"The Market by Bonhams EU" will open for bidding for the first time on Wednesday, September 8, 2021. The first auctions will close one week later on September 15, 2021. The EU business expansion is in line with the "always on" attitude of Bonhams' automotive division, whose focus on daily online auctions continues to grow.
Since its launch in 2016, "The Market" has become one of the most successful products in its field. Last year, £10.6 million was raised in a total of 640 auctions and this year the service provider is on track to sell for £20 million in the UK. Over the last four years, more than 90% of lots have found a buyer.
Last month, a very rare Ferrari F40 in metallic blue from 1989, which was celebrated on social media, sold for a record £1,000,500 - a seven-figure result at an online auction in the UK and Europe has never been seen before.
"The Market by Bonhams" combines traditional auction practices with an innovative and exciting digital platform. The auction portal excels in the areas of results, customer service and quality.
All the familiar features of "The Market by Bonhams" are part of the pan-European launch. The commission for sellers remains at 5% (plus VAT). This is the lower rate and means that sellers receive 94% of the sale price. The cars and their customers are looked after by the same team that has been delivering 5-star TrustPilot customer service for five years.
With its international expansion, The Market is meeting the ever-increasing demand from buyers and sellers across Europe for a more global customer base. The platform has been translated into several languages.
Maarten ten Holder, Managing Director of Bonhams' automotive division:
"The success of The Market by Bonhams lies in its technology, transparency and customer service. The pan-European expansion is a natural next step for Bonhams' automotive division to offer this premium service to a wide range of clients. Our EU business expansion is another milestone in our 'always on' attitude.
"Potential clients want different ways of engaging with auction houses and we are now able to offer a range of options - from exclusive face-to-face auctions to timed online auctions and daily online auctions on 'The Market'.
There is great demand for this service from both sellers and buyers and this launch is the next step in our strategy for the classic car sector."
Tristan Judge, Managing Director of The Market by Bonhams:
"It has always been our intention to appeal to a wider, more global clientele and the launch of The Market in the European market fulfills this objective. We have a proven track record of results, customer service and quality and look forward to demonstrating this internationally."
"Our platform has been very successful since its inception five years ago and is now supported by Bonhams' long history."
"We have always had a lot of interest from European buyers and sellers in The Market UK. Our left-hand drive vehicles were already very popular with our European customers, so it's only a natural step for us to expand fully into Europe."
