It’s not the most rock-solid source but the UK’s Daily Mail/Mail on Sunday is reporting that Poly Auction, the Chinese auction heavy weight, may be the last bidder standing for Bonhams auction house which was put up for sale earlier this year:
City sources said several heavyweight private equity firms – including Bridgepoint and CVC Capital Partners, one of the biggest shareholders in Formula 1 – have dropped out of the sale process, leaving the China-based firm in pole position.
Many of the potential buyers were looking to Bonhams strength in the classic car market as its most valuable asset. But Poly may be less interested in the cars than gaining a stronger foothold in Western art sales.
Bonhams auction house could be sold to China’s Poly Culture (This is Money)
