2025 was a year of profound change for the Chinese art market. From fresh trade tariffs to tightening EU regulations, auction houses found themselves navigating a landscape where policy shifts could upend long-established market flows almost overnight.
Yet against this backdrop of uncertainty, Bonhams continued its market leadership in the UK and Europe and posted another standout year. The house delivered headline results across its main centres – London, Paris, Hong Kong, and New York – achieving the highest‑priced Chinese art lot in each of the US, the UK, and continental Europe.
In Hong Kong, a rare 17th‑century figure of Longnü was acquired by The Metropolitan Museum of Art, marking one of the most significant institutional purchases of 2025. Meanwhile, Bukowskis, part of the Bonhams network, further strengthened its position in Scandinavia. Anchored by its extensive global network, Bonhams achieved more than £78 million (around US$105 million) in Chinese Works of Art and Himalayan Art sales.
To reflect on the year’s highlights – and what lies ahead – The Value spoke with Asaph Hyman, Bonhams’ Global Head of Chinese Ceramics and Works of Art, about shifting geographies, evolving collector demands, and how Bonhams is positioning itself in an increasingly complex global market.
Bonhams sold the most expensive Chinese artwork at auction in Europe in 2025
A blue and white and copper red ‘dragon’ vase, Tianqiuping, Qianlong period (1736-1795) | Sold for US$3,690,500 at Bonhams New York in March (The highest price achieved for any Chinese art in the US in 2025)
New York has traditionally played a central role in the Asian art market. How has that picture shifted in recent years – particularly in light of new tariffs and regulations?
Unfortunately, what we’re seeing right now is that, instead of becoming more global and interconnected, the world is becoming increasingly fragmented.
Trade barriers are, by their nature, barriers. When a transaction comes with added costs, it inevitably has an impact. New York used to see major collections arriving from overseas quite frequently, but that’s no longer the case.
For local collectors, it’s also becoming harder to acquire works from abroad. Not everyone wants to leave an object outside the country indefinitely, waiting for policies to change. So these restrictions affect both what comes into the US and how collectors are able to participate in the global market.
Asaph Hyman | Global Head of Chinese Ceramics and Works of Art, Bonhams
Over the past decade, Paris has grown into a major centre for Asian art, while London’s influence has waned, especially post-Brexit. What drove Paris’s rise – and how are recent EU regulations reshaping the dynamic between the two cities?
We chose not to reduce activity, but to expand it. We maintained our twice‑yearly sales in London – both at New Bond Street and at Knightsbridge – and continued to develop our auctions in Paris.
Brexit certainly contributed to Paris’s growth. We saw a real uptick at the Pagoda*; many dealers started coming, and there was a sense that Paris was thriving in ways that felt quite different from how the London market had operated in the past.
We sold an extraordinary Song/Yuan dynasty brush washer from the celebrated jewellery designer Elsa Peretti in Paris last year. In June, Paris also achieved the highest Chinese art result in Europe in 2025, with the sale of a magnificent pair of bixie from the Qianlong period, which realised nearly €4.1 million, about 13 times the estimate.
*Editor's Note: The Pagode Rouge, constructed in the 1920s by the legendary dealer C.T. Loo, served for decades as a premier gallery for Chinese art and remains a historic landmark for the trade
A Ge mallow-shaped brush washer, Song/Yuan dynasties (960-1368), from the collection of Elsa Peretti | Sold for €1,379,400 at Bonhams Cornette de Saint Cyr in Paris in June
A pair of bronze-alloy bixie, Qianlong period (1736-1795) | Sold for €4,065,600 at Bonhams Cornette de Saint Cyr in Paris in June (The highest price achieved for any Chinese art in Europe in 2025)
Since then, however, a new EU law has come into force. Legislated in 2019, it severely restricts the importation of objects of non‑EU origin. The requirement is not only to prove the country of origin but to verify that objects had valid export permits when they left that country.
The issue for us – and for collectors or people who have inherited objects – is that this is a retroactive measure. In the past, you didn’t need to keep that information, and many people didn’t. I mean, how many people keep invoices from twenty or thirty years ago?
Previously, auction houses, dealers, and collectors could move objects relatively easily from the UK or Switzerland to be sold in Paris. Now that is largely no longer possible, or only possible with strict limitations.
This will inevitably undermine Paris’s pre‑eminent position in Europe. That is why we are already seeing a shift – of both people and auctions – back to London. I think we will see London become stronger in 2026 than it was before.
Bonhams' headquarters in London (left) and Paris (right)
Bonhams also sold the UK’s most expensive Chinese work of art in 2025 – the Northern Song / early Jin Junyao bowl, which again realised nearly 13 times its estimate. Traditionally, pieces with purple blotches have been more favored. Why do you think this even, light-blue example achieved such an exceptional result?
People are always eager to engage with collections that haven’t been seen for a long time, especially when they are shown alongside other exceptional objects – each piece enhances the others.
The Junyao bowl came from the remarkable collection of a friend of mine, Emmanuel Christofides, known as “Manos”. He collected for decades between Athens and London, beginning in the 1960s, if not earlier. His great love was early ceramics, especially from the Song period, although he initially started with Qing pieces.
When I first met him, Song ceramics were not really in vogue; Qing wares were much more sought after. As specialists, part of our role is to advise collectors. I remember saying to him:
“Look, Manos, the Qing pieces are doing really well – now's the time to sell those. But keep the others. Buyers aren’t quite there yet, but they will be. They’ll learn about the Emperor’s historic collections, how he loved these pieces and inscribed poems on them, and they’ll come back to Song ceramics. Values will go up. And above all, focus on strong provenance.”
A Junyao light-blue-glazed bowl, Northern Song/Early Jin Dynasty (12th century) | Sold for £1,016,400 at Bonhams London in May (The highest price achieved for any Chinese art in the UK in 2025)
That brings us back to your question: why did this Junyao bowl achieve such a result compared with similar examples? A key reason is its documentation. It has been selected repeatedly for exhibitions and publications – five or six in total, the first as early as 1937.
In the past, people gave less thought to provenance, but it has really come to the foreground as a critical element, for several reasons.
First, it makes questions of authenticity easier: a well‑documented object is more likely to be genuine, which gives buyers confidence. Second, there are legal considerations. Even setting aside the new EU law, many museums today will not acquire works unless they have documented provenance back to 1970. Meeting that standard makes an object far more likely to circulate internationally and, crucially, to be bought by major institutions.
But ultimately, the bowl was also simply a beautiful, early example of its type, which potential clients clearly recognised and appreciated.
Speaking of institutional acquisitions, Bonhams Hong Kong sold an incredibly rare Longnü figure to the Met for HK$27 million, and I recall you were the one on the phone for that bid. When a major museum considers a piece like this, what are the key qualities they are looking for?
One of the beauties of our field is that we deal so often with exceptional objects. Assessing their appeal isn't always a matter of science; it's usually about emotion – what a piece makes you feel, and what it means to acquire it at a particular moment.
That's part of the magic of an auction: there is always uncertainty, and we never know exactly how far people will go. A very rare object may be less understood – but, as in this case, it can also generate enormous excitement.
This figure is dated to 1641, during the Chongzhen reign. A great pleasure of what we do is the constant learning. In researching the piece, I came to understand more about the Emperor himself – how, during a time of internal crisis and external threats, he briefly drew closer to Christianity but ultimately returned to Buddhism. Despite the state’s military needs, he commissioned large‑scale Buddhist bronzes like this one.
In a way, this piece embodies the change in the Chongzhen Emperor’s heart as he tried to save the empire from what eventually came – the Qing takeover. That alone is fascinating.
Asaph Hyman bidding on behalf of the Met
An imperial gilt copper-alloy figure of Longnü, Yuyongjian gong zao mark and of the period (1641) | Sold for HK$27,074,000 to the Metropolitan Museum of Art at Bonhams Hong Kong in May 2025
It would originally have formed part of a triad with Guanyin and Sudhana. Only a few other figures with this inscription are known – two, maybe three – all in museums.
One of them, a Sudhana, is on long-term loan to the Met from Columbia University and was included in their recent exhibition curated by Lu Pengliang. When I saw it – and later saw this Longnü – it clicked. This was the pair. And I thought: wouldn't it be wonderful if they could be reunited in the Met's collection?
Then again, provenance matters – especially for an institution like the Met. We traced this figure back to Quincy Chuang, a major Hong Kong collector. He acquired it from Jules Speelman, who had bought it from Alan Hartman – who, in turn, had purchased it at the estate sale of Geraldine Rockefeller Dodge.
So we were looking at the stars aligning: an extraordinary object, a timely exhibition, strong provenance, and the chance to reunite two pieces that truly belong together.
An imperial gilt copper-alloy figure of Sudhana, the companion piece to the Longnü | Collection of the Columbia University (currently on loan to the Met)
Bonhams has long been recognised for its strength in Himalayan art – and remains the only auction house with dedicated, year-round sales in Hong Kong. As the field becomes more competitive – with figures like Edward Wilkinson recently joining Christie’s – how is your team positioned to respond?
As you know, these departments – wherever they are – are never very large. From the outside, it might seem like the teams are extensive, but in reality, they are often quite small: four people here, five people there. And that’s true across the industry.
Staff movement is part of the field's rhythm. We’re proud to have supported careers that go on to thrive elsewhere, just as we welcome strong talent from other houses. What matters most is the depth of a department – and we’ve maintained that depth. We have a very strong team in place: Mark Rasmussen, Dora Tan, Theresa McCullough, and others across our global departments. Together, they give us a robust presence in this market.
You also saw that confidence in our sales, including works from the collection of Ulrich von Schroeder, one of the most respected figures in the field, which achieved strong results across the board. Just a few months ago in Hong Kong, we held two highly successful auctions celebrating the 80th birthday of renowned dealer-collector Jules Speelman. These followed the landmark sale of Speelman’s personal collection in Paris, which achieved €15.2 million – more than triple the pre-sale estimate.
Looking ahead, we’re excited to announce an Iconic Speelman sale in Hong Kong in autumn 2026. While the earlier auctions focused on Buddhist art, this upcoming sale will highlight Chinese works of art – and will include some truly remarkable pieces.
Jules Speelman and his wife, Adele Speelman
A gilt copper alloy figure of Shakyamuni Buddha as an ascetic, Yuan dynasty (1279-1368), from the collection of Jules Speelman | Sold for HK$16,184,000 at Bonhams Hong Kong in May 2025
Bonhams opened a new Asia headquarters in Hong Kong's Six Pacific Place in November 2024
Bonhams Hong Kong has grown rapidly in recent years, with particularly strong results in Chinese works of art. How do you see Hong Kong’s role in the global Chinese art market today? And what’s your strategy for strengthening your position?
The market for Chinese works of art is now truly global – but wherever you sell them, whether in London, Paris, New York, or Hong Kong, the most important group of collectors is, by and large, in Asia. In terms of taste, buying power, and demand, the market is shaped more by Asian collectors than by local audiences.
Bonhams has invested significantly in Hong Kong. We moved from Pacific Place to our current premises, which offer much larger floor space and greatly improved facilities for both clients and staff. It's a wonderful space – I personally love it – and it works extremely well for our various needs. It has been a major strategic investment, reinforcing the importance of our presence in Asia.
Equally, there has been substantial investment in New York. Bonhams is opening a new flagship location in the historic Steinway Building – a wonderful space that combines a landmark Art Deco structure with a fully contemporary interior. All of this shows how the company is taking serious steps to provide a superb global network for collectors worldwide, both to consign and to buy.
We’re delighted to have Pemberton acquire Bonhams because – without going into technical details – it put the company on a far more solid financial footing. That means that from management through to the wider team, we can focus on what we love most: finding extraordinary objects and bringing them to market.
Bonhams is relocating its New York headquarters from Madison Avenue to the landmarked Steinway Hall
Bonhams' new U.S. flagship at 111 W57th Street opened on 9 February 2026
Bonhams now has a much deeper presence in Scandinavia – a region that may feel distant to many Asian collectors. How would you characterise the local collecting culture there, particularly in relation to Asian art? Where do you see the most potential for growth?
The acquisitions of Bukowskis in Sweden and Bruun Rasmussen in Denmark have given us a major presence in Scandinavia – one we didn’t have before.
Both countries have long-standing ties to China, stretching back centuries. In Sweden especially, the connection dates to the 18th century through early trade. Then, in the early 20th century, as China underwent rapid development and extensive railway construction, engineers and other professionals from Sweden and Denmark travelled there – and many brought objects home with them.
In Sweden, there is a particularly strong tradition of collecting. Active Oriental Ceramic Societies exist in both Stockholm and Gothenburg, alongside major institutions such as the Museum of Far Eastern Antiquities in Stockholm. That museum holds many works from the collection of King Gustav VI Adolf, who began collecting during his years as Crown Prince. There is also the fascinating history of the Karlbeck Syndicate*.
That flow of objects – and the deep interest behind it – continues today. Important collections are still being discovered across the region, and we’re fortunate to have outstanding specialists on the ground.
*Editor's Note: A series of purchasing consortia organized by engineer Orvar Karlbeck in the 1920s and 30s, which sourced high-quality Chinese antiquities directly for Swedish institutions and private collectors, including the Royal Family.
Bukowskis is based in Stockholm
What’s one of the biggest challenges you’ve faced while navigating today’s ever-evolving market – and how are you adapting to it?
A broader challenge we face – not just in Asia, but globally – is engaging younger audiences. And by “younger,” I mean under 50. Across the world, there’s been a notable shift away from antiques and toward contemporary art, though even that market is facing its own pressures.
The question is: how do we continue? How do we help younger audiences care deeply about these objects – to invest the time, develop connoisseurship, and understand the culture behind what they’re collecting?
Part of the answer lies in how we share information, and this is where technology – including AI – can be a valuable tool. Today, museum collections are digitised, databases are open, and information is more accessible than ever. That’s a real advantage: the more knowledge we share, the more confident and informed collectors become.
Asaph Hyman (left) and Mark Rasmussen (right), International Director of Indian, Himalayan & Southeast Asian Art
At the same time, AI has its limitations. It is still evolving, and accuracy remains a concern. It can support learning, but it cannot replace the experience of handling an object – or the emotional connection a collector feels when something truly speaks to them.
That is where experience comes in. Those of us who have spent decades in the field can guide collectors through that journey, offering context and perspective that isn’t always available online.
Ultimately, our goal is to make this world more accessible. We do that through our catalogues – both print and digital – through special events, and through outreach to collecting clubs and interest groups. Our role is to open the door. Because once people step inside, it is an incredibly rewarding world to be part of.
When people talk about Bonhams’ Chinese works of art and Himalayan art, what keywords or ideas do you hope come to mind?
Above all, we want to be known for doing the very best for our clients.
That means going above and beyond: carrying out deep research, uncovering details that may have been hidden or forgotten, and presenting that information clearly to today’s collectors. We make a real effort to share as much documentary evidence as possible. We leave no stone unturned.
In what can sometimes be a more challenging market, we believe in working even harder for our clients. That means picking up the phone – calling collectors, buyers, and institutions, including museums like the Met – to bring attention to a particular lot. We are uncompromising on quality and focused on delivering the strongest possible results on behalf of our clients.