Chinese art buyers are buying again
Both young and new collectors, Kelly Ying, Co-founder of ART021 Shanghai Contemporary Art Fair, Li Huina, Founder of Na Space, an upcoming exhibition space in Shanghai’s M50 art district, Adrian Cheng, Founder and Honorary Chairman, K11 Art Foundation, Michael Xufu Huang, Co-founder of M WOODS, Beijing, Zhang Chang, Real estate developer and investor, Chong Zhou, Restaurateur; Founder of ArtProject CZ, and established collectors like Yang Bin, Budi Tek, Liu Yiqian, Wang Wei, and Pierre Chen, who in addition to setting global records while scooping up high-profile Asian and Western pieces, are also pursuing memberships in powerful art organizations, sponsoring new platforms for exchange, setting up foundations, and building new museums to house their collections like their Western counterparts.
Other influencers include China’s new generation of collectors who from founding art fairs and establishing private museums, to backing young galleries and young artists, aren’t just acquiring, but they’re fostering growth across the arts ecosystem. For millennials in particular, growing up in a world connected like never before has given rise to a truly global generation.
Both Christie’s and Sotheby’s are ramping up all types of client services and investing in more diverse sales to capture the growing need to captivate this collector force. You have many people now seeing how art can be both enjoyed and be used as an investment (even banks are now lending art), taking cues from the West and seeing how well advised purchases can take on lives of their own.
Christie’s Asian 20th Century & Contemporary Art auction will take place in Hong Kong beginning on November 26 (lasting through the weekend), and the outlook is bright, especially when it comes to Chinese buyer confidence.
For these new collectors looking to amass some all-star names, auctions are one of the only places in the art market where the pricing is fair and competitive. It’s critical that they do their research on recent developments with the artists and their backstories before they buy.
Here is a list of top lots to look for at Christie’s sale on November 26-27.