John Pye Auctions accelerates into 50th anniversary year

John Pye Auction’s Mayfair sale room, which opened in 2015, has been a game changer for the business in the growth of its luxury watch business.

John Pye Auctions is celebrating its 50th anniversary this year. The family-owned business, which sells everything from vehicles and property to furniture and fine watches, has dramatically accelerated its growth in recent years. 

It operated from a single auction site until 2011, but rapid expansion has seen that number increase to 22 sites across the UK today. In the past seven years, the John Pye team has grown from 54 people to 375. Turnover for its parent company, John Pye & Sons Holdings increased by 35.2% in 2017 to £13.38 million from 805 auctions in the year.

The number of registered bidders across the 2017 financial year reached over 242,000, up from just 57,000 in 2014. The company says that audience topped 275,000 in its most recent trading update.

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The auction house works with major UK high-street retailers, insolvency practitioners, banks, lenders, government agencies and agents.

Luxury watches have become a significant business within the Luxury Assets division of the business. For example, an auction at its London Mayfair showroom that opened to bids on June 8 and concludes June 14 features lots from Patek Philippe, Rolex, IWC, Blancpain and Piaget.

The hottest item in the sale is a bi-metal Rolex Cosmograph Daytona with mother of pearl dial. The current high bid, with four days to go, is £3900.

 

 

Adam Pye, managing director at John Pye Auctions, said: “Fifty years in any industry is a remarkable achievement for any organisation, but to be able to say we are a 50-year-old family owner operated firm in this modern era is a rare and beautiful thing. All of John Pye Auctions’ development and growth has been organic with no mergers or acquisitions made to date, the growth has all been made based on our own achievements. It’s a privilege I share with my family, friends and colleagues here at John Pye Auctions, who have worked together on building a diverse business which spans many markets, and we are grateful to have so many fantastic clients and customers. Every day is a fresh new challenge, and we are always learning and evolving, which is what we embrace.”

 

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