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

Takeover Targets Bonhams will continue to look for acquisitions in 2008 should any opportunities emerge, said Girling today."The pickings are quite slim in our business,"he said."I don't think there are many opportunities."Emerging markets will play a larger role for Bonhams in 2008, specifically Russia, China and the Middle East. "To say we had an office in Moscow would be over-egging the cake," he said. "We've appointed an agent in Moscow. There are indications that it might be interesting in the future. China's art market has been Hong Kong-based, but clearly the rest is coming on stream."In Dubai in March, Bonhams will be offering jewelry, watches, modern and contemporary Arab, Iranian, Indian and Pakistani art. "When you go somewhere new, you go with what you perceive to be your safe bets," Girling said today."When established, you can have a bit of fun and experiment." Bonhams will focus on contemporary over historical Islamic artifacts at its first Dubai auction. The market for historical Islamic objects is traditionally in Paris and London, said Girling. "Here, the demographic is younger and they may see that as something their father or grandfather may have bought," he said. Bonhams remains considerably smaller than the leading auction houses, Christie's and Sotheby's, which both sold around $6 billion of art last year. Sotheby's, after trailing Christie's in 2006, drew even with its rival in 2007. Christie's is based in London. Sotheby's, which has its main salerooms in New York, is incorporated in Wilmington, Delaware.