French Millon & Associés acquires majority of Italian auction house Il Ponte

French auction firm Millon & Associés has acquired a majority stake in the historic Italian auction house Il Ponte Casa d'Aste, founded in Milan in 1974 by Stefano Redaelli. The Redaelli family will retain a minority share, and current CEO Rossella Novarini is expected to remain at the helm. The acquisition marks a significant shift for one of Italy's leading auction operators. In the first half of 2024, Il Ponte reported aggregate turnover of just over €17 million, down from €19.7 million in the same period of 2023 but up from €16.7 million in 2022. The decline reflects a broader downturn in the art market, with Deloitte Private reporting an average 28% drop in auction house volumes. Despite this, Il Ponte achieved a 92% sell-through rate by lot, with over 8,000 lots sold out of 8,700 across 22 auctions. The modern and contemporary art sector led sales with over €6.3 million, including top lots by Tancredi (€252,000), Giacomo Balla (€252,000), and Giorgio de Chirico (€226,800). The highest-value lot was a Marina B yellow gold ring with diamond sold for €302,400. Millon & Associés, active since the 19th century and present in Nice and Brussels, expands into Italy, which accounts for only 0.5% of the global art market compared to France's 7%, according to the Art Market Report 2024 by Art Basel & UBS.