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In an announcement made from their Stockholm base on March 16, Goran Gustafsson, Kapital AB, who have owned Bukowskis since the early 1990s, said they have signed an agreement with the Lundin family, owners of Lundin petroleum, to sell the company.

Founded in 1870, Bukowskis hold periodic fine art and antique auctions, and more standard antique and household sales through their wholly owned subsidiary Auktionskompaniet and have expanded their operations considerably in recent years. Last year they had an auction turnover SKr620m (£47.9m) and revenues of around SKr130m (£10m).

The acquisition will be made though a newly established company, which is owned by Alumbrera Trust with the Lundin Family as beneficiary. Under the transaction arrangements, which are subject to approval from the competition authority, Göran Gustafsson Kapital will receive a total consideration of SKr305m for Bukowskis, SKr 55m of which is paid out as extra dividend before completion of the transaction.

Commenting on the deal Bukowskis’ chairman Karl Gustafsson said: “We believe Bukowskis will be in good hands with the Lundin Family’s future ownership. The buyer has, in our negotiations, shown an understanding for this important broker of cultural artefacts in Sweden and the other Nordic countries, and that is promising for the future. Oil wells and oil-paintings are perfect complements, as the latter never run dry.”