It is starting its new operations with a bang - the mega liquidation sale of developer Warren Anderson's collection of upmarket art and antiques.
The collection was owned by one of Anderson's companies, Owston Nominees No 2 Pty Ltd. Owston's receivers and managers, KordaMentha, is dispersing it on behalf of a major creditor, though it is understood a legal challenge is under way.
Bonhams Australia won the right to sell the assemblage after the receivers staged a "beauty quest" attended by several auctioneers including Sotheby's Australia, a franchise now operated by Bonhams's former partner Tim Goodman.
It is suggested that the winning bid was sweetened by charging zero commission and splitting the proceeds of the 20 per cent buyer's premium with the receiver/managers.
The big sale will be at Sydney's Overseas Passenger Terminal at Circular Quay on June 25, 26 and 27. According to the chairman of Bonhams Australia, James Bruce - who also heads up the long-established Adelaide auctioneer Theodore Bruce - the sale will comprise up to 2000 lots with a total value of between $10 million and $15 million. It is rich in 18th and 19th century English and European furniture, silver and clocks, along with Aboriginal and Japanese art. There is even a section of taxidermised birds and animals.
One major item, an old master painting, will be sold overseas, Bruce says. It is earmarked for a Bonhams sale in London in June.
This is thought to be an important painting of the Old Testament brothers Jacob and Esau by the 1600s Dutch figure Joachim Wtewael (1556-1638) which Anderson bought in the 1980s and is now believed to be worth well over $1 million.
The art and other objects are well documented, with almost every item having a "black book" giving its history, Bruce says. For some lots, the provenance can be documented for several hundred years.
So far the firm is keeping the lid on the highlights of the collection, but one of the works of international significance that is expected to be offered in Sydney is a portrait by the English academician Philip Reinagle (1749-1833). It depicts one Colonel Thornton on a hunting trip, carrying a unique 12 barrel repeating gun.
Anderson was a legendary acquirer, buying from prominent international dealers including Mallett in London. In Australia he was a big customer of John Hawkins, who now trades from Chudleigh, Tasmania, and Martyn Cook, who operates from Queen Street, Woollahra. As well as paintings, furniture and silver his purchases over several decades included books, carpets and items of ethnographic significance - even some associated with pioneer figures like Captain James Cook and Joseph Banks.
As well as disputes over the Owston matter, Anderson is involved in court actions involving his wife Cheryl and has given evidence in a liquidator's hearing over the collapse of the Firepower group.
Cataloguing the Anderson collection will continue until late this month, James Bruce says, with details expected to go on the firm's website in mid-May. Some items are likely to be displayed overseas before the auction.
With such a prestigious sale imminent, Bruce says the focus of Bonhams Australia will remain on decorative arts for the time being, an area the firm sees as one of its major strengths internationally. But a department has also been formed to handle classic cars - another Bonhams strength - and a jewellery division will follow.
He emphasises that Bonhams is now the only international auctioneer in Australia, following the Goodman takeover of the Sotheby's name and the withdrawal of the French headquartered Christie's some years ago.
Thus the operation will be making the most of its international expertise, particularly in European pictures, funnelling works from Australia to sell on international markets. "We have the best workers in London," Bruce says. "We'll be feeding stock, making it travel....Lots of people pretend to get objects into the international market, we will do it," he says.
It appears there are as yet no plans to enter the highly competitive Australian fine art auction market, which despite the effects of the financial crisis was still worth $88 million in 2009 - well down on the $166 million recorded for the boom year of 2007.
For the moment the group is operating from temporary offices in Sydney pending finalisation of its official premises and appropriate renovation.
Bruce says he "played no part" in headhunting James Hendy from his job as head of decorative art at Bonhams and Goodmans. It seems snaffling Hendy may have been a minor coup by the Bonhams UK boss, Robert Brooks, who was particularly impressed with his talents during the B&G partnership.
Hendy is said to still be serving out the terms of his contract and could not be contacted for comment.
