Auction for bargain hunters! Bonhams puts 'cheaper' items under the hammer to attract new collectors
Bonhams hopes to groom new generation of top-end collectors by tempting them with eye-catching pieces high in quality, low in price
It may sound like an oxymoron, but one top-tier auction house in Hong Kong is banking on its self-styled "affordable luxury" sale to attract a new generation of high-end collectors.
London-based auction house Bonhams is hosting its first "most affordable luxury" auction next month at its Admiralty office with items starting at just HK$7,500.
Spurred by a recent increase in the number of people wanting to offload unwanted jewellery, timepieces and pens, coupled with more buyers who want to be collectors but are not ready for high-end auctions, the head of jewellery for Bonhams Asia says the idea of "affordable luxury" does not mean lower quality.
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"It's high-quality rarefied jewellery and it's just at a different price point," said Graeme Thompson, "and that's what makes it affordable luxury".
"What's a lot of money? That depends how much money you have in your bank. Not everyone has 300 million or three million to spend but you can still buy a piece of jewellery that will make people go 'wow'. This is a market that will open up more and more, especially in China."
The cheapest item up for grabs is a pair of cufflinks with an initial estimate of HK$7,500, while bargain hunters will doubtless be watching out for jewellery and jadeite without a reserve price. This means they will be sold for whatever price people bid for them. About 20 per cent of the 200 items available at the auction will be sold in this way.