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.
This matters because Bonhams' financial struggles mirror a broader downturn in the global auction market, with Sotheby's, Christie's, and Phillips all reporting significant sales declines for the same period. The impairment charge and ownership change highlight the challenges facing mid-tier auction houses amid shifting market conditions, while the new leadership and capital injection from Pemberton signal an attempt to stabilize and reposition the 233-year-old firm for future growth. The move to Steinway Hall in New York also underscores its ongoing physical expansion despite financial headwinds.