Bonhams has announced that it has acquired Australia’s third oldest auction house; the distinguished old family firm of Leonard Joel.

Tim Goodman, Chairman of Bonhams & Goodman, comments: “I am pleased to advise that after four months of negotiation I have signed contracts to buy the Melbourne auction house Leonard Joel. This is simultaneously a big day for Bonhams, for the Joel family and for all their staff.”

This acquisition of the 100 year-old Melbourne-based family business firmly establishes Bonhams & Goodman as the largest fine art auctioneer in the Southern Hemisphere.

Tim Goodman adds, “I have had a plan for many years to bring together the great Australian auctioneering families - the Bruce’s of Adelaide (Theodore Bruce established 1878), the Joels, Stanley & Co and the Badgerys.”

Warren Joel, grandson of the company founder, said, “This has been a hard decision for my family. However, we identified the need to expand and provide an international service to our customers. We are proud of what we have achieved and we feel very comfortable with handing over the business in great shape to Bonhams & Goodman.” Warren Joel will remain as CEO under contract. “It is in my blood. I hope to stay in the auction business at Joels for many years”, he added.

Leonard Joel is the largest Australian-owned and operated auction house with over 80 years experience. Founded by the late Leonard Joel in 1919, the business is operated by son Graham and grandson Warren. It is located in an impressive heritage-listed building in the heart of South Yarra, close to Melbourne’s golden mile of antique and art establishments.

www.bonhams.com

www.ljoel.com.au

Posted: 05|30|08 at 5:25 pm. Filed under: Auction News.