Art News. Vasari Codex

trending_up market schedule Mar 9, 2026 visibility 20 link 3 artists, 6 galleries

Show me the money: UK gallery and auction house accounts reveal reality of a tough market

Recent financial filings from UK-based art businesses reveal a stark downturn in the art market, highlighted by the sudden liquidation of Stephen Friedman Gallery. The gallery's collapse followed expensive expansion projects in London and New York, compounded by a £1.7m loss in 2023 and a significant debt of £11.4m to creditors. Other major players, including Thaddaeus Ropac, reported substantial revenue drops, with Ropac’s turnover falling from £49.6m to £36.4m as the industry grapples with rising overheads and economic volatility.

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trending_up market schedule Mar 25, 2026 visibility 21 link 7 artists

auctions houses middle market competition art

The auction industry's "middle market"—typically defined as lots under $1 million—is facing a period of intense competition and shrinking profit margins. While these lower-priced works account for the vast majority of transaction volume and a significant portion of earnings, the overhead costs of selling them remain high. Furthermore, aggressive financial maneuvers like guarantees and "enhanced hammers," once reserved for blue-chip masterpieces, are now being demanded by sellers and advisors at much lower price points.

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trending_up market schedule Oct 21, 2025 visibility 13 link 1 artist

pemberton asset management buys bonhams from private equity firm epirus for undisclosed sum

Pemberton Asset Management, a European private credit manager backed by Legal & General, has acquired the auction house Bonhams from private equity firm Epiris for an undisclosed sum. The acquisition led to the departure of Bonhams's global CEO Chabi Nouri and chief commercial officer Céline Assimon, with a new senior leadership team appointed including Seth Johnson as CEO, Liese Thomas as CFO, and Jennifer Babington as COO. Bonhams chairman Hans-Kristian Hoejsgaard will remain in his role, while Chris Ellerker and Mohit Agarwal from Pemberton join the board.

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trending_up market schedule Jan 21, 2026 visibility 11

bonhams 2025 sales results market reset

Bonhams ended 2025 with $970 million in global sales, one of its strongest recent performances, driven by growth across regions and categories including fine art, luxury goods, and collector cars. The year’s top lot was a 2020 Bugatti Divo that sold for $9 million. However, the results are overshadowed by a Financial Times report of a £213 million pre-tax loss in 2024, largely due to £153 million in impairment charges tied to a change in ownership—the house was sold by private-equity firm Epiris to Pemberton Asset Management in October 2025. Bonhams Hong Kong posted a record $104 million, UK sales rose 4.5% to $285 million, and digital sales accounted for 46% of total value.

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trending_up market schedule Jan 8, 2026 visibility 9

bonhams posted significant losses 2024

Bonhams, the UK-based auction house, reported a nearly 90% surge in pre-tax losses to £213 million ($286.3 million) in 2024, alongside a 9% revenue decline to £176 million ($236.6 million), according to filings with Companies House. The losses were driven by £153 million in impairment charges due to reduced cash flow forecasts, reflecting a write-down on the investment value held by former owner Epiris. The house was sold to Pemberton Asset Management in October 2024, and subsequently saw a leadership overhaul, with Seth Johnson appointed CEO, Liese Thomas as CFO, and Jennifer Babington as COO, replacing Chabi Nouri and Céline Assimon.

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