Bonhams: Emerging Market Sell-Off Will Boost Auction BusinessIBTimes UK

Investors have eyed emerging markets as the beacon for growth for the last decade, but a significant amount of investors pulling out cash in favour of less risky areas has led to global concern.

Speaking to IBTimes TV at the EIU CFO Summit, the chief financial officer at auction titan Bonhams said the emerging markets sell-off can in fact boost its business.

"As people pull out cash from some emerging markets, it can mean more money will be spent domestically in concentrated areas," said Hugh Watchorn.

"We see great opportunities across many regions, including India."

Watchorn, who has been at Bonhams for 13 years, revealed how the company workforce and strategy has dramatically changed and adapted over the years.

Following the credit crisis, he admitted that the group had to "coldly" assess the profit and loss margins of different units, where they were based, and slashed costs through various measures.

"It wasn't black and white cost cuts but it did involve making tough decisions to streamline and pull out of areas that weren't making the most money right there and then," he said.

Bonhams has since expanded again and said while they aren't looking to expand the number of sales rooms on their books, there are other services it can grow organically.