The Market Archives — Bikernet Blog

Bonhams digital auction platform Expands into Europe

from https://www.bonhams.com/press_release/32734/ The Market by Bonhams digital auction platform is set to launch across Europe in September, marking the latest expansion for one of the leading and fastest-growing online marketplaces for classic and collectible car and motorcycle auctions. The Market by Bonhams EU launches for bids on Wednesday 8 September 2021, with the first sales closing on Wednesday 15 September 2021. It marks the latest development in Bonhams Motoring’s ‘always on’ motoring strategy which has a growing focus on daily online auctions. Since its conception in 2016, The Market has become one of the most successful market offerings, combining traditional auction practices on an innovative, exciting digital platform. Delivering industry-leading expertise across the platform’s premier digital offering, The Market has a proven track record for delivering results, service and quality. By expanding the platform internationally, The Market is meeting growing appetite and demand from buyers and sellers across Europe to reach a wider, more global audience. Launching The Market by Bonhams internationally marks a natural progression following the success of the platform in the UK. In 2020, The Market sold £10.6m of hammer value over 640 auctions, while in this current year in the UK, it is working successfully towards a hammer value of £20m. The Market has also had a sale rate of more than 90% for the last four years. In July 2021 the platform sold an ultra-rare metallic blue 1989 Ferrari F40, which had become a worldwide social media star, for a record-breaking £1,000,500, the first seven-figure result for an online platform in the UK and Europe. Users worldwide will be able to benefit from using the same platform that has been successfully deployed in the UK, with the added enhancement of the platform being translated in to multiple languages. All of the established benefits of The […]

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Bonhams has acquired online auction site The Market

from https://www.bonhams.com London – Bonhams announces it has acquired The Market, one of the leading and fastest growing online marketplaces for classic and collectible car and motorcycle auctions. Founded in Oxfordshire in 2017, The Market has taken the industry by storm. In the last year, the company sold vehicles with a total value of £13 million and grew its turnover by almost 300% compared to the previous year. Its success lies in its technology, transparency, and customer service, which led to exceptional auction results: the company now sells an impressive 94% of lots offered for sale. The acquisition adds another dimension to Bonhams. Founded in 1793, and one of the oldest and most venerable international auction houses, it has salerooms in London, New York, Los Angeles, Paris, and Hong Kong. Its Motoring Division, headed by Maarten ten Holder, is the premier auction house for motor cars and has sold many of the legends of road, including the world’s oldest surviving Rolls-Royce. Maarten ten Holder, 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.” Bruno Vinciguerra, Bonhams CEO, added: “Bonhams is renowned globally for its heritage and entrepreneurial spirit, its expertise, transparency, and great client service, and these are all qualities also at the heart of The Market’s operations. This combination will play to both our strengths and allow us to become even more accessible to a wider range of clients. I am very excited about the future.” Tim Joslyn, Founder of The Market, said: “I am delighted that Bonhams will be taking The Market to the