Online auction platform THE MARKET has been bought out by its management from Bonhams|Cars.
The business was acquired by Bonhams|Cars in 2020 following its launch in 2016, and now it will operate as an independent company.
Changes to the business include a switch to the name now being in full capital letters and there will now be no buyer’s fees regardless of the final sale price.
Seller’s fees will be 7% of the hammer price plus VAT and will be capped £7000, while the Concierge service fees are being lowered to £695 plus VAT.
THE MARKET is now in the sole ownership of Mark Livesey, who has been Head of UK since June 2020 and is now the company’s CEO.
The company will retain its current workforce and remain at its premises in South Oxfordshire, having agreed a new 10-year lease on the property.
Mark Livesey, CEO, Patina Classics Ltd T/A THE MARKET, said: ‘It has been a privilege to be part of such a prestigious global business as Bonhams for the past five years. With its 230-plus-year trading history, breadth of expertise and global reach, Bonhams has helped all of us here at THE MARKET gain key new skills, insights and capabilities – both personally and professionally.
‘Our new challenge – and incentive – is to bring the best of both worlds to bear in the pursuit of our ambition to become the most trusted and respected player in our online marketplace.’
