Christie’s, the global auction house, has appointed a managing director to develop its China activities, a role it has newly created in a bid to tap the high-growth region.

Jinqing Caroline Cai starts 1 June, reporting to François Curiel, president, Christie’s Asia. Cai joins Christie’s from public relations firm Brunswick Group, where she was a partner since 2005.

Cai will lead the privately-owned auctioneer’s presence in China and work closely with the company’s licensing partner, Forever, said Christies in a statement.

She will take an active role in promoting international exposure of Chinese art and advising clients globally on both the Chinese art categories and the Chinese marketplace. She will also oversee initiatives that further elevate China’s culture in the global marketplace, whilst protecting and celebrating its cultural heritage, said the firm.

Curiel said that the importance of China culturally and economically is profound. “A key priority has been to strengthen Christie's China presence and familiarize Chinese collectors with the broad spectrum of our services, making it easy for them to transact with us. A crucial element in this ambitious vision for the region was the appointment of an experienced professional. Jinqing Cai will also be of great help in further elevating China's art and culture in the global marketplace".

Last year Christie’s had global auction and private sales totalling $5.7 billion, a large chunk of which came from Asia Pacific. A private banking source close to WealthBriefingAsia said that in China, expensive art and other collectable assets are rapidly gaining favour amongst the newly-minted. Part of this is down to the desire for trophy assets, but a large attraction is the use of art as a wealth vehicle. 

Restrictions on overseas investment in China are still tight, so some Chinese high net worth individuals are buying tangible assets like art, wine or even diamonds, which they can ship back to less-restrictive Hong Kong to sell at auction.