Mowbrays notch up record sales week in Australia

Media release – August 28, 2008

NZ listed auction dealer Mowbrays notch up record sales week in Australia

New Zealand listed auction dealer Mowbrays today reported it had notched up a record week of $NZ6 million of sales through its associates in Australia.

On Sunday night in Melbourne, a Leonard Joel art auction sold $A489,000 and the next day Leonard Joel sold $A206,000 of jewellery. That evening 500 metres down the road Bonham’s and Goodman sold $A387,000 of jewellery and on Tuesday it sold $A4.9 million at an art auction, narrowly failing to beat rival Sotheby’s total of $A5million the previous night.

Mowbray’s owns 20 percent of Bonham’s and Goodman which in turn owns Leonard Joel outright. Deutscher and Hacker, another rival art auction house, did $A3.7 million in Melbourne last night.

Mowbray’s managing director John Mowbray said today he was excited about the strong advances being made by Bonham’s and Goodman in a competitive market in Australia.

``Bonham’s and Goodman went within a whisker this week of beating Sotheby’s in Australia. Christies has already pulled out of over there and we’re really watching this market move across the Tasman with interest. The opportunity is huge for a domestically owned auction house to achieve market dominance,’’ he said.

Bonham’s recent purchase of Leonard Joel in Melbourne is not only fortuitous but it gives the Otaki based based-company significant exposure in the Australian market. The next major sales in Australia are in November. Mowbrays said he will be keen to see if Bonham’s and Goodman can beat Sotheby’s in those sales.

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