Bonhams Owner Taps JPMorgan for $1 Billion Sale of UK Auction House

Epiris is moving forward with a potential sale of Bonhams, the 230-year-old British auction house, people familiar with the matter said.

(Bloomberg) — Epiris is moving forward with a potential sale of Bonhams, the 230-year-old British auction house, people familiar with the matter said.

The private equity firm is working with advisers at JPMorgan Chase & Co. as it prepares to gauge interest in the London-based auctioneer, the people said, asking not to be identified discussing confidential information. Epiris is seeking to value Bonhams at about $1 billion in any deal, the people said, asking not to be identified because the information is private.

Deliberations are in the early stages and there’s no certainty they will result in a transaction, the people said. Representatives for Epiris and JPMorgan declined to comment.

Founded in London in 1793, Bonhams is one of the city’s best-known auction houses and competes with larger rivals Sotheby’s and Christie’s on the sale of everything from high-end wines and jewelry to fine art and antique porcelain. Auction rooms enjoyed a bumper 2022 as consignors of collectibles who’d stayed on the sidelines during the Covid-19 pandemic began to return to market.

Bonhams’ annual revenue topped $1 billion for the first time last year. Standout sales included a rare Cartier emerald and diamond bracelet that achieved a price of $3.2 million including premium in New York, as well as a painting by French expressionist Chaïm Soutine that fetched £1.8 million ($1.9 million) in London.

Epiris bought Bonhams, which also has sale rooms in cities including Los Angeles and Hong Kong, in 2018. It pledged to pursue investment-led growth and during its ownership added the likes of French auction house Cornette de Saint Cyr and online classic car marketplace The Market.

London-based Epiris targets companies valued at £75 million to £500 million including debt. It’s invested £1.9 billion since 2011, according to its website, backing the likes of holiday park operator Parkdean Resorts and information services firm Axio.

–With assistance from Dinesh Nair.

(Adds details on Epiris in final paragraph.)

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