LONDON.- Bonhams announces its best-ever first-half year results in the company’s history. From January to June 2023, the Bonhams network achieved more than $550,000,000 with sales across the globe. This is a 32% increase in sales for Bonhams Network from last year. Excluding the acquisitions made in 2022, Bonhams itself grew by 20%. This builds upon the results for 2022, in which the company achieved $1billion for the year for the first time.
Bruno Vinciguerra, Bonhams Chief Executive Officer, commented: “Following a breakthrough year for Bonhams in 2022 when the network achieved $1 Billion turnover for the first time in its history, it is a pleasure to announce such strong results in the first half of 2023. The auction houses acquired last year continue to strengthen Bonhams global network, and we have seen a number of memorable sales across the world and achieved some remarkable results. These results confirm the increasing digitisation and globalisation of the art market across all price points, the two forces underpinning Bonhams’ growth strategy.”
Key points from first half of 2023 (January to June) includes:
Bonhams total sales achieve $552m in the first half of 2023.
More than 100,000 lots sold
585 sales from January to June 2023
Surge in New Buyers and globalisation
Purchases by new buyers have increased by 45% across the Bonhams network. 2023 has seen an unprecedented increase in younger buyers, with purchases in Gen Z and Millennials up by 147%.
The share of intercontinental buying (“One ocean away”) has continued to grow in 2023, accounting for 35% of our total Art & Collectibles sales across price points and categories in the first half of the year.
33% of hammer for Bonhams in Fine Art and Collectibles is sold to Asia-based buyers, a 58% increase on the same period for 2022.
Bonhams Digital Transformation Strategy
Continued investment in Bonhams’ digital footprint has led to unprecedented growth in registrants for all our auctions. Year-on-year growth in registrants to our sales has surged by 22% in the first half of this year (H1).
The number of online sales has increased by 132% in H1 2023 compared to the same period in 2022.
Digital bidding increased 62% in H1 2023 compared to the same period in 2022.
Currently 90% of all registrants to all sales register digitally.
Bonhams delivers results for single-owner collections across all locations
Single-owner collections including Michael Goedhuis: Brush and Bronze, Peter Green Collection of Guitars in London; The Alain Delon Collection and Claude de Marteau Part III in Paris, The Mary and Cheney Cowles Collection of Classical Chinese Furniture, Cohen & Cohen: 50 Years of Chinese Export Porcelain, J. J. Lally & Co in New York and the Schoeni Collection in Hong Kong. For more information, see other highlights.
The most valuable lot sold at auction in the first half of 2023 was Tipu Sultan’s bedchamber sword, which sold in London for £14 million ($18 million), achieving a new auction world record for both an Islamic and Indian object – and for a sword.
White Glove sales and World Records include: The Perfect Jewellery Box, CO Hultén auction at Bukowskis, Greenwich Auction and J. J. Lally & Co. Fine Chinese Works of Art. New world records at auction include Tipu Sultan’s sword, Le Trait de Lumière (1959) by Jane Graverol, Sändare (1968), by Ulla Wiggen, Summer Triptych (1958) by John Craxton and Pop/Poupée by Jef Geys (1934-2018)
Bonhams is the market leader in Asian Art in the UK & Europe for the first half of 2023
Impressive results from the first half of the year have positioned Bonhams as the market leader for Asian Art in the UK & Europe, with sales achieving a total of over €30,000,000 across 13 sales globally. The top-lot overall was a Set of Copper Alloy Portraits Depicting the Five Patriarchs of the Sakya Order of Tibetan Buddhism, Central Tibet, Tsang Province, 15th/16th Century, sold for $2,940,375 (est.$500,000-700,000), Indian, Himalayan & Southeast Asian Art, New York, 21 March. Asia contributes to 69% of Paris Asia Week. 57% of London Asia Week.
Gender Pay Gap, Diversity and inclusion initiatives
Bonhams is leading the way towards closing the gender pay gap, which now stands at 5.8% globally. Significant change has also been made at junior levels, with the introduction of the Junior Management Team, which will help amplify the voices of junior members of staff. The Graduate Training Programme is in its third year of fostering bright and diverse young talent.
Other highlights
The top 10 lots for the first half of 2023 reflect Bonhams’ diverse offering, more than 60 different departments, as well as its unique geographic reach, with 14 salerooms around the world.
The top lot of the first-half of 2023 was The Bedchamber Sword of Tipu Sultan, that sold for £14 million (est. £1-2 million), in Islamic and Indian Art in London on 23 May.
The top lot for BonhamsICars was a 1912 Simplex 50HP 5 Passenger Torpedo Tourer that sold for $4,854,000 (estimate $2,500,000 – 3,500,000) at The Scottsdale Auction in Arizona on 27 January.
Post-War and Contemporary department’s top lot was Robert Colescott’s (1925-2009), Miss Liberty, 1980, that sold for $4,500,375 in Los Angeles in February, followed closely by Zeng Fanzhi’s Mask 2000 No.3 in Hong Kong that achieved HK$24,654,000 in Rediscovery: Manfred Schoeni’s Legacy Sale.
Asian Art’s top lot for the year was a Set of Copper Alloy Portraits Depicting the Five Patriarchs of the Sakya Order of Tibetan Buddhism, Central Tibet, Tsang Province, 15th/16th Century, sold for $2,940,375 (est. $500,000-700,000), Indian, Himalayan & Southeast Asian Art, New York, 21 March
Jewellery department was also in the top 10 lots with a Leviev Diamond Ring that achieved $2,700,375 in a single-owner sale in New York in March.
Single-Owner Collection sales – across regions and categories
Bonhams continued to build on its 2022 success for single-owner sales.
Paris: In 2023, The Alain Delon Collection: 60 Years of Passion which comprised 83 lots of paintings, drawings and sculpture achieved more than €8million, double its low estimate. The top lot was a painting by Raoul Dufy, La baie de Sainte-Adresse that sold for more than €1 million. Also in Paris, the Claude de Marteau series of sales continue to impress. Part III made €5.4 million in a 72-lot sale, almost twice its pre-sale estimate. The total for Claude de Marteau sales now totals more than €11.4m. There will be a final part in Hong Kong in October.
Hong Kong: Manfred Schoeni’s Legacy Sale achieved HK$34 million.
New York: A series of Asian art single-owner sales were unveiled during Asian Art week. Collections belonging to renowned dealers in the field, including The Mary and Cheney Cowles Collection of Classical Chinese Furniture; J.J Lally, and Cohen & Cohen: 50 Years of Chinese Export Porcelain. The Perfect Jewellery Box: Jewels from an Impressive South California Collection was also sold in New York in March.
London: Michael Goedhuis: Brush and Bronze, a collection of contemporary Chinese ink paintings and ancient bronze pieces which achieved more than £2 million, and the Peter Green Collection of Guitars sold in London for nearly £500,000. 20th Century Masters | A Private Collection: Fontana to Baselitz achieved nearly £5 million. This featured five works by Fontana, unseen for 50 years.
Top 10 lots for the first half of 2023 from the Bonhams Network:
The top 10 lots for the first half of 2023 reflect Bonhams’ diverse offering (more than 60 departments) as well as its unique geographic reach (14 salerooms worldwide)
1. The Bedchamber Sword of Tipu Sultan, 18th Century, sold for £14 million at the Islamic and Indian Art sale, London, 23 May
2. 1912 Simplex 50HP 5 Passenger Torpedo Tourer, sold for $4,854,000, The Scottsdale Auction, Arizona, 27 January
3. Robert Colescott (1925-2009), Miss Liberty, 1980, sold for $4,500,375. Post War & Contemporary Art, Los Angeles, 17 Feb
4. 2006 Maserati MC12 Corse sold for $3,811,000, The Scottsdale Auction, Arizona, 27 January
5. Zeng Fanzhi, Mask 2000 No.3, sold for HK$24,654,000, Rediscovery: Manfred Schoeni’s Legacy, Hong Kong, 27 May
6. A Set of Copper Alloy Portraits Depicting the Five Patriarchs of the Sakya Order of Tibetan Buddhism, Central Tibet, Tsang Province, 15th/16th Century, sold for $2,940,375 (est.$500,000-700,000), Indian, Himalayan & Southeast Asian Art, New York, 21 March
7. A magnificent and very rare large wood figure of Bodhisattva Guanyin, Jin dynasty (1124-1235 AD), sold for €2,589,400 (three times its pre-sale estimate), Chinese Art, Paris, Avenue Hoche, 13 June
8. 2020 Bugatti Chiron sold for £2,215,428, Bonmont Sale, Cheserex,18 June
9. Leviev: A Magnificent Diamond Ring, sold for $2,700,375 (est. $1,700,000-2,500,000), The Perfect Jewellery Box: Jewels from an Impressive South California Collection, New York, 8 March
10. Bhupen Khakhar (Indian, 1934-2003), Residency Bungalow, sold for £1,984,400 (est. £250,000-350,000), Modern and Contemporary South Asian Art, New Bond Street, 6 June
