NEW YORK CITY – International fine art auction house Bonhams is moving to new premises in the heart of Manhattan in New York, the world’s foremost art market.
The company’s relocation will give it exhibition space in a prime location and will again raise its profile in line with its ambitions to further develop its challenge for the top end of the art-auction business.
“This is a substantial investment in New York City,” said CEO Malcolm Barber, “the most important art market in the world. The new premises will allow us to hold a full program of sales throughout the year in a wonderful environment.”
Bonhams’ new saleroom is in the IBM building on Madison Avenue between 56th and 57th streets – formerly the home of the respected Dahesh Museum. The premises have extensive street frontage and occupy three stories. The move, anticipated for spring of 2008, expands Bonhams presence in New York fivefold.
“We are delighted to take on a building that offers our clients superb facilities to display their artworks and allows our customers to view sales in such a beautiful space,” Barber continued.
The announcement of the move comes in the week that the company posted record results and profits for 2007, with global sales at $600 million.
“Our sales and profits are at an all-time high,” said Chairman Robert Brooks. “Our move to the former Dahesh Museum offers us the perfect platform to develop further our presence in the crucial New York market.”