On October 20, 2025, Bonhams, the 232-year-old international auction house, announced a significant equity change: European private credit manager Pemberton Asset Management completed its acquisition from private equity firm Epiris for an undisclosed sum. As a strategic investor in Legal & General, the UK's largest insurance company, Pemberton manages eight times the assets of Epiris. This acquisition is seen as a key turning point for Bonhams as it enters its next phase of development.

Management changes and strategic continuity
The acquisition triggered a series of changes to Bonhams' core management. Former Global CEO Chabi Nouri (who assumed the role in August 2024 and previously served as CEO of Richemont's Piaget brand and as a private equity partner at Mirabaud) and former Chief Commercial Officer Céline Assimon (who joined in May 2023 and was based in London) have officially stepped down. Current Chief Financial Officer Alex Lejeune will depart at the end of 2025.

Regarding the succession team, Hans-Kristian Hoejsgaard will continue as Chairman of the Board, Seth Johnson will assume the role of CEO, Liese Thomas will take over as Chief Financial Officer, and Jennifer Babington will assume the role of Chief Operating Officer. Notably, none of the three new business leaders have direct experience in the art or luxury goods sectors, but Hoejsgaard emphasized in a statement that they "bring extensive and successful experience serving high-value clients and leading businesses through periods of transformation."

Additionally, Chris Ellerker and Mohit Agarwal of Pemberton will join the board, replacing Owen Wilson and Zoe Lai, who were previously representatives of Epiris.

Epiris Era Expansion
After Epiris acquired Bonhams in 2018, it reshaped the industry through a series of regional auction house mergers:
January 2022: Acquired Bukowskis, a leading Nordic auction house, to strengthen its presence in the Scandinavian market;
March 2022: Skinner, based in New England, and Danish auction house Bruun Rasmussen were acquired, with the latter's founder, Jesper Rasmussen, becoming honorary chairman.
June 2022: Acquisition of the historic French auction house Cornette de Saint Cyr brings Bonhams’ global auction centres to 14, including Hong Kong, Los Angeles and Paris, which will officially open in 2024.
These initiatives are expected to propel Bonhams' total revenue to over $1 billion for the first time in 2022, a 27% increase over 2021, and establish a global network spanning Europe, North America, and Asia Pacific. Epiris stated in a statement that its investment cycle has successfully concluded, and the new shareholders will further support Bonhams' internationalization strategy.

Pemberton's strategic positioning
As a leading European private credit manager, Pemberton leverages Legal & General's capital strength to provide long-term financing solutions to mid-sized businesses. According to its website, the company manages assets through a diversified strategy platform, serving institutional investors such as pension funds and sovereign wealth funds. This acquisition is seen as a significant step for Pemberton in the cultural asset sector. The management team stated that they will maintain the independence of the Bonhams brand while optimizing its capital structure to support digital transformation and expansion into emerging markets.
A Bonhams spokesperson emphasized that this transaction marks a key milestone in the company's development, and that the new shareholder's integrated resources will help it strengthen its market position in the high-end art and luxury goods auction sectors. Although the specific transaction amount was not disclosed, industry observers believe that Pemberton's financial scale and industry resources are expected to bring a new round of growth momentum to Bonhams.

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