At the end of June, Bonhams continued its ‘roll up’ strategy with the acquisition of the Paris-based auction house Cornette de Saint Cyr as forecast in “What Are They Building in There?: Bonhams in March” [https://www.rarebookhub.com/articles/3172]. The newly acquired house also has a salesroom in Brussels furthering Bonhams’ objective, funded by Espiris, to create a global network of regional auction houses focused on the ‘middle market’.
How does this relate to the rare book and ephemera markets? Why should collector take notice? Keeping in mind the two divergent models of auction event profitability that are further establishing themselves with in the Post-Pandemic auction industry [https://www.rarebookhub.com/articles/3153], Bonhams is making moves to consolidate the sub $1 million dollar auction market of which books, manuscripts, prints and photography make up a considerable share.
The week following Bonhams announcement, for the first time, a specialist formerly of a major auction house announced to a bibliophilic Listserv an upcoming sale for Catawiki were the items on offer were a fraction of what this specialist previously handled.
Seemingly independent events, however, these two models of development will meet in the middle market (build up vs. buy out). As outlined in “Where are we going from here?” [https://rarebookhub.com/articles/3044], venture capital funded online auction platforms have the advantage of lower operating costs and an ‘Outsider’ position which has them less beholden to conventions. This aligns with their requirement to run a full schedule of sales featuring a high number of lots in order to remain profitable. The risk in this strategy of many low value items is that it impacts the legitimacy of the platform within the Auction Industry as a whole. In order to participate in the more rare/valuable items it will require a concerted effort to establish trust and legitimacy with both consignors and bidders, hence the hiring of established specialists from brick-and-mortar houses.
For brick-and-mortar houses, such as Bonhams, who find themselves unable to participate in the few, high-spot auction event model, however unable to adopt the many, low estimate auction event, consolidation of the remaining middle market brick-and mortar auction houses is the most viable strategy moving forward. Based on Bonhams' infrastructure as well as organizational structure, they will not be able to compete on the digital marketing front as their cost/revenue dollar is too high. Instead, they will rely on the established base of regional auction houses and work from there to provide wrap around services for consignors and bidders alike.
In the case of Bonhams, and there will be more in the coming years, their acquisition of four competitors in half a year has them presenting as an entirely different organization. When acquired by Espiris in 2018, Bonhams online sales accounted for around 10% of total sales, now in 2022, it is 50%. That is a huge transformation in where revenues are coming from. Further growth can be observed in their client list, which has increased by 3 times since 2019 and in 2021 alone saw the firm’s transactions consist of 49% net new clients to Bonhams. Again, this type of transformation in the size and growth rate of a client base has the potential to be highly impactful. Especially impressive is the addition of almost 50% in net new clients to the House. Finally, in reviewing last year, intercontinental clients increased by 71% as reported by Bonhams CEO, Bruno Vinciguerra.
Looking in the mirror these days, Bonhams might be unrecognizable to itself. The challenge moving forward will be whether the House will be able to retain and grow these inherited clients while acquiring more and growing them as well.
For collectors observing these developments and trying to parse its impact on their participation in the Auction industry as a consignor or bidder, it will be Important to see what both online platforms and consolidating auction house do with the data they are accumulating. Will auction results remain open and listed through 3rd party aggregators such as Rare Book Hub, or will it become proprietary requiring the public to establish an account with the House.
***
Spencer W Stuart is a collections advisor and writer on collecting, book history and the auction industry. The above article is a continuation of his ongoing AUCTION INDUSTRY OUTLOOK series [http://spencerwstuart.ca/aio/] and is an edited version of a chapter in his forthcoming book Contemporary Issues in Rare Book and Manuscript Collecting due out Autumn 2022.
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: Hassall (Joan) A large collection of over 300 original woodblocks of engravings for various books, v.d., with Hassall's engraver's glass water-globe (Qty) - Est. £10,000-15,000
Forum, July 9: Eragny Press.- [Bradley (Katherine Harris) & Edith Emma Cooper], "Michael Field." Whym Chow, Flame of Love, one of only 27 copies, inscribed by Bradley, the rarest book from the press, 1914. - Est. £3,000-4,000
Forum, July 9: [Moore (Thomas Sturge)] [Wood Engravings], 71 wood-engravings printed by David Chambers from the original blocks, the only set on Japanese Hosho paper, from an edition of 5 sets, [1970]. - Est. £3,000-4,000
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: La Fontaine (Jean de) Contes et Nouvelles en vers, 2 vol., engraved plates after Eisen, fine early 19th century blue morocco, gilt, by Bradel l'ainé, Amsterdam [Paris], 1762. - Est. £2,000-3,000
Forum, July 9: Erotica.- Prostitution.- Pretty Women of Paris (The); Their Names and Addresses, Qualities and Faults..., [Paris], privately printed at the Press of the Prefecture de Police, 1883. - Est. £3,000-4,000
Forum, July 9: Vale Press.- Ricketts (Charles) & Lucien Pissarro. De la Typographie et de l'Harmonie de la Page Imprimée…, [one of 216 copies], bound in dark blue morocco tooled in gilt, by Sarah T.Prideaux, 1898. - Est. £1,000-1,500
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: Martin (John) Illustrations of the Bible, complete set of 20 mezzotints, good impressions, rarely found in early states, [c.1831-1835]. - Est. £1,000-1,500
Forum, July 9: Golden Cockerel Press.- Four Gospels of the Lord Jesus Christ (The), one of 500 copies, Mary Gill's copy, Waltham St. Lawrence, 1931 with a signed proof of engraving on japon numbered 10/10 (2) - Est. £5,000-7,000
Forum, July 9: Boccaccio (Giovanni) The Decameron, 3 vol., vol.1 extra-illustrated by John Buckland Wright with c.150 erotic original drawings in pen & ink and pencil, 1886 [extra-illustrated c.1940]. - Est. £10,000-15,000
Forum Auctions The Private Library: Fine Printing & Private Press books, the collection of the late David Chambers July 9, 2026
Forum, July 9: Cox (Morris) Collection of Gogmagog Press Books, 35 vol., rare complete collection of printed books issued by the press, limited editions, most signed by Cox, 1957-83. - Est. £10,000-15,000
Forum, July 9: Wynkyn de Worde.- [Terentius Afer (Publius)] [Comedie...], [Paris, Josse Badius: sold in London by Wynkyn de Worde, & others], [15 July 1504]. - Est. £4,000-6,000
Forum, July 9: Mosley (James) Ornamented Types. Twenty-Three Alphabets from the Foundry of Louis John Pouchée, 2 vol., one of 10 copies for presentation, from an edition of 210, 1992-93. - Est. £1,000-2,000
Freeman’s, June 30. Thomas Jefferson’s “Birth of the New Nation” letter, carried to Paris with the Treaty of Peace, by a Jewish patriot. $100,000-200,000.
Freeman’s, June 30. “The rockets’ red glare.” A British midshipman’s log recording the bombardment of Fort McHenry. $60,000-80,000.
Freeman’s, June 30. The Critical Promotion of a Naval Hero, Oliver Hazard Perry Commission signed by James Madison, 1812. $40,000-60,000.
Freeman’s, June 30. Born in the USA: First Day of Printing in the United States, July 4, 1776. $15,000-25,000.
Freeman’s, June 30. One of the Earliest Printed Announcements of American Independence, in the Exceedingly Rare Original Wrappers, 1776. $10,000-15,000.
Freeman’s, June 30. "The Two Big Guns of the N.Y. Yanks": A Striking Type 1 Press Photograph of Lou Gehrig's Hands. $8,000-12,000.
Freeman’s, June 30. A Unique Contemporary Manuscript Account of Joseph Smith's Final Words to His Followers, the Day Before his Violent Death. $8,000-12,000.
Freeman’s, June 30. The State of Minnesota Officially Certifies the Fourteenth Amendment to the Constitution Of the United States. $8,000-12,000.
Freeman’s, June 30. Extraordinarily Large Manuscript Petition Signed by a Who's Who of Colonial New York to Queen Anne from the Colony of New York. $8,000-12,000.
Freeman’s, June 30. Mickey Mantle's First Cover: The Earliest Front-Page Newspaper Image of Mickey Mantle, "Something Good from Joplin". $8,000-12,000.
Freeman’s, June 30. A Call to Arms in the Months Following the Declaration of Independence: An Early Continental Army Recruitment Poster. $6,000-9,000.
Freeman’s, June 30. Samuel Jones, the Statesman Behind the Newly Discovered "Jones Declaration": His Annotated Set Used in His Working Law Library. $6,000-9,000.
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Inundation papyrus. P.Michael 4, the ‘Inundation papyrus’, a geographical account of the Nile near Canopus, in Greek, remains of two columns from a manuscript scroll on papyrus, Egypt, second century CE. £12,000-18,000
Forum, July 16: Book of Hours, use of Sarum, manuscript on vellum, 6 full-page miniatures, with famous Middle English inscriptions, Southern Netherlands for the English market, [c.1430]. £30,000-50,000
Forum, July 16: Qu'ran, Arabic manuscript on burnished, stencilled, and gold-flecked paper, 447ff., Sultanate Gujarat, Ahmadabad, [after 1411 but no later than 1442]. £15,000-20,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Turner (William). A New boke of the natures and properties of all wines that are commonly vsed here in England, rare first edition of the first English book on wine, By William Seres, 1568. £20,000-£30,000
Forum, July 16: Spenser (Edmund). The Faerie Queene. first edition, Printed [by John Wolfe] for William Ponsonbie, 1590. £30,000-40,000
Forum, July 16: Shakespeare (William). The Comedie of Errors, extracted from the first folio, Isaac Jaggard and Edward Blount, 1623. £15,000-20,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Fleming (Ian). Casino Royale, first edition, signed presentation inscription from the author, 1953. £40,000-60,000
Forum, July 16: d'Agoty (Jacques-Fabien Gautier). Anatomie de la Tête, first edition, Paris, chez le Sieur Gautier, 1748. £10,000-15,000
Forum, July 16: Martial Arts.- Lee (Bruce). 'Praying Mantis style' Kung Fu book, containing numerous annotations, diagrams and graphs in Bruce Lee's hand, c. 1960. £50,000-70,000
Forum Auctions The 10th Anniversary Sale Fine Books, Manuscripts and Works on Paper July 16, 2026
Forum, July 16: Warre (Capt. Henry James). Sketches in North America and the Oregon Territory, first edition, rare hand-coloured issue, 1848. £30,000-40,000
Forum, July 16: Norie (John William). The Marine Atlas, or Seaman's Complete Pilot for all the principal places in the known world..., 1826. £30,000-50,000
Forum, July 16: Mao Tse-tung.- Kim Il-sung.-[Note book for visitors from China to Korea], signed by Mao and Kim, [Beijing, 1954]. £10,000-15,000
Sotheby’s Shelf Life: Books, Manuscripts and Works on Paper from the Library of Stanley J. Seeger and Christopher Cone 25 June – July 7
Sotheby’s, July 7: Ludwig van Beethoven. Autograph sketches for the overture "Die Weihe des Hauses", op.124, [1822], UNPUBLISHED. £150,000 to £200,000.
Sotheby’s, July 7: Jane Austen. Pride and Prejudice, 1813, first edition, 3 volumes, contemporary half calf. £50,000 to £70,000.
Sotheby’s, July 7: Walt Whitman. Leaves of Grass, Brooklyn, 1855, first edition, first issue, original green cloth, the Doheny copy. £50,000 to £70,000.
Sotheby’s, July 7: Binding—Sangorski & Sutcliffe—Omar Khayyam. Rubaiyat, London, 1872, third edition, in a magnificent jewelled Peacock binding. £15,000 to £20,000.
Sotheby’s, July 7: George Eliot. Middlemarch, Edinburgh and London, 1871, first edition in the original parts. £20,000 to £30,000.
