Exclusive financial advisor to the Lundin family for the sale of the historical Swedish auction house Bukowskis

Client successes
12/01/2022

On 11 January, the Lundin family announced the sale of 100% of the Nordics auction house Bukowskis to the UK-based international one Bonhams. Crédit Agricole CIB acted as exclusive financial advisor.

Auctioneer talking with microphone and looking at buyers with auction paddles during auction

Established in 1870, Bukowskis is the leading auction house in the Nordic region. Last year, Bukowskis sold 11 out of the 15 most valuable artworks in the Swedish market – including achieving the highest price for a Swedish artwork ever sold at auction – as well as several prestigious collections. In addition to selling fine art and collectables at its salerooms in Stockholm and Helsinki, Bukowskis has extended its global reach digitally through its app and website presence. 

The Lundin family, mainly active within energy and natural resources, acquired the iconic Bukowskis business in 2007. Since then, Bukowskis has built on its foundation as a much-loved and respected brand to transform itself into an innovative digital auction house that attracts more than one million users every month.

The acquisition of Bukowskis will enhance Bonhams' European scale and increase its digital capabilities to support further growth across its network. Bonhams' global reach will enable Bukowskis to further build upon its position as the leading auction house in the Nordic region.

Crédit Agricole CIB acted as the exclusive financial advisor to the Lundin family for this transaction, which highlights the Bank’s strong relationship with key family holdings, expertise in the luxury sector, and Nordic cross-border M&A execution capabilities.

Gaetan des Rieux“This transaction is the result of constant efforts to get closer to Lundin family holding and of a consistent dialogue on Bukowskis including the introduction well ahead of the process of a key potential family owned bidder that helped secure the sell side mandate. Moreover, our strong historical links with the Lundin group and our investment banking track record in luxury and the Nordics were also key in securing the mandate.”

Gaetan des Rieux, Senior Banker, Lundin Family holding

Arnaud Doessant“This transaction involving two of the oldest and most renowned auction houses is a first in this fast transforming industry. Digitalisation and consolidation to attain scale/global reach are fuelling additional potential advisory/Investment Banking business through M&A, capital raising/IPOs.”

Arnaud Doessant, Head of Luxury and Wine & Spirits

Claes Jonsson“This is the second sell-side transaction in the Nordic market in 2021 for Crédit Agricole CIB, reconfirming our strong capabilities to execute local transactions successfully.”

Claes Jonsson, Head of Nordic Investment Banking

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