Hong Kong – Bonhams Hong Kong auction sales surged by 18% year on year, reaching HK$670 million (US$86 million) — the highest total since the company established its presence in Hong Kong in 2007. Private sales also saw significant growth of 68%.

New Asia Headquarters, New Chapter
This growth follows the opening of our new Asia headquarters at Six Pacific Place in October, a strategic move that responds to the expansion of its operations in the region and aims to capitalise on emerging market opportunities. Spanning 19,000 square feet across three floors, the upgraded, flexible premises feature galleries, a permanent saleroom, and offices, elevating client experiences and serving as a dynamic hub for a year-round program of sales, exhibitions, and events.

SOLID GROWTH IN AUCTION SALES

Expansion of Client Reach
Bonhams continues to broaden its client reach, with over 30% of buyers from its Hong Kong auctions new to the company. Active engagement from Millennials and Gen Z, who represent nearly 35% of all buyers, is a strong driver of long-term market growth. Participation remains robust across Asia, particularly in mainland China, with contributions from Southeast Asia growing by 37%.

Also noteworthy is Bonhams' expansion in online-only auctions, with a 52% increase in sales year-on-year. Additionally, the number of buyers participating in online auctions grew by 28%, reflecting the increasing popularity and importance of the digital platform.

SIGNIFICANT GROWTH IN PRIVATE SALES

Beyond auctions, Bonhams Asia also saw significant growth in its private sales business, up 68% from 2023. This reflects the company's strategic response to the growing demand for private transactions that offer a higher level of immediacy, discretion and flexibility, particularly in the luxury categories.

GLOBAL CONTRIBUTION BY ASIA-PACIFIC BUYERS

Globally, Asia-Pacific clients remain a strong buying force, contributing nearly 25% of the value to our global transactions^.

Julia Hu, Bonhams' Managing Director, Asia, comments: "2024 has been a landmark year for Bonhams in Asia, marked not only by the opening of our new APAC headquarters in Hong Kong, but also by achieving the highest auction total ever in Asia and significant growth in private sales—a testament to our ability to meet evolving client needs. This solid growth stems from our strengthened teams, strategic vision, and innovative approach. Our new headquarters in Hong Kong, a vibrant hub for collectors, represents a milestone in our 230-year history. Here, we will inspire and connect, sharing the joy of collecting with a broader community, and positioning Bonhams for further growth in 2025 and beyond."

TOP 5 LOTS FROM BONHAMS HONG KONG AUCTIONS IN 2024:

1. An exceptionally rare abstract work, Infinity, by Yayoi Kusama, achieved a stunning total of HK$46,434,000, making it the highest price for a Kusama painting in the global auction market in 2024. The work combines Kusama's two signature motifs–dots and infinity nets–in one single canvas, the only example ever to appear at auction (Modern & Contemporary Art Sale, May)

2. A 30.10-carat very light pink coloured, round brilliant-cut, Type IIa diamond from the property of a prestigious Asian collector, kept in the same private collection for over 50 years, sold for HK$20,419,000 (Hong Kong Jewels & Jadeite Sale, November)

3. A Brass Figure of Buddha Shakyamuni, North India, Gupta Period, Late 6th/Early 7th Century, achieved HK$17,152,000 (Images of Devotion Sale, November)

4. Tetsuya Ishida's The Men on a Belt Conveyor achieved HK$10,013,000, setting a new auction record for the artist (Modern and Contemporary Art Sale, December)

5. A rare limited-production prototype Richard Mille, Rafael Nadal, reference RM27-01, carbon skeletonised 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 (Hong Kong Watches Sale, May)

Early Look at 2025: Celebrating the Legacy of Jules Speelman
Following the success of the auction held in June in Paris, which achieved an impressive €15.2 million, Bonhams will present two additional sales from the Jules Speelman Collection: 8 at 80 and Monks & Mahasiddhas: Living the Teachings of Buddha. Scheduled for Spring 2025 in Hong Kong, the two sales will celebrate the milestone of Jules Speelman, a world-leading dealer and collector, reaching the age of 80. Further details will be announced in due course.

Note:
^ Global transactions include auctions and private sales
@ Figures are subject to minor adjustments as additional sales are continuing through end of year