Bonhams auction house sold to private credit firm with leadership overhaul

New Management from Outside Art World

Failed IPO Leads to Private Credit Sale

The sale follows Epiris's failed attempt in 2023 to take Bonhams public with a reported $1 billion valuation through JPMorgan Chase ↗ 0.52%. The British private equity firm, which acquired the auction house in 2018, had pursued an aggressive expansion strategy, acquiring regional houses including Sweden's Bukowskis, Boston's Skinner, Denmark's Bruun Rasmussen, and France's Cornette de Saint Cyr.artdependence+2

This expansion paid off financially—Bonhams' revenues crossed the $1 billion mark for the first time in 2022 and rose to $1.14 billion in 2023, making it the most profitable year in the company's history. The auction house now operates 14 salerooms globally across more than 60 collecting categories.artnews+3

Pemberton, which manages approximately $27 billion in assets and has been a lender to Bonhams since 2022, describes the transaction as eliminating the auction house's "debt overhang" and providing "balance sheet strength and strategic flexibility". The private credit firm, founded in 2011 and backed by one of Europe's largest insurers, specializes in alternative lending to mid-market companies.thevalue+3