Bonhams expands into Hong Kong

Bonhams auction house has opened its first Asia office in Hong Kong and will hold a sale of artworks and antiques in the city in May to tap a market dominated by Christie’s International and Sotheby’s.

“Nothing in the global art market has been more dramatic in the last decade than the emergence of new art buyers in Asia,” Colin Sheaf, chairman of Bonhams Asia, said in a statement. Hong Kong will be “a springboard” to clients in China, Japan, India, South Korea, Indonesia and Singapore, he said.

Christie’s and Sotheby’s set records at their Hong Kong auctions last year, helped mainly by China’s decade-long economic growth that has swollen the ranks of wealthy collectors willing to buy art, for enjoyment and as an investment.

London-based Bonhams said it will offer Chinese ceramics, jades and contemporary Asian artworks at its Hong Kong auction May 26, the first of three in the city this year.