Bonhams Snaps Up French Auction House

RAPAPORT... Bonhams has purchased French auction house Cornette de Saint Cyr in a deal that beefs up the UK-based company's international presence.Established in 1973, Cornette de Saint Cyr is based in Avenue Hoche in Paris, with a second salesroom in Brussels, Belgium."Cornette de Saint Cyr is one of the most loved auction houses in France," Bonhams CEO Bruno Vinciguerra said last week.The French auction house, to be known as Bonhams Cornette de Saint Cyr, sells a variety of items, including jewelry, art, watches and collectibles, and is known for its high-profile single-owner sales. Arnaud Cornette de Saint Cyr, Cornette de Saint Cyr's current CEO and son of its founder, will continue to run the company. He praised the "wonderful synergy" between the two houses, "particularly in the way in which both companies put the client at the center of everything.""Bonhams's acquisition of such a celebrated auction house is an important part of our strategy to further the development of Bonhams into a truly global player with a balanced presence across the US, Europe and Asia," Vinciguerra added.The acquisition will build on Bonhams' existing French network, adding to its salesroom in Paris' Rue de la Paix, which opened in 2021. In March this year, Bonhams bought US-based auction house Skinner and Danish auction house Bruun Rasmussen. These purchases followed its January acquisition of Swedish auctioneer Bukowskis. Bonhams did not disclose the financial details of any of the deals.Image: The Cornette de Saint Cyr auction house in Belgium. (Cornette de Saint Cyr)