Bonhams headquarters in London. The firm has now been acquired by Pemberton Asset Management.
Owned by private equity firm Epiris since 2018, it has now been acquired by Pemberton Asset Management for an undisclosed fee. Pemberton has been a lender to Bonhams since 2022-23.
It was widely believed that Bonhams has been for sale for some time. In 2023 the owners reportedly approached JP Morgan Chase & Co to help find a buyer for a potential $1bn sale although that attempt appeared to be unsuccessful.
A spokesperson for Bonhams told ATG: “Pemberton Asset Management is a leading private credit manager and is backed by one of Europe’s largest insurers, Legal & General.
“After Epiris’ investment cycle came to an end, it became clear that a new owner would be best placed to support the business through its next phase.”
“Pemberton, as a result of its experience with its portfolio companies in sectors and regions of high relevance to Bonhams and their work in repositioning iconic brands, is better placed to support the ongoing transition and long-term ambitions of Bonhams.
“Pemberton will invest fresh capital to support the transition and business plan.”
Among those leaving Bonhams is chief executive Chabi Nouri who joined in October 2024 from Swiss banking company Mirabaud Group, taking over from Bruno Vinciguerra.
Chief commercial officer Céline Assimon, who joined in May, has also departed, while chief financial officer Alex Lejeune is leaving later this year.
According to its website, Pemberton operates ‘a diversified multi-strategy offering’ and has offices across Europe as well as in New York and Dubai.
It has appointed Seth Johnson as CEO, Liese Thomas as CFO and Jennifer Babington as chief operations officer.
Johnson was previously CEO of IPGL, a venture capital and private equity firm, for two years before joining Bonhams, while Thomas and Babington have joined from the motoring sector, McLaren Automotive and Envision Racing Formula E respectively.
Although they do not appear to have had any previous experience in the auction world, chairman of the Bonhams board Hans-Kristian Hoejsgaard said: “We welcome a new senior leadership team with a proven track record of success in serving high value customers in marketplaces and steering through periods of change.”
Expansion strategy
Under the ownership of Epiris Bonhams pursued an aggressive expansion strategy with the company buying up a string of overseas auction houses. In 2022, it purchased four firms: Scandinavian business Bukowskis, US auction house Skinner, Danish saleroom Bruun Rasmussen and French outfit Cornette de Saint Cyr.
It has also recently opened new Asian headquarters in Hong Kong and plans to open a new space in New York at the Steinway Building next year.
In terms of its financial performance, Bonhams reported a record $1bn of revenue in 2022, followed by $1.14bn in total sales in 2023. According to the Art Basel and UBS Art Market Report, its sales total for 2024 across all segments was $988m.
The Bonhams spokesperson said: “The global art auction market has experienced a notable downturn, driven by global economic and geopolitical uncertainties, disproportionately affecting the top end of the market and particularly high value auctions exceeding $10m. Bonhams’ strategic positioning and focus on the mid-market, coupled with its expansion initiatives, resulted in resilient outperformance compared to the wider market.
“The high-end segment ($10m-100m) contracted 45.5% versus only 12.5% for works under $1m, where Bonhams’ diversified platform is strong, and the company remains profitable.”
Hoejsgaard said: “Bonhams has achieved significant growth and sustained profitability over recent years, and we thank our former owners Epiris for their role during this time. Despite a challenging market, Bonhams' resilient performance relative to the wider sector has been supported by investments in technology, the expansion of our global footprint and being strategically positioned in the premium auction space and a leader in the mid-market. This is all underpinned by our broad 60+ department offer which meets the needs of a diverse client profile.”
ATG understands that a number of London-based staff members, including auction specialists, have left the company over last two years, although Bonhams has never released any official information or confirmed any staff cuts. The firm did not respond to ATG’s enquiry about whether, following the sale of the business, any specialist departments are closing, or whether there are any plans in place to review the structure of the departments.
