By Martin Gammon. Posted on 11/22/18.
The controlling shareholders of Bonhams recently sold their stake in the auction house to Epiris, a British private equity firm, which quickly brought on additional management. As a former director, I am encouraged by this new infusion of financial support and executive leadership. However, I believe the challenges in expanding market share for any auction house are structurally endemic to the industry and are not easily overturned by a fresh infusion of capital and personnel alone.
In the New York Times (“The Art World’s Elephant in the Room” 9/21/2018), Scott Reyburn recently suggests that Bonhams is an auction house “whose business model has (so far) relied on traditional lower and middle range art and antiques.” In Reyburn’s view, this market is languishing as an effect of growing income inequality, as the wealthy seek ever more expensive prizes, leaving the sub-$50,000 marketplace bereft of buyers and liquidity.
In the New York Times (“The Art World’s Elephant in the Room” 9/21/2018), Scott Reyburn recently suggests that Bonhams is an auction house “whose business model has (so far) relied on traditional lower and middle range art and antiques.” In Reyburn’s view, this market is languishing as an effect of growing income inequality, as the wealthy seek ever more expensive prizes, leaving the sub-$50,000 marketplace bereft of buyers and liquidity.
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