London – Bonhams announces it has acquired The Market, one of the leading and fastest growing online marketplaces for classic and collectible car and motorcycle auctions. Founded in Oxfordshire in 2017, The Market has taken the industry by storm. In the last year, the company sold vehicles 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.
The acquisition adds another dimension to Bonhams. Founded in 1793, and 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.”
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.”
Tim Joslyn, Founder of The Market, said: “I am delighted that Bonhams will be taking The Market to the next level. The combination of such a prestigious auction house, representing traditional high-end car auctions, with our premier digital offering will create an incredible opportunity to reach a wider, more global audience.”
Alex Fortescue, Managing Partner of Epiris, said: “We have always had a clear vision for Bonhams: a digitally-enabled business occupying the leading global position in its niches. This acquisition is another step towards fully realising this vision, further advancing the digital transformation we started with Bruno almost three years ago, whilst building scale in an important specialist area. We are thrilled that Tim and his team will join the Bonhams family and share this vision.”