Online sales have dominated the classic car market space over the past few years, and the COVID era has seen them grow and flourish beyond what we might have expected prior. The digital space is now more powerful than ever before — and it continues to evolve.
Buyers and sellers take note: There’s a new option available. It’s called The Market by Bonhams.
This new platform combines the traditional auction process with an innovative digital platform — and while it’s just now launching in the United States, it has a track record of success overseas already. Since 2016, The Market by Bonhams has delivered average sell-through rates of 90% in the UK and Europe. In July 2021, it sold a rare metallic blue 1989 Ferrari F40 (pictured above) for $1,325,482, which was the first seven-figure online sale in the UK and Europe.
And now it’s here in the U.S., launching January 24 at themarket.bonhams.com.
Here are the basics: No buyer’s fees, and a flat 5% sellers commission. That 5% is capped at $5,000, and The Market by Bonhams assembles a comprehensive auction listing at no extra cost to the seller. That listing is constructed by a team of motoring experts and only takes a few days to build. The auction listings are then live for 7 days.
It that sounds competitive to you, it’s because it is. 5% / $5,000 is among the lowest sellers’ fees in the industry.
Participating is easy. All it takes is a quick registration with credit card details, and a new bidder can participate immediately. Automatic bidding is available, where bidders can select their maximum bid in advance. A 5% deposit is paid to The Market by Bonhams, and the bidder can collect the vehicle upon agreement on payment terms with the seller. All auction results will be — and will remain — visible on The Market’s website, which promotes transparency.
Caroline Cassini, General Manager of The Market by Bonhams U.S., said: “The Market by Bonhams has a proven track record for delivering results, service and quality, backed by Bonhams’ heritage and history. We are looking forward to providing U.S. collectors with this premier service.”
Maarten ten Holder, Managing Director of Bonhams Motoring, said: “This is a natural progression for our Bonhams Motoring business to further expand into the U.S. The launch marks a key milestone for our “always on” approach, offering cars at all price points, around the clock, to collectors wherever they are in the world.
“Prospective clients want to 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.”
Learn more about the new platform here, and watch for the first lots to go live in the U.S. on January 24.