Bonhams announces record results
Bonhams, the global fine art and antiques auctioneer with offices in 25 countries in North America, Europe, and Asia, has announced strong growth in revenues and profits in every territory for the financial year to 31 December, 2013.
Financial highlights include revenues of £127 million; a gross profit of £91 million; and an adjusted operating profit of £25 million. Net cash generated from operating activities was £26 million and the balance sheet was strengthened further through £18 million buyback of preferred ordinary shares.
Operational highlights include the completion ahead of schedule of the new £30 million flagship headquarters on New Bond Street, London – a project that was fully funded through cash flow; and further significant investment in major New York and Hong Kong facilities and salerooms. World record prices were achieved in Old Master Paintings, Jewellery, Russian Art, Indian and Islamic Art, Chinese Art, Contemporary African Art and Collectors’ Cars departments, with more than 25% of bids now being made through Bonhams’ proprietary on-line bidding system.
Commenting on these results, Robert Brooks, chairman of Bonhams said: “2013 was a year where we saw the Bonhams brand establish itself further on the global stage. We have put significant investment behind growing a brand that can compete effectively in the key auction markets of the world. We will continue to invest in people, property and marketing in the future and I fully expect to see Bonhams winning market share in Europe, North America and Asia.
“Our clients choose Bonhams because of the expertise of its people, backed by a brand that is clearly challenging the status quo across the world, and we are very excited by the potential that this business presents.”