Art
Christie's Latest HK Auction Highlights Asian Wealth Growth

Christies, the global art business, saw record sales at its
Hong Kong art auction in 30 November, proving that Asia's
emerging wealthy are just about as interested in antique art as
the West.
Totalling an astounding $79 billion, the Asian art auction
attracted around 400 attendees, the Luxist publication
reports, with the top item, a 4-meter abstract painting by
Chinese artist Chu Teh-Chun, fetching $5.9 million.
One of the most-watched bidders was Shanghai-based
Wang Wei, who Bloomberg writes had spent over $146
billion to acquire rare Asian paintings. She and her husband,
stock investor
Liu Yiqian, are reportedly planning to establish their own
private museum in China in 2010.
"I just bought those for fun," Ms Wang was quoted to have said
during a break. The publication noted Ms Wang's impressive buying
confidence; she frequently topped bids with an additional HK$1
million to acquire the pieces she was pursuing.
Mainland Chinese buyers are said to be in a rush to convert their
currencies into art, as concerns with inflation and sagging
dollar continue. But, above all, the auction only shows that
Asia's wealthy are well-prepared to spend for rare luxuries and
are ready to outspend their Western counterparts. According to
Christie's website, the highest price ever achieved for a single
artwork at an Asian auction was HK$151.3 million ($19.7 million)
in 2006.
This recent Asian spending spree complements a previous story by
WealthBriefing Asia on the growing number of high net
worth individuals in the region. Based on a special report by
Forbes magazine, China is second to India in terms of fortune
size, with 79 recorded billionaires whose wealth are totalled at
$170 billion. India recorded only 52 billionaires, but their
combined total was $276 billion.