International auctioneers Bonhams today announced first-year auction turnover at 40% above expectations. Opening in Asia only in January, Bonhams has already held six auctions of Chinese art, jewellery and watches, grossing over HK$85 million.

Commenting on the results, Bonhams Asia Chairman Colin Sheaf noted: “We set ourselves realistic first-year targets, in an Asian auction market dominated by two global competitors which have both been holding auctions in Hong Kong for twenty years. Our intention was to inaugurate auctions in those four key sectors of the market where we know there is strong buyer interest established throughout Asia. This year we have held groundbreaking auctions in all these four sectors: Chinese ceramics and works of art; Chinese contemporary art; Western and jadeite jewellery; and wristwatches. Our optimism has been justified. After holding six auctions in our first calendar year, we shall hold ten auctions next year. Next May, our auctions will again be conveniently based in Admiralty, beside our offices in Pacific Place.”

The three Autumn auctions held from 26 to 27 November saw strong prices in each sale. Managing Director Carson Chan commented: “Hong Kong is a mature auction market with consistent levels of pricing, and it takes an exceptional object to substantially exceed the pre-sale estimate. The art market often reflects fairly closely the strengths and weaknesses of the broader world economy, and this too is in a volatile phase. We expected strong prices for rarities, but also anticipated caution among mid-range buyers concerned by stock market volatility in the region”.

The sale of Chinese works of art and paintings was headlined by a superb early 15th century bronze figure of Buddha Maitreya (estimate HK$1.5-2 million) which was bought by a private Asian collector for nearly HK$4 million. A fine wood sculpture by popular Taiwanese artist Zhu Ming, depicting a Taiji position, consigned from a California collection, sold for HK$1.92 million, almost five times its estimate. Bidders at the auction came from throughout Asia, the US East Coast and Europe.

Jewellery saw heavy pre-sale viewing, with private collectors particularly attracted to large mounted single stones and the rich Imperial jadeite. Top seller was the exceptional emerald single stone ring of 13.55 carats, which exceeded the high estimate to sell for HK$2.52 million. A rare and top quality alexandrite necklace also exceeded its optimistic estimate to sell to a local collector at HK$1.56 million. Reviewing the results, Head of Jewellery Edmond Chan was optimistic that the encouraging results in 2007 showed he had correctly read the taste and current strengths of the market for top quality gemstones. He plans to increase the range and quality of the property to be offered next May, for which consignments are already arriving.

Action was brisk at the watch auction, with an exceptional Vacheron & Constantin Art Deco Chinoisere desk clock circa 1920s sold for HK$1.68 million, which was six times its estimate. A Richard Mille fine and rare tourbillon 18 carat white gold wristwatch went for HK$720,000, while a Breguet fine and rare platinum one-minute tourbillon wristwatch with 55 hours power reserve and retrograde 24 hours sold for HK$540,000, both selling well over their estimates. “We are very excited to have sold over 80% of our lots at our inaugural watch auction. We are also very happy with the turnout, with both Hong Kong and international bidders, beginner and veteran collectors as well as connoisseurs present,” commented Carson Chan, Managing Director and Watch Specialist. “With such strong results, we predict that our next watch auction in May 2008 will be more spectacular and exciting. We will continue to focus on high-end and contemporary watches. The Hong Kong watch department is a colourful addition to Bonhams’ already strong team worldwide. Together with the specialists in the UK and US, we will be able to cater to the diverse taste and needs of the watch market.”

Bonhams opening pre-auction cocktail party drew a large crowd of art lovers and celebrities to support a unique charity fund-raising event during the evening. President of the Shanghai Nationwide Treasure Watch Co Ltd, Leonora Yung, had commissioned a unique orbital tourbillion watch from Shanghai watch, her mainland-based market-leading watch manufacturing company, which she personally presented at Bonhams to auction on behalf of the Jackie Chan Charitable Foundation. Encouraged by a personal video message from Jackie Chan, who was currently filming abroad, bidders enthusiastically competed to help the spectacular watch achieve an unexpectedly high price of HK$500,000. Sir David Akers-Jones, Chairman of the Jackie Chan Charitable Foundation, accepted the cheque on behalf of the Foundation, bringing the evening to a meaningful climax.

Posted: 01|14|08 at 9:21 am. Filed under: Events.