In a significant move this August, Bonhams named Swiss-born luxury veteran Chabi Nouri its Global CEO, sparking widespread interest in this fresh new face in the auction industry.
Known for her expertise in brand building and digital innovation, Nouri formerly held the position of CEO at Piaget, where she notably made history as the first female CEO among Richemont's watch and jewelry brands. After seven years there, she became a partner of the Swiss private bank Mirabaud Group, co-managing the Lifestyle Private Equity franchise alongside David Wertheimer, scion of one of Chanel's billionaire owners.
As Nouri embarks on her journey in the auction world, many are left curious: What prompted this move? What are her initial impressions of Bonhams, and how does she plan to navigate the two-century-old auction house? Is she a collector herself, and what are her perspectives on the Asian market?
During a recent auction preview at Bonhams' new Asia headquarters in Hong Kong, The Value had the privilege of sitting down with Nouri to discuss her insights on this exciting new chapter.
Modern and contemporary art auction preview at Bonhams' new Asia headquarters in Hong Kong
Why did you move from luxury retail and private equity to auction business?
Many reasons. The first one is the exciting part of the auction world, which is all about passion, emotion, professionalism, and expertise I absolutely cherish and love.
When you make changes in your career or life, you don’t always realize the connections. Going from being an executive to an investor for others and then returning to a place where we actually do a little bit of both – it makes sense to me, something quite natural.
The worlds of finance, investment, and auction houses are closely related. I used to be involved in creating and producing exceptional objects. Now, as I explore another phase in the life cycle of these pieces, it's very interesting for me to connect with the circular economy, and in a way, the eternal and perpetual life of an exceptional item.
And, of course, the relationship with clients. I think they are very similar. You find the same interest and drive among clients in the high-end luxury sector, auction houses, financial markets, and private equity funds, which is also quite a niche in the investment landscape. This shared dynamism may have made my onboarding into this world easier.
Chabi Nouri served as Piaget's CEO for seven years
How did this opportunity come about? What is the recruitment process like for a high-ranking position such as yours?
I’m a normal person like everyone else – nothing different. I followed my path, starting as a junior; I began as an intern and worked my way up the ladder, sending out resumes and such.
Of course, for senior roles like these, you often have people reaching out to you. That’s how it happened. But I believe the most important part of securing such an opportunity is showing to those interested in you how your profile can contribute.
As a leader, you also need to feel comfortable and at ease with where you are headed because you’re going to spend most of your life there. It’s truly more of a partnership than just employment. It works best when you find joy and interest in the job. The company may need you for various reasons, but that’s at least what I was seeking.
On a side note, we might visit spas or museums to relax. How about you? How do you typically unwind after a stressful day?
Spa is a good choice, of course. But really, any place where I can unplug is a good option. I don't always find that easy because I draw my energy from being around people. I'm probably more of a person who relaxes in a highly creative environment. For me, it's not about isolating myself but going to a place that prompts self-reflection.
That could be spas or museums, as you mentioned, but it can also be a philosophical discussion with someone. I recently had one with Dr. Yip, and it was the most rewarding discussion I've had lately. It pushed me to reflect on myself.
Dr. Yip, a prominent collector of Ming-style Chinese furniture in Hong Kong, whose collection was put up for sale at a dedicated single-owner sale at Bonhams
Dr. Yip's collection of Ming-style Chinese furniture | Auction preview at Bonhams
You've been in your new roles for around two months. What has impressed you the most about Bonhams?
What impressed me the most is the expertise and level of passion people possess, and the talents we have in-house. Spending a lifetime being an expert in a certain category or niche is truly fascinating.
And then there are the collectors. What captivates me about the auction world is really the people you work with – be it clients or vendors. They all possess such a high level of interest and, once again, passion. They are completely dedicated to what they love, which I find quite different.
I also saw a fantastic company with 230 years of history that is constantly changing, adapting, reinventing, and reshaping itself. It’s inspiring to see this willingness to continue the story.
Bonhams expanded leadership for Chinese Art departments in Asia this year
Amayès Aouli was appointed Global Head of Wine and Spirits in January 2024
Are there any strategic changes planned for Bonhams under your leadership?
I don't have a plan yet to change anything, just as I did at Piaget. The idea is to continue what has been established.
Today, we’re fortunate to offer expertise in more than 60 categories, something unique in the market. We have a strong presence: 14 salerooms across the world, 38 offices, and over 1,200 people. It’s a well-oiled machine, and we can continue to optimize it before moving on to new initiatives.
It's also worth noting that we acquired various regional and local auction houses in the last five years. With each acquisition, you have to integrate, consolidate, and leverage the resources. We’re still on that beautiful journey.
A 14th-century Sarghitmish lamp from Egypt | Sold: £5,130,400, London, 2024 (Auction record for an Islamic glass object)
Yayoi Kusama | Infinity | Sold: HK$46,434,000, Hong Kong, 2024 (Bonhams' top lot from Asia this year)
1967 Ferrari 412P Berlinetta, Chassis no. 0854 | Sold: US$30,255,000, Carmel | The most expensive lot sold at Bonhams in 2023
Diversity is one of the most talked-about issues in today's business world. In your view, how can female leaders enhance diversity within an organization?
I believe that any diversity you can bring is great: gender, nationality, or background. Ultimately, in the auction world, especially the luxury sector, we need to represent and understand our clients, and our clients are incredibly diverse, from the very old to the very young, and from any background you could imagine.
We're a company of people – a business built on relationships and engagement. For me, the most natural relationships occur when people understand each other. That’s often the case when you look like your clients, in the sense that you share the same interests and understanding.
When you look at our 60-plus departments, each one represents a specific community, region, local crafts, or art history. There's already great diversity, just by having experts touching on all these different categories. And Bonhams also has a good balance of representation across all levels.
Under Nouri's helm, Piaget launched the Extraordinary Women campaign in 2020, celebrating women's achievement in different fields
Julia Hu, Bonhams' Managing Director in Asia, at a cocktail party during the opening of Bonhams' new Asia headquarters
Given your past role as Piaget's CEO, many are wondering: will Bonhams explore opportunities the retail market?
As I mentioned, we're a client-focused business, and our clients are accustomed to a wide range of services. If you had asked me a couple of years ago whether we would go online, I would have said yes. While that might have been surprising then, it’s not so much today. Time will tell how we proceed. Yet, if we step back and think about our clients, our approach to them is quite broad. This is something that could evolve.
At the end of the day, at the heart of what we do, in my opinion, is our mission: to preserve and promote heritage. If we fail to do so, how will the new generation enter the world of craftsmanship? This is what I would like to leave as a legacy, at least. The way it’s executed, for me, is a separate matter.
Preview of Bonhams' watch auction in Hong Kong this season
We've learned about your involvement in both production and sales. What about the final stage? What do you collect?
I collect watches and jewelry naturally because I've been part of that world for many years. I also collect a bit of contemporary art.
My watch collection is particularly interesting because I like to go for very unusual pieces. My experience at Piaget has shaped my eye for this; it's a unique watch company that offers one-of-a-kind creations with a great deal of creativity.
I just saw a piece out there—probably the craziest, most bizarre one across the entire room—but that's the only one I love. I was completely fixated on it.
What is your favorite piece in your collection?
It's a vintage Piaget watch. It’s been very emotional for me because it had been in the family. When I saw it at Piaget, it was amazing because it felt like the story was continuing.
Preview of Bonhams' jewelry auction in Hong Kong this season
Do you make purchases through auction houses? What sets the experience apart from buying at retail stores?
I did in the past and I still do, but only once did I participate in a live auction; the rest I bid online.
The bidding process is fantastic and exciting – a completely different experience from shopping in a store. When you visit a store, you typically look for things you like, whereas at an auction house, you probably think of your own collection, what you want to complete, what you want to add, and where you want to explore new things. The curiosity that arises in this setting touches on different aspects, the investment, the collection, and the emotional aspect.
If you truly love something, you create a narrative around it, convincing yourself that you need that piece in your collection.
Bonhams opened its new Asia headquarters at Six Pacific Place in Hong Kong this past October
As we're here in Hong Kong, we are curious about how you see Asia's market. Do you have any experience in Asia? Where do you think it's heading?
Over the past 15 to 20 years, I've had the opportunity to embark on some of the most significant trips of my life across various parts of Asia. I have a particular interest and affinity for this region – it's one that I hold dear.
Then thinking about it for us as a company, Asia plays a crucial role. It has always been important to Bonhams and continues to be. It constitutes a significant portion of our clientele and is progressing well, probably because it's a market that understands beauty, craftsmanship, and heritage. Coupled with a pool of great talents, it is a perfect place for sustained growth.
We decided to invest here and refresh our hub. Our aim was to create a hub where you can find everything from salerooms to exhibition areas, offices, experts, and a space where you can both consign and engage with the community.
This demonstrates Bonhams commitment to continuous development in Asia. We achieved exceptional results last year, and we hope to maintain this success.