On January 24, 2022, Bonhams launches its online auction platform "The Market" in the USA. As in its country of origin, the UK, and its expansion into mainland Europe, "The Market" will retain the auction conditions that are advantageous for buyers: when you buy a car at auction, you pay no commission, while the seller has to pay five percent on the first USD 5,000. According to Bonhams, these commissions are the lowest in the entire industry.
In Europe and the UK, The Market has been able to position itself very well with its approach and can look back on an average sales rate of 90 percent.
In the USA, Caroline Cassini is responsible for The Market.
She is able to present a 1970 Pontiac GTO to mark the launch of the service offering. The early USA offerings also include an MG TD, a Rolls-Royce Silver Cloud III and a Mitsubishi 3000 GT VR4.
One of The Market's biggest successes to date was the auction of the blue Ferrari F40 from 1989, which sold for USD 1.325 million.
With the online-only auction platform, Bonhams wants to give the market a further choice, while the previous auction formats will be continued, according to Maarten ten Holder, Managing Director of Bonhams Motoring.
You can find out more about Bonhams on the auction house's website.
The European The Market unit's offer can of course be viewed online at any time.
