Bonhams auctioneers have announced it has acquired ‘The Market’, one of the leading and fastest growing online marketplaces for classic and collectable car and motorcycle auctions…
In a shrewd move, the global auctioneers released the news today that it has now taken The Market under its wing and described the move as adding another dimension to Bonhams. The Market was founded in Oxfordshire in 2017, making big strides in an industry that was forced to move online whilst COVID-19 was present with a total value of £13 million and grew its turnover by almost 300% compared to the previous year.
Its success lies in its technology, transparency, and customer service, which led to exceptional auction results: the company now sells an impressive 94% of lots offered for sale.
Founded in 1793, Bonhams is now one of the oldest and most venerable international auction houses, it has salerooms in London, New York, Los Angeles, Paris, and Hong Kong. Its Motoring Division, headed by Maarten ten Holder, is the premier auction house for motor cars and has sold many of the legends of road, including the world’s oldest surviving Rolls-Royce.
Maarten ten Holder, Managing Director of Bonhams Motoring, said:
“This acquisition is a perfect fit for Bonhams and is happening at an exciting time in the car auction world. For the first time, a classic car auctioneer will now offer cars at all price points, around the clock, to collectors wherever they are in the world.”
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Bruno Vinciguerra, Bonhams CEO, added:
“Bonhams is renowned globally for its heritage and entrepreneurial spirit, its expertise, transparency, and great client service, and these are all qualities also at the heart of The Market’s operations. This combination will play to both our strengths and allow us to become even more accessible to a wider range of clients. I am very excited about the future.”