Bonhams auction house could be sold to China’s Poly Culture, which has emerged as one of the frontrunners bidding for the company.
City sources said several heavyweight private equity firms – including Bridgepoint and CVC Capital Partners, one of the biggest shareholders in Formula 1 – have dropped out of the sale process, leaving the China-based firm in pole position.
Poly Culture is China’s largest auction house. It was formerly a subsidiary of the Poly Group, which is controlled by the Chinese government and has business interests ranging from property to arms exports.
