London-based company Bonhams has opened its first sales office in the Middle East, showing an increasing trend for art sales in the Gulf. Allegedly driven by regional collectors looking to enhance privately owned residential and commercial properties, the art market is currently strong and of growing importance to international auction houses. The decision to locate here confirms Bonhams’ commitment to the development of this market. And growth is clearly on their minds as they reported 2006 worldwide gross sales of nearly US$500m, making it one of the largest and fastest growing auction houses in the world.

Bonhams Dubai is a joint venture with the locally-based Al Tajir family, who are renowned fine art and collectibles connoisseurs. His Excellency, Mohammed Mahdi Al Tajir, was the former United Arab Emirates Ambassador to Great Britain and Western Europe and is currently an advisor to HH Sheikh Khalifa bin Zayed bin Sultan Al Nahayan, President of the UAE and Ruler of Abu Dhabi.

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Posted: 11|1|07 at 10:41 am. Filed under: News.