BONHAMS TAKES UK MARKET LEADERSHIP IN TEN KEY SPECIALIST ART COLLECTING AREAS
BONHAMS is delighted to announce that it has taken market leadership in ten key areas of the UK art market for the first time.
The company now dominates the following specialist areas in the UK: Antiquities, Arms & Armour, Design Prior to 1945, Ceramics, Clocks, Glass, Jewellery, Japanese Art, Miniatures and Watches. These departments have all sold more by value in the UK over the course of 2009 than any competing auction house.
This performance means that Bonhams is now able to claim leadership in many of the fields that are core to the art auction market.
Matthew Girling, Bonhams European CEO, who has led the company’s push for market share, commented: “This is something that we are immensely proud of. It is amazing to think that in all of these departments we were in either third or fourth place in the UK market at the start of the new millennium. Over the past 10 years our specialist teams, through their commitment and dedication, have put their departments at the very top of the tree.”
This performance has been led by the following Departmental Directors:
Antiquities (Madeleine Perridge), Arms & Armour (David Williams), Design Prior to 1945 (Mark Oliver), Ceramics (John Sandon), Clocks (James Stratton), Glass (Simon Cottle), Jewellery (Jean Ghika), Japanese Art (Suzannah Yip), Miniatures (Camilla Lombardi), and Watches (Paul Maudsley).
Matthew Girling adds: “This result is just the start of a process of growing the company and its market share by offering the most rewarding auction house experience for our clients. We cannot be complacent. While we now dominate these ten key areas as well as Collectors Cars, there are at least another 50 specialist areas in which we are working to achieve the top slot.”
Bonhams UK Departments
Sales 2009 £m | Market share | |
Antiquities | £2.96 | 65.3% |
Arms & Armour | £1.45 | 45.2% |
Design Prior to 1945 | £2.43 | 43.9% |
Ceramics | £3.84 | 51% |
Clocks | £3.09 | 63.2% |
Glass | £0.79 | 83.4% |
Jewellery | £13.53 | 47% |
Japanese Art | £2.43 | 59.88% |
Miniatures | £0.77 | 62% |
Watches | £2.37 | 100% |
*Sales figures are with buyer’s premium; Bonhams buyer’s premium is 20% on the first £250,000 and then 12% thereafter.
Heads of Department comment
During 2009 Bonhams Antiquities department build on their position as market leaders in the UK, with consistently high sale rates above 80%. “The market for Classical and Egyptian antiquities is thriving, with artefacts of interesting and long-established provenance remaining highly sought after. Increasing numbers of new buyers are considering antiquities as potential investment as well as for aesthetic pleasure,” says Madeleine Perridge, Specialist, Antiquities Department.
Antique Arms & Armour sales at Bonhams continue to reflect the strength of interest in this specialist area, with the department remaining market leaders in this field. Bonhams is the only major auction house to hold three Antique Arms & Armour sales a year in 2009 with a selling rate of 90% per sale. David Williams, Director, Antique Arms, Armour and Modern Sporting Guns Departments commented, “I am very proud of the position our department has achieved and maintained, and the reputation that we have established with our clients.”
A revival of interest in Design Prior to 1945 continued in 2009 with Bonhams dominating the field of items being sold in the UK. “We have had great success with areas such as Art Deco bronzes and pre-war glass by Rene Lalique,” said Mark Oliver, Director, 20thCentury Decorative Arts. “Arts and Crafts and Art Deco furniture has also shown strong interest from clients looking to source well made designer pieces that integrate well in today’s more minimalist interiors.”
As market leaders in the UK, Bonhams has a superb record for successful sales of British and European Ceramics. “One of the highlights last year was the magnificent Hoffmeister collection of Meissen porcelain. The first part sold for £1.09 million, with two more equally important sales to follow in 2010. Four other separate named-collection sales are planned this year,” says John Sandon, Director, British & European Ceramics & Glass.
Growth particularly at the top end of the market was seen in Bonhams Clocks department. Fine clock sale turnover for 2009 was some 70% up on 2008, with demand particularly strong for clocks by any of the great makers. “Condition has become more important and collectors want to buy the best and will pay a premium for fresh-to-the-market clocks by these great makers. The market has widened too, with more interest from the US, Australia and Europe,” said James Stratton, Director, Clocks and Watches.
Bonhams are market leaders in 2009 for Fine British and European Glass and Paperweights. "Interest is as strong today as it has ever been. With a proven track record in achieving the highest prices for glass and paperweights, Bonhams is well positioned to develop this interest further in 2010 and beyond,” said Simon Cottle, Director, European Ceramics and Glass.
Bonhams Jewellery department is now the market leader in the UK jewellery auction market, with an increase in UK sales of 5% during 2009. A marked increase in new buyers from around the world, saw the average New Bond Street lot increasing from £4,000 to £12,500. “Our sale success is a powerful message to our clients,” says Jean Ghika, Director of Jewellery. “We are seeing buoyancy in the market in specific areas, period signed jewellery and natural pearls.”
Bonhams are the market leaders for Japanese Art in the UK. The November sale saw one of the best results in London for a mixed-owner Japanese sale in almost a decade. “The sale demonstrated that not only is London still a significant centre for selling and buying Japanese Art but also that there is a knowledgeable and sophisticated nucleus of collectors ready to pay the highest sums for exceptional pieces,” said Suzannah Yip, Director, Japanese Art.
As the only auction house to hold specialist sales devoted to Portrait Miniatures, Bonhams achieved a market share of over 60% in 2009. Camilla Lombardi, Director, Portrait Miniature Department commented, “Our re-emergence as market leader for this field proves that it is in our customers’ best interests to maintain specialist sales rather than combining portrait miniatures with other collectibles as has been done by the other auction houses.”
The Bonhams Watch Department had a very successful year, achieving market leadership in the UK, with the last sale of the year realising the highest total for a Bonhams watch auction. “The market is still strong for Rolex and Patek Philippe, in particular the chronograph models,” notes Paul Maudsley, UK Director, Clocks & Watches. “Pocket watches also performed well with collectors paying above estimates for examples from the 18th century.”
