The French auction market is about to be turned upside down after two investment companies acquired 30% of one of the oldest and largest auction operations in the world, Drouot, last week.
The Parisian operation, initially created in 1852, and now grouped under the Drouot Group, has qualified this operation as a historic and strategic operation which will strengthen its leading position in France as well as on the international art and collectibles auction market. .
The new minority players are Vesper Investmentinvestment company created in 2020 by Pierre-Guillaume Véron, and Chevrillon Groupan evergreen family investment company.
At a general meeting on July 6, Drouot shareholders approved the operation, which was unanimously proposed by the board of directors.
“This major operation will open up a liquidity solution for shareholders wishing to sell their shares, and will give the group the means to support the auctioneers who are its strength,” the group said in a press release. No exact figure on the size of the investment was provided.
Major ongoing development projects include the growth the digital platform of the Hôtel Drouot, and the development of its activities in storage, delivery and other related logistical issues, according to the statement.
The news comes after Drouot released its first half revenue totaling 338 million euros ($380 million), a 14% increase from 2022. Drouot attributed the increase to an increase in the number individual sales at the Hôtel Drouot – a 9% growth representing 206.8 million euros in turnover (232 million dollars) – and its intensified digital activity, thanks to the continuous development of international services – a 24% increase over 2022 brought in 182 million euros ($204 million).
According to the website the Gazette of Drouot, Drouot represents 17 sales and exhibition halls, divided into two specialized sites; more than a hundred auctioneers are authorized to conduct auctions, grouped into auction companies.
A total of 600,000 objects are sold each year in 2,000 auctions; there is also a range of services including appraisals, item shipping and storage, and cultural training.
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