Millennials have proven themselves to be the new generation that paints a profitable path for auction houses. In fact, last year, younger collectors accounted for 34% of Christie’s, close to 40% of Sotheby’s, and nearly a third of Phillips’ buyers.
“Asia-Pacific (APAC) remains the powerhouse of new and millennial buyers with strong buying power,” Francis Belin, President of Christie’s Asia Pacific, told Singapore Business Review. In Christie’s recent Spring Auctions in Hong Kong, millennials accounted for 45% of all new buyers to the sales.
Sotheby’s Chairman for Asia Nicolas Chow said millennials are also the biggest growing demographic amongst their Asian buyers in contemporary art, fashion, and luxury.
Apart from accounting for the lion’s share of auction houses’ buyers, millennials from the APAC region are also spending hefty amounts on art.
In 2022, 62% of the spending from millennials at Christie’s globally was from APAC millennials.
Jonathan Crockett, chairman for Asia at Phillips Auction House, said young collectors from Asia, even firsttime buyers, are spending millions of dollars on art.
“People in their 20s and 30s in the West dip their toes in the water or start off buying something that costs around US$1,000 to US$20,000. But here [in Asia], it never ceases to amaze me how pretty much every auction we have, new, first-time buyers come in at the million-dollar level and above. Sometimes, to the tune of up to US$10 million. It’s something that doesn’t really happen in the West, but seems to be prevalent here,” Crockett said.
Bu hikaye Singapore Business Review dergisinin Issue 104 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Singapore Business Review dergisinin Issue 104 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.