Bidding on the future of Asia’s auction market and capping off a year of growing sales, the London-based auction house Bonhams recently unveiled an Asian headquarters at Hong Kong‘s Six Pacific Place, a new office tower developed by Swire Properties.
Spanning over 19,000 square feet and three floors, Bonhams‘ new premises feature flexible gallery space alongside a permanent salesroom, all designed to ensure a client experience on par with the auction house’s other major selling centers in London, Paris and New York.
“We wanted to illustrate our continuous commitment to the region by continuing to invest in Hong Kong,” said Chabi Nouri, Bonhams’ global chief executive officer. “We wanted to create a really balanced universe where you have all the experts and the people around it. It’s where we can accompany our clients and our vendors throughout the Bonhams journey.”
The expansive and brightly lit space will be inaugurated with Bonhams’ fall sales series that includes rare Ming dynasty furniture, works by the renowned Chinese painter Zhang Daqian, rare and collectible Birkins, a Felipe Massa Yellow Storm Richard Mille, rare whisky and spirits, and more. Auctions will run from Wednesday to Dec. 3.
Qipao and “Two Scholar’s Stones” by Zhang Daqian for his wife, Xu Wenbo.
Courtesy
The headline auction, “Feast by a Table Reclining on a Couch: The Dr. Shing-Yiu Yip Collection of Classic Chinese Furniture,” will take place on Wednesday. “It is three decades of collecting Ming Dynasty furniture, and we’re very proud of it,” said Nouri.
Pieces from the headline auction.
Courtesy
Bonhams entered the Hong Kong market in 2007. In 2014, it opened its first dedicated salesroom in Admiralty. During its spring auctions season in Hong Kong, Bonhams said it achieved a 33 percent year-over-year increase to 270 million Hong Kong dollars, or $34.7 million.
Founded in 1793, Bonhams is one of the four original Georgian London auction houses. It is owned by Epiris, the U.K.-based private equity company, and has 14 salesrooms across the globe, selling items in more than 60 collecting categories.
Alongside recent Hong Kong real estate upgrades at Christie’s, Sotheby’s and Phillips, Bonhams became the latest auction house to upgrade its salesroom in the city, which makes clear the rising importance of the Asian auction market despite broader economic woes.
In order to serve the region’s younger and particularly tech-savvy clientele, both Sotheby’s and Christie’s now operate accounts on Douyin, the Chinese equivalent of TikTok in China. But for Bonhams, unlocking new demand in Asia involves staying true to its expertise, which is sourcing exceptional pieces, often at more accessible price points, to serve collectors.
“We are very well-known for our exceptional cases in Asian art as well as Chinese art, we are probably one of the leading players in that aspect worldwide,” said Nouri.
Luxury watches, high jewelry and pre-owned luxury handbags are also fast-growing segments for Bonhams, according to Nouri. “I think the luxury industry has done such a good job in explaining the exceptional parts of luxury objects, including all the innovation, the creativity, the collaboration with artists, the handwork, which has given rise to accelerated interest in these pieces,” she added.
For Bonhams’ future, Nouri shared that the auction house is looking at new places in Southeast Asia and will be opening a new office in New York. “That shows our commitment, which is to increase our visibility, increase our frequency, increase our visibility, and continue to engage,” said Nouri.
