Bonhams Acquired by UK Private Equity Fund Epiris

Bonhams, one of the world's oldest and most renowned auction houses, has been acquired by the British private equity fund Epiris Fund II. The financial terms of the deal have not been disclosed, but negotiations were reportedly long and complex. Bonhams had been on the market for four years, with numerous offers rejected. In February, the auction house hired NM Rothschild as an advisor for a potential sale. A significant previous negotiation in 2014 with Poly Culture Group, China's largest auction house, fell through. CEO Matthew Girling and CFO Jonathan Fairhurst will remain in their positions, while Bruno Vinciguerra, former COO of Sotheby's, will join the board. Epiris partner Owen Wilson stated that Bonhams is a platform with ample transformation possibilities. Vinciguerra described the auction house as a business with great potential and solid experience. Bonhams has struggled in recent years, with revenues not exceeding half a billion dollars, while rivals Christie's and Sotheby's have achieved combined earnings of nearly $7 billion. Sotheby's recently announced expansion into India, a growing market with increasing collector interest in local and Asian art. Notable sales include Raja Ravi Varma's 'Radha in the Moonlight' for $3.38 million at Pundole's and Tyeb Mehta's 'Woman on Rickshaw' sold for $2.7 million at Christie's London, to be resold at Sotheby's Mumbai in December.