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London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
Bonhams’ London flagship on New Bond Street. The auction house has been acquired by Pemberton Asset Management for an undisclosed amount. (Image courtesy of Bonhams)
London—Bonhams announced last week that it is under new ownership, which also means a change in executive leadership.
London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount from Epiris, the private equity firm that acquired Bonhams in 2018.
Epiris had considered selling Bonhams in 2023 for around $1 billion and approached JPMorgan Chase & Co. to advise on the deal, but it fell through.
During Epiris’ ownership, Bonhams scooped up smaller auction houses in Europe and the United States, including Bukowskis, Skinner, Rasmussen, and Cornette de Saint Cyr.
“Bonhams has achieved significant growth and sustained profitability over recent years, and we thank our former owners Epiris for their role during this time,” said Hans-Kristian Hoejsgaard, chairman of the board at Bonhams.
“Despite a challenging market, Bonhams’ resilient performance relative to the wider sector has been supported by investments in technology, the expansion of our global footprint, and being strategically positioned in the premium auction space and a leader in the mid-market.”
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London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount from Epiris, the private equity firm that acquired Bonhams in 2018.
Epiris had considered selling Bonhams in 2023 for around $1 billion and approached JPMorgan Chase & Co. to advise on the deal, but it fell through.
During Epiris’ ownership, Bonhams scooped up smaller auction houses in Europe and the United States, including Bukowskis, Skinner, Rasmussen, and Cornette de Saint Cyr.
“Bonhams has achieved significant growth and sustained profitability over recent years, and we thank our former owners Epiris for their role during this time,” said Hans-Kristian Hoejsgaard, chairman of the board at Bonhams.
“Despite a challenging market, Bonhams’ resilient performance relative to the wider sector has been supported by investments in technology, the expansion of our global footprint, and being strategically positioned in the premium auction space and a leader in the mid-market.”
Hoejsgaard also announced a new leadership team.
Bonhams’ new executives have experience in venture capital, private equity, the automotive sector, operations, and law, a departure from the usual choice of individuals with luxury sector backgrounds.
Seth Johnson is the new CEO, succeeding former Global CEO Chabi Nouri. She joined Bonhams last year and previously was Piaget’s CEO.
Johnson was formerly the CEO of IPGL, a London-based venture capital and private equity firm, as per his LinkedIn profile.
Liese Thomas is Bonhams’ new chief financial officer. She was the former CFO of McLaren Automotive, as per her LinkedIn profile.
Jennifer Babington is the new chief operating officer. She previously served as operations director and general counsel of the Envision Virgin Racing Formula E Team, as per her LinkedIn profile.
Alex Lejeune, Bonhams’s former CFO and COO, will stay on during the transition period, as per ArtNews.
Céline Assimon, the former De Beers executive who joined Bonhams in June, has left her position as the auction house’s as chief commercial officer, a Bonhams spokesperson confirmed.
The new leadership team has a track record of success, said Hoejsgaard, and has experience in serving high-value customers and guiding companies through periods of change.
“The partnership with Pemberton and [the] new leadership team strengthens our market position and supports our long-term growth ambitions,” he said.
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