Asia’s art-buying power on the riseNovember 6, 2017
Artnet News predicts boost in line with the increase in Asian billionaires.
Following UBS and PricewaterhouseCoopers’ Billionaire Insights report, Artnet News predicts a rise in Asia’s art buying power. The report, which surveys 1,550 billionaires globally, found that, for the first time there are more billionaires in Asia than in the U.S.. In fact, the number of billionaires in China has risen by 25 percent to 637.
Artnet News linked this growth to the trend for Western galleries opening up offices in China. The online newspaper noted Lévey Gorvy, Pace, White Cube, David Zwirner and Simon Lee’s recent investments in the Chinese art market.
A recent report by ARTnews magazine found that 72 of the top 200 art collectors in 2016 were billionaires. While a decade ago there was just one Asian billionaire on that list, now there are 14.