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.
This matters because Bonhams’s performance illustrates the broader art market reset, where auction houses face softening demand and valuation write-downs while pivoting to middle-market depth, private sales, and digital engagement. The loss, though alarming at first glance, reflects accounting adjustments rather than operational collapse, and Bonhams’s new leadership—CEO Seth Johnson, CFO Liese Thomas, COO Jennifer Babington—aims to stabilize the house amid cyclical market recalibration. The story underscores how auction houses are navigating a post-boom landscape, with implications for collectors, investors, and the industry’s financial transparency.