The emergence of Bonhams 1793 as a global force operating in 27 countries on five continents comes at a fascinating time in the world of fine art and antiques auctioneering.

With 2006 worldwide gross sales of nearly $500m, Bonhams is emerging as one of the world's fastest growing auctioneers.

"The auction world is always changing, but it's spinning like a top at the moment. While the industry is enjoying record sale volumes there are challenges too," says Bonhams chairman Robert Brooks, 50.

How is Bonhams going to take advantage of this flux? "Because our clients tend to be high net-worth, they want an assurance that we're going to be supportive of them even in a downturn. And although I don't want to predict a downturn, I think it's fair to say one is out there somewhere," Mr Brooks adds.

As the only major international auction business currently using trust accounts to safeguard its client's money during the sale process, Bonhams is clearly focused on building and maintaining client trust in both the art and business world.

Robert Brooks, Bonhams: "The auction world is always changing, but it's spinning like a top at the moment. While the industry is enjoying record sale volumes there are challenges too."

The company operates in some 50 areas of specialist collecting from Old Master paintings to classic cars, wine to antiquities and jewellery to Asian Art, the list is dynamic and expands all the time. Many of the department heads are world authorities in their field.

This year the company announced the opening an office in Dubai in a joint venture with the family of former Ambassador to the UK Mohammed Madhi Al Tajir.

In January 2007, Bonhams opened a new office in Hong Kong, which further supports its strategic decision to increase its international presence in Asia. The business in Hong Kong is a springboard to a new client base and will include mainland China, Japan, India, South Korea, Indonesia and Singapore as appropriate

Bonhams holds sales all over the UK - from Jersey in the south to Edinburgh in the north. Many of these are held in Bonhams' salerooms; others are held in prestigious outside venues - such as the Athenaeum in Bury St Edmunds. Bonhams remains deeply committed to its regional business in the UK - indeed new, higher profile premises are currently being sought in Oxford and Edinburgh.

This December Bonhams is organising the sale of 3,000 items from the Savoy Hotel in London as the hotel undergoes a £100m refurbishment. Mr Brooks says: "When I step up to take the first part of the Savoy sale on Tuesday 18 December, we will be entering a three-day period over which the company will sell in New York, Los Angeles, San Francisco, Gstaad, Knightsbridge and Oxford.

"Many of these sales will be going on at the same time and our teams around the world will be handling thousands of lots and helping hundreds of customers and clients. This of course is not an unusual occurrence these days, but for me it clearly demonstrates just how far the company has come in the past five years."

He adds: "Today we regularly see Bonhams sales running simultaneously on four continents - America, Europe, Asia and Australia. I am looking forward to the expansion of our sales programme in all four continents. We're all proud of just how far Bonhams has come. We've put a very modern sleek business together in a sector of the market that doesn't see that too often."

The future is looking very bright for Bonhams, currently the world's third-largest auction house, as looks to build on a phenomenal twelve months in the years ahead. The company already has its sights on toppling the two big guns of the industry - Christie's and Sotheby's.

"It's a myth that there has always been a duopoly - the reality is it has only existed since the 1960s. There is no reason why Christie's and Sotheby's can't be successfully attacked. There are many more opportunities than risks for us," Mr Brooks concludes.

Sotheby's and Christie's had better watch out.

The article Bonhams aims to topple rivals! originally appeared on 999 Today