Bonhams builds new headquarters in Hong Kong

It joins Sotheby’s, Phillips, and Christie’s, which have all upgraded their local spaces.

London-based Bonhams has upgraded its local space with a new headquarters in Hong Kong to boost its presence in the city, where auction revenues have been declining amidst a property crisis in China.

The auction house’s 19,000 square foot Asia headquarters at Six Pacific Place, unveiled at its inaugural autumn auction in November, spans three floors and features upgraded galleries, a permanent saleroom, and office spaces.

“Our new headquarters allows us to provide clients with an elevated experience, from the moment they enter our gallery to the presentation of artworks and the events we host, all tailored to their refined tastes,” Julia Hu, managing director at Bonhams Asia, told Hong Kong Business.

The 200-year-old British auction house opened the region’s first dedicated saleroom in 2014, solidifying its foothold in Hong Kong where it started in 2007.

“Since then, our sales and teams have significantly expanded, prompting our move to a larger, more versatile space to support our next phase of business development,” Hu said. “Opening  our new Asia headquarters demonstrates our commitment to the region and highlights how  much Asia means to Bonhams’ global business.”

A 13% contraction in sales led to a 56% drop in Hong Kong’s auction revenue in the first half of 2024 compared with the same period in 2021, when its art market quickly recovered from the global COVID-19 pandemic, according to Server Group’s artprice.com.

Despite the slowdown at auctions, Hong Kong’s art ecosystem continues to grow, driven by bold expansion projects from Western players, it said. Aside from Bonhams, Sotheby’s, Phillips, and Christie’s have all upgraded their local spaces, whilst Hauser & Wirth opened a larger gallery in January.

Bonhams Hong Kong curates oriental and contemporary fine art pieces and rare luxury items and collectibles that command multi-million dollar price tags. Notable pieces include renowned Japanese artist Yayoi Kusama’s paintings.

In May, Bonhams priced Kusama’s rare, unseen 1995 abstract painting Infinity at $46.4m, the auction house's highest-grossing contemporary work to date.

The new headquarters allot an entire floor for offices, half a floor for storage, and the remaining one-and-a-half floors for exhibition space. Its previous office only had half a floor.

Bonhams installed sliding and movable walls, letting it host bigger auctions, as well as events and exhibitions of varying scales.

“Personally, I particularly appreciate the higher ceilings — set at three metres — because they enhance the presentation of large contemporary artworks beautifully,” Hu said. “Overall, the design merges sleek, contemporary style with functionality, featuring warm wooden floors and crisp white walls that create an inviting atmosphere for our clients.” 

Bonhams set up its new headquarters in a commercial building in Wan Chai, setting it apart from its global offices in street-level shops in London and New York.

“Nestled in a vibrant neighborhood, our location offers excellent accessibility, fostering a dynamic connection to the local community and enhancing our engagement with clients,” Hu said.

The regional hub houses specialist departments covering major selling categories, including Chinese art,  Indian and Himalayan art, Southeast Asian art, modern and contemporary art, and luxury categories such as jewellery, watches, wines and spirits, and handbags.

Bonhams plans to host more events, and interactive workshops, at its new headquarters to boost ties with clients.

“Our supporting teams work seamlessly alongside the specialists, all under one roof,” Hu said. “Beyond Hong Kong, we maintain a strong presence with offices and representatives in Beijing, Shanghai, Taipei,  Tokyo, Singapore, and Sydney.”