Editor’s Note
Bonhams Hong Kong achieved a record HK$670 million in auction sales for 2024, an 18% year-on-year increase and its highest total since its 2007 launch in the city. This performance underscores the resilience of the art market even in a complex global economic environment.
Bonhams has announced the total auction sales for Bonhams Hong Kong in 2024, reaching approximately HK$670 million. This represents an 18% increase compared to the previous year and marks the best performance since the auction house established its presence in Hong Kong in 2007, demonstrating steady growth amidst a challenging global landscape.
Bonhams Hong Kong has frequently demonstrated an active strategic layout in the Asian market. Since the beginning of this year, it announced the appointments of Sam Shum as Senior Director of the Chinese Works of Art Department and Jingjing Qiao as Head of the Chinese Paintings and Calligraphy Department, strengthening the management team for its Asian Chinese art divisions. Bonhams Hong Kong achieved remarkable results in its spring auctions, with a total sales figure of HK$270 million, a 33% increase year-on-year. Subsequently, in June, it announced its relocation to a new headquarters.
In October, Bonhams’ new Asia-Pacific headquarters opened at Three Pacific Place, spanning three floors with a total area of 19,000 square feet. This integrated space combines offices, galleries, and an auction center, offering a more spacious and flexible environment to provide collectors with a continuous stream of auctions, exhibitions, and art events throughout the year, enhancing the client experience in appreciating and acquiring artworks. The move to the new headquarters not only underscores Bonhams’ firm commitment to the Asian market but is also a proactive response to the continued growth of its Asian business.
A comprehensive overview of Bonhams Hong Kong’s auctions throughout 2024 reveals that over 30% of buyers were new clients. The active participation of Millennials and Generation Z, who accounted for nearly 35% of all buyers, has become a significant driving force for market growth. Collectors from the Asia-Pacific region were particularly active, especially from Greater China; contributions from the Southeast Asian market also saw a 37% increase. Globally, the purchasing power of clients from the Asia-Pacific region remains strong, accounting for nearly 25% of Bonhams’ global total sales.
In addition to auction business, Bonhams has also vigorously promoted private sales in Asia this year, achieving a significant increase in sales volume, with a growth of up to 68% compared to last year. This reflects Bonhams’ strategic response to the growing demand for private sales, meeting the evolving needs of collectors by providing more immediate, confidential, and flexible services, with the luxury category being particularly active. Furthermore, online auctions are noteworthy, with sales increasing by 52% compared to last year, and the number of buyers participating in online auctions also rising by 28%.
Reviewing the top five high-value lots sold by Bonhams Hong Kong in 2024:
- In May, Yayoi Kusama’s “Infinity,” which made its secondary market debut at the “Modern and Contemporary Art” auction. This work is the only known purely abstract painting by the artist that simultaneously combines “Polka Dots” and “Infinity Nets.” It sold for HK$46.434 million, making it the highest-priced oil painting by the artist sold at auction in 2024.
- In December, the “Modern and Contemporary Art” auction featured “The Men On A Belt Conveyor” by the late legendary Japanese artist Tetsuya Ishida, reflecting the fatigue and困境 of human existence within modern societal systems. It sold for HK$10.013 million, setting a new world auction record for the artist.
- In November, a copper statue of Shakyamuni from the late 6th / early 7th century, Gupta period, Northern India, sold for HK$17.152 million at the “Divine Harmony” auction by the Indian, Himalayan & Southeast Asian Art department.
- In the luxury category, at the “Hong Kong Watch Auction” in May, a circa 2014 Richard Mille Rafael Nadal RM27-01 ANCA, prototype limited edition No. 06, an extremely rare limited prototype new carbon fiber manual-winding skeletonized tourbillon wristwatch, sold for HK$9.148 million, setting a new global watch auction record for Bonhams.
- Furthermore, at the “Hong Kong Jewels & Jadeite” auction in November, a 30.10-carat natural light pink round brilliant diamond, originating from the collection of a prominent Asian collector and passed down within the family for over half a century, with VVS2 clarity and the chemically purest “Type IIa” grade, sold for HK$20.419 million.
