greater international reach, additional specialist knowledge and the opportunity to strengthen Bukowskis as the leading auction house in the Nordic region.”
Bukowski, which in recent years has become a winning machine, was founded in 1870 by Henryk Bukowski. Today, the auction house is the Nordic region's leading auction house, and in recent years Bukowskis has strengthened its position and international presence through its digital transformation. In 2020, the auction house had a turnover of 228 million, with 44 million in profit. This year, both sales and profits are expected to increase further.
See also: How to Value Your Objects in a Click of a Button
“Bukowskis has a renowned heritage. Bonhams’ acquisition of such a celebrated auction house is an important part of our strategy to further the development of Bonhams into a digital leader and a truly global player with a balanced presence across the US, Europe and Asia. We are delighted to welcome Louise Arén and the entire Bukowskis team to the Bonhams family,” says Bruno Vinciguerra, CEO of Bonhams.
Barnebys: Can we expect more acquisitions and even broader expansion in the coming years?
Vinciguerra: “The acquisition is part of a long-standing strategy to extend Bonhams’ position as a global player. In April 2021, Bonhams acquired The Market, a digital auction platform for classic and collectable car and motorcycle auctions, and we expect that more announcements will be made in due course.”
How does Bukowksis fit into Bonhams’ future plans?
Vinciguerra: "Bonhams and Bukowskis have an equally deep-rooted heritage and are proud of their position in the core market. Both auction houses have also undergone industry-leading digital transformation. With these, and other synergies, Bonhams looks forward to working with the team at Bukowskis to develop strategies to collaborate together that will allow Bonhams to extend its consignment and selling potential into the Nordic region and for Bukowskis to extend its reach on a global scale."
