InvestHK eases Hong Kong’s rise as world-class art trading centre
City government agency supports international auction house Bonhams as it opens new Asia headquarters to serve expansion of regional market
Hong Kong, which is globally recognised as a leading hub for East-meets-West cultural exchanges, is also one of the world’s top three art trading centres – a remarkable achievement given the competition involved.
That status was confirmed by the latest government statistics, which show the total trade value of works of art, collectors’ pieces and antiques last year was close to HK$105.5 billion (US$13.5 billion), with signs that there is still plenty of scope for continuing growth.
InvestHK, the government agency responsible for attracting foreign direct investment and providing practical advice and assistance for mainland Chinese and overseas-based businesses looking to set up or expand in the city, has played a big part in this success story. It supports companies across every sector, from recent start-ups to long-established institutions, as they navigate rules, regulations and tax codes and set things on the right course.
InvestHK has also supported the expansion of many prominent companies in the city, and Bonhams is the latest example. In October, the international auction house opened its new Asia headquarters in Hong Kong as part of a strategic initiative to drive continuing growth in the region and enhance its range of services and events.
“Hong Kong presents a unique blend of cultural and commercial strengths, making it an ideal platform for serving both our Asian and global clients,” Julia Hu, Bonhams’ Asia managing director, says. “Our expansion here is a testament to the firm’s long-term commitment to this dynamic market.”
Indeed, since opening its first saleroom in the city in 2014, many aspects of the business have experienced substantial growth. Over the past two years alone, the size of Bonhams’ team has increased by 20 per cent, making it imperative to find a more spacious, custom-designed base to support the next phase of development and capture new opportunities.
The auction house’s impressive new headquarters, which occupies 19,000 square feet across three floors of Six Pacific Place in Admiralty, features a permanent saleroom, gallery space and office.
“The design and layout seamlessly combine sleek contemporary style with functionality, creating an inviting and sophisticated atmosphere,” Hu says. “This allows Bonhams to offer an elevated client experience from the moment visitors enter our gallery. From the presentation of artworks to the events we host, everything is tailored to refined tastes and sensibilities.”
Understandably proud of its heritage, Bonhams was founded in London in 1793 and, as one of the world’s oldest and largest auctioneers, has built a reputation for excellence in the field.
Initially known for its expertise in fine art and antiques, the privately owned firm now offers more than 60 collectible categories across all price points, including jewellery and watches, motor cars, wine and spirits, and celebrity memorabilia.
In terms of international presence, Bonhams operates 14 salerooms in major cities, including flagship locations in London, New York, Paris, Los Angeles and Hong Kong. Additionally, it has more than 30 representatives worldwide. It also has a presence in major Asia-Pacific cities such as Beijing, Shanghai, Singapore, Tokyo and Sydney.
This network makes it possible to organise more than 1,000 sales events around the world every year, serving a diverse and discerning clientele. It also helps in identifying trends and movements that may appeal to collectors and connoisseurs.
Hong Kong, as a recognised arts hub in Asia, plays a crucial role in promoting auction events and connecting with a younger generation of collectors.
Clearly, these efforts are paying off, as nearly one in five buyers at Bonhams’ Hong Kong Spring Season sales were new to the auction house. In addition, more than 30 per cent of the buyers were millennials – people born between the early 1980s and late 1990s – and members of Generation Z, born between the late 1990s and early 2010s.
The spring auctions achieved total sales of HK$270 million – a 33 per cent year-on-year increase – which reflected the general buoyancy and sophistication of the local and regional art scene.
One highlight was the HK$46.4 million sale of Japanese artist Yayoi Kusama’s rare abstract artwork Infinity, which combined her two signature motifs, dots and infinity nets, in one canvas.
“Hong Kong’s art and luxury markets have become increasingly vibrant and international,” says Hu, noting key industry themes such as cross-category collecting, integrating art into one’s lifestyle, and the steady rise of younger collectors. “These trends indicate long-term growth potential and are aligned with our market positioning. We’re excited to tap into this momentum by sharing the pleasure of collecting through the compelling narratives of our auctions and offerings. This approach not only resonates with our clients but also enriches their appreciation of art. It will also inspire others to begin their collecting journey and expand the community.”
Looking ahead, Bonhams plans to leverage its new headquarters and global network to showcase an even broader selection of rare, high-quality collectibles that will appeal to both established collectors and the rapidly expanding audience in Asia.
The forthcoming Hong Kong Autumn Auctions, which will run from November 27 to December 3, will be the first major auction series held at Bonhams’ new Asia headquarters. It will showcase a wide array of categories, including Chinese art, contemporary art and luxury collectibles such as jewellery and watches, and designer handbags.
Kicking off the auction series is the highly anticipated sale of Dr Shing-yiu Yip’s collection of Ming dynasty furniture, which is regarded as one of the finest in the world. This sale will feature 15 exceptional pieces with a combined estimated value of more than HK$50 million.
Additional highlights include a stunning 30.10-carat light pink diamond, a captivating ink and colour painting of a woman by Zhang Daqian from the 1930s, and a rare dancing goddess sculpture from the Chinese Qianlong period (1735-96).
Hu says: “With our newly expanded space in Hong Kong, we are eager to creatively engage our clients all year round and bring treasures from our worldwide salerooms directly to their doorsteps.”