Tuesday, June 13, 2023
Selling the Picasso and the Teaspoons—the Auction House Booming on Sales Below $1 Million
Bonhams has been acquiring regional auction houses like Bukowskis in Stockholm, Bruun Rasmussen in Copenhagen, Cornette de Saint Cyr in Paris, and Skinner in Boston to capitalize on this core segment. This has expanded Bonhams reach to 14 salesrooms and 60 departments across the globe, which focus on everything from armor to Hollywood memorabilia and fine art.
Another crucial part of this strategy is doubling down on digital sales, which represents nearly half the value of all items sold in 2022. Up to 40% of bidding is international.
Last year, sales turnover through Bonhams reached $1 billion, a 27% increase from the year prior. And this year, the auction house continues to see double-digit growth.
For more information see Abby Schultz “Selling the Picasso and the Teaspoons— the Auction House Booming on Sales Below $1 Million” Barrons PENTA, June 9, 2023.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
https://lawprofessors.typepad.com/trusts_estates_prof/2023/06/selling-the-picasso-and-the-teaspoonsthe-auction-house-booming-on-sales-below-1-million.html