Bonhams Art Sales Grew 25% in 2007 on Booming Auction Market

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Bonhams, London's third-largest auction house, said it increased sales by 25 percent in 2007 as the art market boomed across the board. Bonhams sold $590 million at its global auctions last year, European and Middle East Chief Executive Matthew Girling said in an interview in Dubai today. "Growth has been all organic," said Girling, 48."It was pretty much across the spectrum. It was a record year for Islamic art, jewelry, classic cars and American paintings."Bonhams released financial results for the first time last year, disclosing sales of $473 million, following acquisitions, including Butterfields of California and Goodman Auctions of Australia. Bonhams has expanded sevenfold since 2000. Girling, in Dubai to promote Bonham's first auctions in the region planned for March 2 and 3, said that 2008 may witness slower growth if financial markets falter. "What tends to happen is that when the downturn comes in the stock market, the art market tends to follow on six months later, maybe even some time a year later," Girling said. "The art market tends to rely on a bit of surplus cash. We're at the frothy end of things."Christie's International, which is owned by French billionaire Francois Pinault, put estimates for its February London auctions at 38 percent higher than a year earlier. In the February 2007 London sales, Christie's and rival Sotheby's sold 49 percent more art by value than the year before.