Maison Millon acquires Il Ponte for its values and management

Two auction houses with a long family tradition behind them, whose combined results will reach a turnover of €130 million in 2023, are building a new European leader: Maison Millon founded in 1928 with four generations of auctioneers behind it and the first independent auction group in France has acquired 95% of the younger company Il Ponte Casa d'Aste founded by Stefano Radaelli in 1974 and the Redaelli family. The legal and tax firm Russo De Rosa Associati followed the negotiations with Millon for Il Ponte.

This is the first time that an auction group acquires an Italian auction house, offering new opportunities to Italian collectors, buyers and sellers. As there is no overlap between the Italian and French audiences, the synergies that will be implemented through the experts in the departments of both entities will provide a solid basis for global expansion.

Top lot de Il Ponte del 1° semestre 2024MARINA B, anello in oro giallo con diamante ottagonale di ct. 14,67 rifinito con diamanti a baguette e tapered per complessivi ct. 17,60 circa, g 17,73 circa misura 13/53. Venduto 302.400 €. Courtesy Il Ponte Casa d’Aste

In the first half of the year, Millon totalled €50.5 million and just over €17 million respectively - in 2023 they had sales of €95 million and €36 million respectively - with 35 and 22 departments each, 30 and 19 experts and an average of 250 and 45 auctions per year. The Millon group is present in France at the historic Millon Trocadéro site, as well as Millon Drouot and Millon Nice and the '116' site, Neuilly-sur-Marne, just outside Paris in the Île-de-France region. The French Maison has branches in Belgium and Vietnam and partnerships in Spain, Morocco, Lebanon and Switzerland. The Italian house is based in Milan in the historic Palazzo Crivelli in Via Pontaccio 12 and has a satellite office in Via Vascello 8 - in the Santa Giulia district of Milan. Arteconomy interviewed, exclusively, the protagonists of this historic acquisition: Alexandre Millon, president of Millon, and Rossella Novarini, director of Casa d'Aste Il Ponte.

Top lot di Million del 1° semestre 2024«Tinh Mau Tu»” (Maternity), di Le-Pho (1907-2001), 62,5 x 46 cm, aggiudicata a 500.000 €, world record per l’artistaCourtesy Million

Why are you entering the Italian market, considering that it is less free and has more regulatory restrictions on the circulation of works of art than other European markets?
Our group is approaching its 100th year and its expansion strategy is continuous and consistent. It is about betting on the future and equipping ourselves with the means to turn a vision into reality.
What kind of development do you have planned for the Bridge? 
This is why we develop both internally and externally. We present our customers with the largest number of art auction disciplines in Europe (50 specialities): from modern and contemporary art to jewellery, from decorative arts to natural history, wines and even musical instruments. We thus offer all kinds of collectors, sellers and buyers the excitement of auctions. For example, we are the only one in Europe to offer more than five sales a year entirely dedicated to Sport. We multiply the sales formats to create an environment that stimulates auctions for every object entrusted to us.
Do you plan to make other acquisitions in other countries? Which ones?
On the external growth front, we choose to root ourselves in developing markets to offer them an international perspective. Fifteen years ago, we established ourselves in Belgium. In 2022, we chose to accelerate the digital movement of the art market by acquiring the first online valuation platform in France (France Estimations), which we are replicating in Spain and soon in other territories. In 2023 we created the first duplex sales of contemporary art in the Middle East from Beirut. In 2024 we will make two important choices: to be the first Western auction house to establish itself in Vietnam, a future strategic marketplace in Asia, and to make the first acquisition of a leading house in Italy by a foreign auction house.
Why acquire Il Ponte? Will there be synergies between the two auction houses?
Because of its values and management. We are similar and care about our 'legends'. Il Ponte is a family business whose goals of excellence and customer service have ensured its longevity in the market and enabled it to achieve its role as a leading player. Its managers are the soul of this House. Just as I have respected and cared for what my father built before me for 20 years. We perceive our work as that of trusted intermediaries, beyond the legislation and specificities of each country.
With what majority shareholding did you enter the Italian auction house?
We have been interested in this auction house for more than a year and the financial solidity shown by Il Ponte, from the very first meetings, has been confirmed with the same rigour in all subsequent appointments. In terms of acquisition, this is a decisive factor. Today, Il Ponte is 95 per cent owned by the Millon group and the remaining 5 per cent by the Redaelli family, demonstrating their full confidence in the new arrangement. Both they and we care about preserving this financial solidity and developing its positioning in Italy. In fact, when you buy a Maserati, you don't try to transform it or change its engine. The important thing is to guarantee the best conditions for it to remain an object of tradition, luxury and performance. That is exactly what we want to do with this alliance. The Millon Group will offer Il Ponte wider avenues and new paths to fully exercise its expertise.
Who will lead the Italian auction house? What positions will you have in management? Will there be your own representative? Who and in what role?
The Redaelli family remains at the operational helm of Il Ponte. Rossella Novarini Redaelli as General Manager, while Marco Redaelli joins the executive committee of the Millon Group. Vittorio Preda, an expert on ancient paintings and until now Millon's correspondent for Italy, will be the facilitator of all the joint initiatives that we will put in place and unveil at the end of September. In summary, the sale of Il Ponte is the story of a healthy and ambitious family group to create a European leader in the highly competitive auction market.

What differences are there between the French and the Italian auction market in terms of sellers and buyers?
On the one hand, the market has become so global and technological in the dissemination of works to be sold or bought that it is almost anachronistic to speak of differences or boundaries. However, it is likely that a French person might be hesitant to venture into buying in Italy, and vice versa, precisely because of the difficulties underlying our market: lack of knowledge of the laws, logistical fears, language barriers. The new set-up's first mission is to break down these barriers and broaden the offer by facilitating the clientele so that they can integrate naturally without becoming confused. To make the market more accessible by also eliminating distances.
What differences are there between the French and Italian markets in terms of traffic regulations, bureaucracy and taxation? Unfortunately, this is a question that those who work in this field know the answer to very well. We have been trying for a long time to have anti-historical and penalising laws changed, hopefully this will finally be the right time. Operations like ours should encourage towards this direction of liberalisation and alignment with the European market. Cultural protectionism is a thing of the past. The continued expansion and affirmation of public auctions allows for the transparency that the authorities should consider a powerful ally. The Millon group, which already operates in several countries, will also be very open to dialogue in Italy.
What innovations do you expect to come with Millon for Il Ponte?
Above all, we expect a great exchange in terms of sharing strategies and expertise: internationally recognised experts will be able to offer their "know-how" where currently there is no specific department or it was not comprehensive enough, such as Sport, Arts of the Orient, China, Vietnam, Pre-Columbian Art, Russian Art ... In addition, our main exhibitions will be able to travel before sales to further promote the seller's potential to sell an asset and facilitate the buyer's viewing. This breadth of visibility will change everything. IL Ponte as well as Millon both aim at the diffusion and affirmation of an increasingly truthful and reliable art market, which is good for art itself and for the professionalism of the operators, therefore paying a great deal of attention to the filings and authenticity of what they sell. We surround ourselves with the best experts, who in turn investigate and collaborate with authoritative scholars and researchers.
Will there be major transfers of expertise and assets between the departments of the two auction houses?
Synergies at every level will be crucial. The aim of this operation is precisely to complement each other. In two, there is greater strength and greater impact. There will certainly be comparisons between the departments in Milan and Paris, and also between colleagues operating in the same market sector. New departments will also be opened up to offer clients an even broader range of services, but on this front, and more generally on the services and innovations that will animate our respective auction calendars, we will unveil more details in the coming months.
Do you think that for the Italian market the entry of Millon will change the internal balance of the sector? Will it increase competitiveness?
Undoubtedly there will be an effect, how great we will see. Our innovative vision is joined by that of the Millon Group, opening up great opportunities to sell or buy to their respective customers.
This is not just a simple business acquisition. It is about two dynamics coming together with a beautiful project: to achieve high and remarkable performance through greater visibility and associated services spread over a wider territory. In both Italy and France, we are extremely active and dynamic at management level, very much in touch with the day-to-day reality of the market and our customers' needs. We love the direct and personal relationship with our public.
Certainly the competitiveness will increase and, I believe, rapidly.
The entry of a foreign player that does not enter alone, autonomously, but absorbing internally and, above all, relying on a historical and experienced structure on the Italian territory like ours, is certainly a novelty to be considered, as it is an intelligent approach that joins forces without limiting, but rather, taking advantage of the knowledge of a market (the Italian one) that is not easy for the foreign operator.
Will Il Ponte retain all its staff and locations?
Absolutely yes. The company is liked precisely because it is what it is. And then 'you can't change a winning team! You prepare it for new challenges, you strengthen it, but you don't change it.
Will Il Ponte grow in Italy with more locations?
At the moment there are no plans for more locations, but rather to intensify the movement of our experts across the territory from North to South in a more systematic and capillary manner. Physical proximity is as crucial as digital presence when it comes to, for example, estimates. In the long term, we believe a very close synergy will be created.
Personally, do you imagine that you will also be able to carry out some foreign activities in the Millon offices?
 At the moment, the Bridge Management is very busy for me and full-time. The entry of Millon I believe will require even more time and commitment on my part. In the future, if and when I pass the baton to another Director, that may well be. Never say never.
The Redaelli family remains with a minority share, but experience and professionalism will remain?
Experience and professionalism are given by the people who work with the Redaelli family. It would be belittling to think that a company can be attributed solely to the personality of the founder or the family that has brought it this far. Over the last 13 years we have worked to include in our company people of high competence and ability, who would make Ponte a company with a capital A and be its sap and backbone. And the recognition of this team has fully arrived.
France and Germany have legislated and introduced reduced VAT on trade in art from 1 January 2025 at 5.5% and 7% respectively. Italy has not yet decided, in the tax delegation the change of the rate on art should be included. If Italy does not intervene in the reduction of VAT, how will this affect your business?  
Italy cannot and must not miss this opportunity. We have always been penalised, incomprehensibly, in the art market compared to foreign competitors. It is time to catch up and no longer have absurd prejudices against a heritage that if not valorised or even penalised by commercial and ministerial constraints risks, in any case, being impoverished and bringing no advantage to Italy, neither economically nor culturally.
Regarding international circulation, with the latest MiC circulars (Circular 21/2024 and Circular No. 28 of 20 June 2024) have things improved or worsened? And why?
The critical issues underlying the regulation of our art market are widely known and have already been addressed on numerous occasions. Our hope and wish is that there will really and finally be a positive change that modernises a system that is objectively obsolete and, dare I say it, unsustainable even for the state itself.