The financial terms of the deal have not been disclosed but Bukowskis’ chief executive Louise Arén will remain in place and the company will continue to trade as Bukowskis.
Bonhams has bought the firm to capitalise on its presence in the Nordic region as well as its strong digital capabilities.
Louise Arén said: “Bukowskis has become an industry leader in digital transformation. With Bonhams' global reach, we can further build upon our position as the leading auction house in the Nordic region.”
Bruno Vinciguerra, CEO of Bonhams, said: “Bukowskis has a renowned heritage. Bonhams’ acquisition of such a celebrated auction house is an important part of our strategy to further the development of Bonhams into a digital leader and a truly global player with a balanced presence across the US, Europe and Asia.”
Bonhams was bought by private equity firm Epiris in 2018 and last year bought The Market, a digital auction platform for classic and collectable car and motorcycle auctions, and opened a saleroom in Paris in Rue de la Paix.
Alex Fortescue, managing partner at Epiris, said: “Since 2018, we have been working to drive the transformation of Bonhams into a global, digitally enabled auction business through investment in people, technology and now M&A. The acquisition of Bukowskis is a significant further step in this transformation.”
Established in 1870, Bukowskis has salerooms in Stockholm and Helsinki with 100 staff across nine departments.
Last year, Bukowskis sold 11 out of the 15 most valuable artworks in the Swedish market and reported total sales of SEK228m (£18.5m) and pre-tax profit of SEK34m (£2.8m) for 2020. It said its 2021 figures have improved on the previous year.
Bonhams has not revealed its financial figures but is believed to be preparing to report its sales in due course.