Hong Kong – Bonhams Hong Kong's Spring Sales season achieved a robust growth of 33% year-on-year, totalling HK$270 million / US$35 million. Hot on the heels of the exceptional results, Bonhams is pleased to announce the opening of its new Asia headquarters at Six Pacific Place, Hong Kong this October. This strategic move underscores Bonhams' commitment to Asia and is part of the company's wider global growth plan.
Asia: A Beating Heart in Growth
Bonhams' standout performance in the 2024 Spring season underscores the company's ability to capitalise on the opportunities of the Asian market. Our Hong Kong Spring auctions in May-June achieved a 33% year-on-year increase, totalling HK$270 million. In addition, we saw an influx of new and young players fuelling the growth of the market, with nearly 20% of buyers being new to Bonhams and 33% being Millennials and Gen Z.
Julia Hu, Bonhams' Managing Director, Asia, comments: "Asia is the beating heart of Bonhams' global business. Over the past few years, we have strategically curated our strategy and strengthened our teams - resulting in an impressive over 30% growth in total sales this season - an achievement that stands out amidst the prevailing market landscape. Looking ahead, we are thrilled to be relocating to a new Asia headquarters this autumn. This critical move further demonstrates our commitment to this strategic, expanding market, and helps us attract new business opportunities across the region."
Hans-Kristian Hoejsgaard, Bonhams' Executive Chairman, comments: "The opening of Bonhams' new Asia headquarters is an important milestone in Bonhams history. It is a natural response to the steady but robust growth of our business in Asia, and to the demands of our ever-expanding client base in the market."
New Headquarters, Elevated Client Experience
Replacing the current facility at Admiralty's One Pacific Place that opened in 2014, this new three-storied 19,000-square-foot headquarters will be located at the brand new Six Pacific Place in Wanchai. The expanded, upgraded and flexible premises is fitted with galleries and a permanent saleroom, giving Bonhams' clients a more elevated experience on par with other major selling centres in London, Paris, and New York. Museum-quality lighting and superb online bidding facilities allow clients to be able to appreciate outstanding art with Bonhams' top-notch art expertise available on site.
In 2022, Bonhams added four international auction houses to its network: Bukowskis, Stockholm; Bruun Rasmussen, Copenhagen; Cornette de Saint Cyr, Paris and Brussels; and Skinner, Massachusetts. The new Asia headquarters is part of the company's wider global growth strategy to capture the potential of the Asia market.
APPENDIX
Top 5 Highlights from Hong Kong Spring Sales Season:
• An exceptionally rare abstract work, Infinity, by the renowned artist Yayoi Kusama, achieved an impressive HK$46,434,000 at the Modern & Contemporary Art Sale. This work combines Kusama's two signature motifs – dots and infinity nets – in one single canvas, the only example ever to appear at auction.
• A rare limited production prototype Richard Mille, Rafael Nadal, reference RM27-01, carbon skeletonized tourbillon wristwatch, circa 2014, surpassed its estimate to achieve HK$9,148,000, setting a new highest value record for a wristwatch sold at Bonhams.
• "Ko Fook Chuen's Lifelong Passion: Exquisite Chinese Art from The Hall of Refined Elegance" - a distinguished Hong Kong private collection that had been unseen for over half a century - achieved an 80% sell-through rate, with over half the lots sold above their high estimates. A flattened Yixing circular teapot and cover from this collection soared to fetch over HK$4 million, over 135 times its low estimate after intense bidding. Two Chinese Ceramics and Works of Art sales this season achieved a combined total of nearly HK$74 million.
• Five private collections from the Fine Chinese Paintings sale were 100% sold. The sale achieved over HK$52 million in total, and the overall sell-through rate reached 80%, with nearly 60% of lots sold above their high estimates.
• 12 paintings by the renowned Modern Vietnamese artists Le Pho and Vu Cao Dam from The Findlay Galleries Collection were 100% sold - with all lots exceeding their high estimates, driving the sale total to double its low estimate.
6 June 2024