Art auction house Bonhams says it remains committed to Australia despite losing highly respected chairman Mark Fraser, whose sudden resignation inspired talk the house would pull up stumps.

The move, just two days after Bonhams' $3.5 million art auction in Sydney's Woollahra last week, raised questions about the viability of the auction house, which has been a major player on the Australian art auction scene, and the commitment of its UK-based parent. Losing Fraser is a blow because of his long experience and close connections to Lady Mary Nolan, widow of artist Sidney Nolan, among other vital contacts.