The Very High Energy (VHE) gamma-ray emission of the closest BL Lacertae objects Markarian 501 and Markarian 421 has been observed by the CAT telescope in 1997 and 1998. In 1997 Mrk 501 exhibited a remarkable series of flares, with a VHE emission peaking above 250 GeV. The source showed correlated emissions in the X-ray and VHE gamma-ray bands, together with intensity-spectral hardness correlation in the latter energy range. During small flares in 1998, Mrk 421 became the second extragalactic source detected by CAT. Its spectral properties are compared to those of Mrk 501. Theoretical implications for jet astrophysics are briefly discussed.