Bonhams has bought specialist online seller The Market, as the auction world continues its expansion on to the web.
The Market’s director Tristan Judge said the move, “marries our state-of-the-art approach with Bonhams’ heritage and global classic car expertise.”
He added: “The Market will continue to operate as it currently does, but will be bolstered by Bonhams’ resources and customer base. We are now able to offer a full suite of classic car auction options.”
He and founder Tim Joslyn, along with the existing team, will continue with the ‘Powered by Bonhams’ business.
The announcement followed a record month for the so-called ‘classic auction disruptor’ in which £1.8m changed hands, £500k more than ever before, in a year when it has licensed its platform into Europe and moved into a new larger base in Oxfordshire.
The company was launched in 2016 off the back of digital car history project Patina.
Maarten ten Holder, who has this month moved from RM Sotheby’s to become managing director of Bonhams Motoring, said: “This acquisition is a perfect fit for Bonhams and is happening at an exciting time in the car auction world. For the first time a classic car auctioneer will now offer cars at all price points, around the clock, to collectors wherever they are in the world.”
Bonhams was bought by private equity firm Epiris in 2018, and managing partner Alex Fortescue admitted the digital evolution has been a long-held plan.
