Bonhams Expands New York Presence

NEW YORK CITY

:Bonhams is expanding its existing New York presence by taking larger gallery space at its new premises in The Fuller Building, 595 Madison Avenue in Manhattan, where the company will conduct sales during 2005.

A landmark Art Deco building constructed in 1926, The Fuller Building is located at the northeast corner of Madison Avenue and 57th Street. The Bonhams New York gallery is on the sixth floor.

Building upon the foundation of its four-year presence on the East Coast, Bonhams is now assuming a much higher profile in New York City.

Malcolm Barber, Bonhams' chief executive officer in the United States, commented, "Our growth across the United States has meant that we have needed to expand our presence in New York and along the East Coast - north through Boston into Maine and South to Florida, while also overseeing operations in Miami and Chicago, where we are already represented. We operate today in a global art market with New York City as its headquarters, hence our growing profile within the city."

Bonhams & Butterfields' presence on the West Coast is well established after 140 years with salerooms in San Francisco and later in Los Angeles. The company conducts more than 700 sales a year in 14 countries on five continents. But it is the New York market's increasing potential that has the company's current attention as being key to its continued growth.

US auctions last year culminated in December with a Twentieth Century furniture and decorative arts sale in New York City, which set several record prices. Earlier in the year, Bonhams & Butterfields conducted its most successful fine jewelry auction in the company's history, the sale of the Hermann Jewelry collection in Los Angeles - this being the property of a noted Cape Cod family who had immigrated to the United States and at one time owned the company that built the Statue of Liberty.

Robert Brooks, Bonhams chairman, said of the company's US plans, "We have slowly but surely built a stable market presence across the US over a period of many years. Under the guidance of Malcolm Barber, group head of our US business, together with a long established and experienced team of specialists and appraisers, a dynamic auction house operation has been expanding strongly from a sound footing. Our new additional space in New York opens the way for exciting and creative sales. We are in the United States for the long haul. Too many people have entered the East Coast market with short-term expectations.

"As a company founded in Europe," said Mr Brooks, "we completely understand and empathize with the essential conservatism of this oldest of American markets. We will invest the time and money and effort to demonstrate emphatically that we are here to stay. We are committed to providing the exceptional service that has seen us double our growth internationally over the past two years."

Bonhams New York is directed by Jon King, previously the director of the American and European furniture and decorative arts department and gallery director at the company's Los Angeles offices. Other specialists covering all Bonhams current sales subjects will be available through the New York office with many to be based there.

Bonhams New York, aside from being the global auctioneer's newest salesroom and exhibition space, will also function as the company's East Coast administrative headquarters for operations and business development. The auctioneers will conduct auctions in New York, as well as host highlight exhibitions of property to be offered on the West Coast, in the UK and in other Bonhams salesrooms worldwide.