{"id":11620,"date":"2011-12-17T19:12:22","date_gmt":"2011-12-17T19:12:22","guid":{"rendered":""},"modified":"2011-12-17T19:12:22","modified_gmt":"2011-12-17T19:12:22","slug":"As-markets-plunge-Asia-s-wealthy-flock-to-art","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=11620","title":{"rendered":"As markets plunge, Asia’s wealthy flock to art"},"content":{"rendered":"

Despite giddy Chinese art prices showing some strain from global economic uncertainty, collectors like Kai-Yin Lo think values will continue to rise due to limited supply and continued strong demand as Asian collectors become more affluent.<\/strong><\/p>\n

“As East and West get into more of a confluence in taste and in the market place, it will still go up,”<\/strong> said Lo, a Cambridge-educated writer and jewellery designer, a slim, elegant woman famously known for wearing mis-matched designer shoes.<\/p>\n

She is one of Hong Kong’s leading art collectors — her home is stacked with rare Chinese furniture, stone carvings and paintings, including an inkbrush panorama of the Grand Canyon by Chinese 20th century master Wu Guanzhong.<\/p>\n

Hong Kong has played a key role in Asia’s art market boom.<\/strong> Its auction market turnover — anchored by Sotheby’s and Christie’s — skyrocketed 300 percent from 2009 to 2010, powered by a wave of Chinese millionaires buying art with avid fervor.<\/p>\n

Despite the art market’s vulnerability to shocks, including the 2008 Lehman Brothers collapse, when unrealistic estimates left scores of unsold lots amid tepid bidding even in the red-hot Chinese ceramics market, Asia’s rapid wealth accumulation will likely see more and more money flow into art and alternative investments such as wine.<\/p>\n

Asia’s wealth management and private banking industry remains a sparkling growth area for many struggling banks, with an estimated 3.3 million high net worth individuals worth more than $1 million<\/strong>, according to Capgemini and Merrill Lynch’s latest annual World Wealth report.<\/p>\n

With a combined wealth of $10.7 trillion, Asia’s wealthy have even eclipsed the $10.2 trillion held by Europe’s generational millionaires.<\/strong><\/p>\n

Source Reuters<\/a>
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Despite giddy Chinese art prices showing some strain from global economic uncertainty, collectors like Kai-Yin Lo think values will continue<\/p>\n","protected":false},"author":1,"featured_media":68782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[1],"tags":[],"class_list":["post-11620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-150x150.jpg","medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-300x225.jpg","medium_large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-768x576.jpg","large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-1024x768.jpg","1536x1536":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-1536x1152.jpg","2048x2048":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse.jpg","colormag-highlighted-post":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-392x272.jpg","colormag-featured-post-medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-390x205.jpg","colormag-featured-post-small":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-130x90.jpg","colormag-featured-image":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-800x445.jpg","colormag-default-news":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-150x150.jpg","colormag-featured-image-large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-1400x600.jpg","colormag-elementor-block-extra-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-1155x480.jpg","colormag-elementor-grid-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-600x417.jpg","colormag-elementor-grid-small-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-285x450.jpg","colormag-elementor-grid-medium-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-575x198.jpg"},"magazineBlocksPostAuthor":{"name":"Admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"Despite giddy Chinese art prices showing some strain from global economic uncertainty, collectors like Kai-Yin Lo think values will continue","magazineBlocksPostCategories":["News"],"magazineBlocksPostViewCount":148,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse.jpg",1920,1440,false],"medium":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-300x225.jpg",300,225,true],"thumbnail":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/2015\/03\/eclipse-150x150.jpg",150,150,true]},"magazine_blocks_author":{"display_name":"Admin","author_link":"https:\/\/asiancemagazine.com\/?author=1"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g","magazine_blocks_category":"News<\/a>","_links":{"self":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/11620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11620"}],"version-history":[{"count":0,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/11620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/media\/68782"}],"wp:attachment":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}