4 February 2007 - 20:50Arnault sells up

French billionaire Bernard Arnault has sold his 49.9% stake in Bonhams. The 56 year old, whose $17bn fortune puts him at number 17 in the list of the world’s richest, has disposed of his shares for an undisclosed sum.

His involvement in the top London auction houses began with the purchase of Phillips by his LVMH luxury goods group in 1999. In 2001, Bonhams merged with the British part of Phillips, and he sold his shares in Phillips in 2003, retaining a minority shareholding in Bonhams. While LVMH remained as a partner, it left the running of Bonhams to its chairman Robert Brooks. The last few years have been very successful for the auctioneers, as they have moved into markets in America and Australia and boosted turnover.

A joint statement by the two companies said Bonhams had moved back into profit, which had enabled it to buy LVMH’s stake. Mr. Brooks said he was grateful to LVMH for seeing the firm through a period of growth and allowing them to buy back the shareholding.