The Market by Bonhams Expands Into Europe
The Market by Bonhams digital auction platform is set to launch across Europe in September, marking the latest expansion for one of the leading and fastest-growing online marketplaces for classic and collectible car and motorcycle auctions.
The Market by Bonhams EU launches for bids on Wednesday 8 September 2021, with the first sales closing on Wednesday 15 September 2021. It marks the latest development in Bonhams Motoring's 'always on' motoring strategy which has a growing focus on daily online auctions.
Since its conception in 2016, The Market has become one of the most successful market offerings, combining traditional auction practices on an innovative, exciting digital platform. Delivering industry-leading expertise across the platform's premier digital offering, The Market has a proven track record for delivering results, service and quality.
By expanding the platform internationally, The Market is meeting growing appetite and demand from buyers and sellers across Europe to reach a wider, more global audience.
Launching The Market by Bonhams internationally marks a natural progression following the success of the platform in the UK. In 2020, The Market sold £10.6m of hammer value over 640 auctions, while in this current year in the UK, it is working successfully towards a hammer value of £20m. The Market has also had a sale rate of more than 90% for the last four years.
In July 2021 the platform sold an ultra-rare metallic blue 1989 Ferrari F40, which had become a worldwide social media star, for a record-breaking £1,000,500, the first seven-figure result for an online platform in the UK and Europe.
Users worldwide will be able to benefit from using the same platform that has been successfully deployed in the UK, with the added enhancement of the platform being translated in to multiple languages.
All of the established benefits of The Market by Bonhams will be available as part of the launch. Buyers will 'pay what they bid' when using the platform, meaning there is no buyers' commission. The Sellers' Commission remains at 5% (+VAT). This is the lowest in the industry and means that vendors receive 94% of the vehicle's sale price. The cars and their customers will be looked after by the same team that has been delivering 5-star TrustPilot service for the past five years.
Maarten ten Holder, Managing Director of Bonhams Motoring, said: "The Market by Bonhams' success lies in its technology, transparency and client service. It is a natural progression for our Bonhams Motoring business to expand into Europe and provide this premier service to a wider audience. Our EU expansion marks a key milestone for our 'always on' approach.
"Prospective clients want to have choices when working with auctioneers and we are now able to provide these options, from live sales to online timed auctions and daily online sales via The Market. There is clearly an appetite from buyers and sellers for this service and the launch marks the next step in our motoring strategy."
Tristan Judge, Director at The Market by Bonhams, said: "It has always been our ambition to reach a wider, more global audience, and launching The Market across Europe delivers that objective. We have a proven track record for delivering results, service and quality and we look forward to continuing this internationally.
"The platform has proved a resounding success since it was launched five years ago, and now the service is backed by Bonhams' heritage and history, leveraging their established market position across Europe."
"We have always had great interest from European buyers and sellers on The Market UK. Our left-hand drive cars were already popular with our European customers, so it is natural for us to expand fully across Europe."