Slowdown in Asian Art Market Claims Several High Profile Roles

Magnus Renfrew

Shock move sees the deputy chairman of Bonham’s Asia, together with seven of his Hong Kong based colleagues sacked.

In an article by news agency «Bloomberg» Magnus Renfrew, who joined Bonham’s in September 2014 is reported to have been informed of his fate late last month when U.K. based Chief Executive Officer Matthew Girling travelled to Hong Kong to dispense the bad news.

Long established Sotheby’s and Christies along with several new aggressive China based players have been diluting the already competitive fine art space in the city.   

Instrumental in Selling Contemporary Asian Art

This had been Renfrew’s second stint at the privately owned British auction house, which is one of the world’s oldest and largest auctioneers of fine art and antiques.

He had previously worked with the firm from 1999 to 2006 and had been instrumental in bringing the first sale of Contemporary Asian Art for Bonhams in London in June 2006. Renfrew is said to already be looking at other ventures.

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