Bonhams introduced right now that its CEO, Bruno Vinciguerra, is stepping down after greater than 5 years within the function. Hans-Kristian Hoejsgaard, the public sale home’s government chair, who joined its board in 2020, will take the helm on an interim foundation.
The 230-year-old firm didn’t give a purpose for Vinciguerra’s departure or lay out new methods that it’ll undertake with Hoejsgaard’s management.
In 2018, Bonhams was acquired by the non-public fairness agency Epiris, and set about carving out a middle-market enterprise. The public sale home additionally bolstered its quantity in 2022 by a rapid-fire collection of acquisitions of smaller however well-known regional public sale homes, together with Bukowskis in Stockholm, Bruun Rasmussuem in Copenhagen; Cornette de Saint Cyr in Paris; and Skinner in Boston, Mass.
The mixed 2021 turnover for these 4 homes was greater than $300 million, in keeping with Bonhams, which reported turnover of $1.14 billion final yr.
Hoejsgaard spearheaded the acquisitions of Bukowskis, Bruun Rasmussen, and Cornette de Saint Cyrt he, the corporate mentioned.
Vinciguerra was COO at Sotheby’s for almost 9 years earlier than becoming a member of Bonhams. In 2022, Bonhams’s annual income topped $1 billion for the primary time, a 27 p.c improve from the $816 million it reported in 2021. In 2023, it had its highest-grossing yr ever, rising 14 p.c to succeed in that $1.14 billion determine.
In early 2023, Epiris was reportedly in search of to promote the home with a valuation of roughly $1 billion, in keeping with Bloomberg. It declined to touch upon the matter on the time, as did J.P. Morgan, which was mentioned to be advising on a doable sale.
“Bruno and I’ve shared the Bonhams journey since day one and I wish to pay tribute to his management in remodeling the enterprise and to thank him for our partnership,” Alex Fortescue, managing associate of Epiris, mentioned in an announcement. “With Bruno on the helm, now we have come a good distance since 2018.”
Hoejsgaard has 30 years of expertise in world luxurious and is a non-executive director (and former CEO) of MCH group, the proprietor of the Artwork Basel and Masterpiece London honest. He’s additionally a non-executive director of Barclays Financial institution Switzerland. He is Danish by beginning, speaks 4 languages, and relies in Switzerland.
Just some weeks in the past, rival Phillips additionally reported a shift in management, with Stephen Brooks stepping down as CEO after almost three years. Throughout his tenure, the home hosted record-breaking gross sales and expanded its world attain, opening a brand new Asia headquarters in Hong Kong final yr. Edward Dolman, Phillips’s government chairman, advised Artnet Information that Brooks departed for private causes.
Comply with Artnet Information on Fb:
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