Bonhams has wrapped up its 2024 tax year deep in the red, according to newly filed accounts at Companies House. The auction house reported a pre tax loss of £213mn, almost twice the deficit recorded a year earlier. The numbers show across the market. Trading thinned, confidence slipped, and the momentum that once carried mid-tier houses began to stall.
The figure illustrates an impairment charge of £153mn, driven by lower future cash flow forecasts rather than actual cash outflows. Still, it is a disappointment. Revenue fell by 9 per cent to £176mn at the UK-headquartered firm. This was a year when sales volume didn’t save margins, and expansion plans began to look optimistic in hindsight. Bonhams had been built for growth. The market did not follow.
In October 2025, Bonham’s ownership shifted to Pemberton Asset Management after the auction house had accumulated £ 193 million in debt, a figure that weighed heavily on the transaction. For staff, clients and rivals watching closely, it underlined problems ahead.
The global art market, facing weaker demand from Asian buyers and US turbulence, saw sales fall 12 per cent in 2024 to $57.5bn, reflecting industry-wide challenges that warrant cautious optimism among investors and analysts.
Bonhams was not standing still during the boom years. Under Epiris, it expanded into new territories, opening an Asia-Pacific headquarters in Hong Kong late last year. It bought houses in France, Sweden, Denmark and Boston, aiming squarely at the middle market—lots under $1mn. Volume, breadth, reach. It made sense at the time.
Inside the house, the mood was shakier. One former specialist felt directionless after chief executive Bruno Vinciguerra was eased out and the executive chair, Hans Kristian Hoejsgaard, took the helm on an interim basis in 2024. Then it shifted again. Following the sale, Chabi Nouri departed after a short spell as global chief executive, soon joined by Céline Assimon, whose time as chief commercial officer was even shorter.
A new lineup arrived with the Pemberton takeover. Seth Johnson took over as chief executive, with Liese Thomas installed as chief financial officer and Jennifer Babington as chief operating officer. Johnson has been quick to project confidence. The language is steady, forward-looking. Whether the market listens is the open question.
There were signs, late in the year, that the broader market was healthy. A Gustav Klimt portrait sold for $236.4mn at Sotheby’s in New York in November, the most expensive modern work ever auctioned.
In a statement, Bonhams said that “the 2024 accounts already feel dated. The firm points to new ownership, fresh capital, and a reset leadership team.” The mood, it says, is of optimism. However, the outlook remains uncertain, as the market has yet to fully decide what comes next, making prospects less predictable for investors and analysts.
The figures point to subdued year-end statements elsewhere. Sotheby’s posted a 23 per cent fall from 2023. Christie’s slipped by 8 per cent. Phillips, smaller but down all the same. Global sales retreated 14 per cent. Reflecting on sales figures for Christie’s and Sotheby’s in 2025, we expect year-end figures to improve, factoring in the sale of several high-performing lots.