Bonhams announces the acquisition of The Market, one of the leading and fastest growing online marketplaces for classic and collector car and motorcycle auctions. Founded in Oxfordshire in 2017, The Market has taken the industry by storm. Last year, the company auctioned vehicles for a total of £13 million and increased turnover by almost 300% compared to the previous year. The exceptional results come from the use of new technology, transparency and great customer service. The company can now sell an impressive 94% of the vehicles on offer!
Off to new dimensions
The acquisition gives Bonhams another dimension to the sale of vehicles. Founded in 1793 and one of the oldest and most venerable international auction houses in the world, Bonhams has offices in London, New York, Los Angeles, Paris and Hong Kong. The motor vehicle division, headed by Maarten ten Holder, is the leading auction house for motor vehicles and has sold many legendary vehicles in the past, such as the oldest surviving Rolls-Royce in the world.
Maarten ten Holder, Managing Director at Bonhams Motoring, says: "The acquisition is a perfect fit for Bonhams and comes at an exciting time in the world of motoring auctions. For the first time, an auctioneer will be offering cars from all price ranges, around the clock and to collectors from all over the world."
Bruno Vinciguerra, CEO of Bonhams, says: "Bonhams is known worldwide for its tradition and entrepreneurial spirit, its expertise, transparency and good customer service. These are all competencies that also underpin The Market. This combination will play to both of our strengths and allow us to become accessible to an even wider customer base. I am very excited about the future."
Tim Joslyn, founder of The Market, says: "I am delighted that Bonhams will be taking The Market to the next level. The combination of such a prestigious auction house, representing traditional auctions of high profile vehicles, with our unique digital solution will create an incredible opportunity to reach a wider, more global customer base."
Alex Fortescue, Managing Partner of Epiris, said: "We have always had a clear vision for Bonhams: a digital business that is a global leader in its niche. The acquisition is a further step towards the full realization of this vision and will further drive the digital transformation that we started with Bruno some three years ago as we continue to develop in an important area of expertise. We are thrilled that Tim and his team will now join the Bonhams family and share this vision."
