Former auctioneer and ceramics specialist Mark Law and investor Gavin Alexander bought the firm last week after striking a cut-price deal with the Stanley Gibbons Group.
Law and Alexander will manage the firm on a day-today basis. In a brief statement to ATG Mark Law said: “We plan to return the business to an owner-run operation, as it was when I left [in 2000].
“With the closure of Christie’s South Kensington, and other changes in the market, there is huge potential for a country house saleroom an hour from London.
“Gavin and I bring with us a number of interesting projects, which will be announced in the coming months.”
As part of the transaction, the pair’s investment vehicle Millicent Holdings Limited (set up in April) has also acquired the brand of dealership Mallett, which “will continue to be run alongside Dreweatts”.
The deal does not include the Mallett inventory, the group’s interest in Masterpiece London or Bloomsbury Auctions.
Law, who worked at Dreweatts for 16 years prior to 2000, is the owner of London ceramics dealership Albert Amor.
He was part of a team that bought Partridge Fine Art in a £14m deal in 2005. However four years later the firm was placed into administration.
Of the senior figures formerly in charge of Gibbons’ interiors division, George Bailey, former chairman of Dreweatts & Bloomsbury, is understood to have resigned two months ago while James Harvey will remain with the Gibbons group.
Mark Law – A brief history
1984 Mark Law joins Dreweatts as a porter; becomes partner at 30.
1998 Under the direction of Law, Dreweatts acquires venerable Bruton Street ceramics dealership Albert Amor.
2000 After 16 years, Law leaves Dreweatts with Albert Amor.
2000 Following a brief partnership with Andrew Hilton of Special Auction Services, Law Fine Art is formed.
2005 Law Fine Art sells the Arts & Crafts collection of Andrew Keith at Littlecote House, Hungerford.
2005 Takes over Partridge Fine Art in £14m deal with fellow board members Christopher Jemmett and David Mellor, pledging to reinvigorate the brand.
2009 Partridge is placed into administration in July and then closes.
2017 With investor Gavin Alexander, Law buys Dreweatts and Mallett.