Bonhams acquired Bukowskis, a leading Scandinavian auction house, with the aim of further strengthening the London-based auctioneer’s presence in continental Europe.

The acquisition, which was negotiated for an undisclosed amount, is in line with Bonhams’ ambitious expansion into Europe seen over the past 10 months. In April of last year, Bonhams acquired The Market, an online auction platform based in the UK, Europe and the US that specializes in classic and vintage cars and motorcycles. It also opened its first auction room in Paris in September.

The latest addition to Bonhams’ portfolio was founded in 1870 by Henryk Bukowski in Stockholm, Sweden, where he operates his flagship product in addition to an auction house in Helsinki, Finland. The house focuses on a range of collectibles ranging from fine art and design to jewelry and watches, and has been in the hands of the Lundin family, one of Sweden’s wealthiest families, since 2007.

“Bonhams’ acquisition of such a famous auction house is an important part of our strategy to further develop Bonhams into a digital leader and a truly global player with a balanced presence in the United States, Europe and in Asia, ”Bruno Vinciguerra, CEO of Bonhams, said in a statement.

Bukowskis set a number of auction records in the region, selling 11 of the 15 most valuable works of art in the Swedish market, including last year’s sale of Anders Zorn’s 1891 painting. Sunday morning, which sold for almost SEK 30 million ($ 3.9 million) to become the most expensive classical work of art for sale in Sweden. The auction house also performs well in the core market, referring to works of art priced between $ 5,000 and $ 1 million, as well as online sales.

Bukowskis acquisition reflects a relatively active market in the Nordic region: British art consultancy firm Gurr Johns acquired London Forum Auctions in December, following a series of takeovers of small London auction houses , including Dreweatts and Bloomsbury in 2017. Houses, including Sotheby’s which reopened a site in Germany after a long hiatus, have expanded in Europe following Brexit.

Many of these auction houses, including Bukowskis, focus on the middle market and are not in direct competition with the two giants Sotheby’s and Christie’s. The core market may not be the source of record headline sales, but it is a significant part of the market with “healthy” profit margins, according to industry insiders. About 90% of contemporary works of art sold in 2021 sold for less than $ 20,000, according to an Artprice report.

Bukowskis will retain its own brand after the acquisition and Louise Arén will remain the Managing Director. The two auction houses will explore how to work together in the future. “Bukowskis has become an industry leader in digital transformation. With Bonhams’ global reach, we can strengthen our position as a leader in auctions in the Nordic region,” Arén said in a statement.

Bonhams was acquired by UK-based private equity firm Epiris in September 2018. It has more than 650 employees and eight salesrooms around the world, including two in London, New York, Los Angeles, Hong Kong and Sydney. The best lot of Bonhams last year was that of Pablo Picasso Woman with Mauve Beret, which sold for $ 10.8 million in New York in May, followed by the sale in New York in December of the René Magritte house Shirtless In The Clouds, which reached $ 9.98 million.

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