Mowbray-owned co. biggest Australasian auctioneer

Media release - May 28, 2008

Mowbray's owned company now biggest auction house in Australasia following Joel's acquisition

Bonham's and Goodman, an associated New Zealand company, today became the biggest auction house in Australia following their purchase of Joel's.

After 89 years as a Melbourne family-owned business, one that has dominated the country's art and collectables trade, Joel Australia is selling out to Bonham's and Goodman auctioneers.

Joel's was the largest fully Australian owned and operated auction house which has been an established and familiar icon of Melbourne since 1919.

Bonham's is 20 percent owned by leading New Zealand listed auction house Mowbray Collectables and further consolidates Mowbray's position at the top of the Australasian auction market.

Managing director John Mowbray said today the Joel purchase effectively made Bonham's and Mowbray's the largest auction house groups in Australasia, including 49 percent owned Auckland based Webb's Auctions.

``This acquisition by Bonham's is just reinforces our ongoing strategy to strengthen Mowbray's brand.''

ENDS

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