Art

Asia’s young and wealthy are fueling demand for art — what are they collecting?

Published

9 months ago

January 8, 2024

Auctioneer Victoire Gineste gestures as she adjudicates for 20 million euros ($21.9 million) a recently rediscovered drawing by Michelangelo, the artist’s first known nude, at the Christie’s auction house in Paris on May 18, 2022.

Emmanuel Dunand | Afp | Getty Images

Wealthy, young collectors in Asia have been fueling demand for art — particularly via online channels — and have emerged as a key clientele for international auction houses.

Despite being relatively new to the market, Gen Zers, those aged between 12 and 27, and millennials — 28 to 43 years old — have sharply increased their spending on art purchases.

The median expenditure on art and antiques by high-net-worth millennials in Asia was $59,785, while for Gen Zers it was $56,000 during the first half of 2023, compared with $61,820 and $65,000, respectively, for the entire 2022, according to the Art Basel & UBS Survey of Global Collecting 2023.

“Asia is a key driver of millennial buying at Christie’s globally,” Christie’s said.

Mainland China was the top contributing region by value for millennials, followed by Hong Kong and Singapore at Christie’s Hong Kong 2023 Autumn Auctions, a spokesperson told CNBC.

In Asia, collectors from China had the highest median expenditure of $241,000 in the first half of 2023, followed by Singapore at $38,000 and Taiwan at $31,000 — with Chinese patrons also being the largest spenders globally, the report showed.

Top-tier international auction houses Sotheby’s and Phillips have also reported a surge in purchases by young Asian collectors in recent years.

In the first half of 2023, millennials made up almost 40% of Christie’s buyers in Asia Pacific, and 20% in the Americas, Europe and the Middle East, according to the spokesperson. A report from the auction house showed a 65% increase in new Gen Z buyers in 2023.

Millennials accounted for nearly a third of the global buyers and 40% of Asian buyers at Phillips in 2022, its latest annual report showed.

Sotheby’s 2023 report stated that bidding activity of younger collectors grew to 30% in the first half of 2023 from 6% in 2018. Millennials and Gen X — aged 44 to 59 — are classified as “younger collectors” by the auction house.

While there was “significant activity from millennials across Asia,” “flourishing contributions” from Taiwan and South Korea stood out in 2023, the Christie’s representative highlighted.

What are they collecting?

Younger buyers have a different eye for art and their purchases contrast with the preferences of older generations.

Last year, millennials spent the most on sculptures, installations, photography and film or video art, while Gen Zers favored digital art and prints, the report by Art Basel & UBS stated.

“Millennial collectors are drawn to figurative work … there is also a demand among young buyers for surrealist landscapes that portray spiritual spaces,” Erin Remington, director of sales and curation at Saatchi Art, an online art gallery and marketplace, told CNBC.

As many as 64% of the younger buyers — aged 18 to 36 — feel that it is important to have emerging artists in their collection, compared with just 43% of the older buyers, Artsy, an online art brokerage told CNBC.

For the younger collectors, purchasing from blue-chip artists — those who are well-known in the industry — is not a priority. Only 11% of the younger collectors consider it important to collect blue-chip art, compared with 23% of the older buyers, Artsy’s 2023 Art Collector Insights showed.

In Asia, millennial buyers are collecting both contemporary and classical Asian Art, “reflecting a desire to connect with their roots and culture,” the representative at Christie’s said.

At Christie’s 2023 Hong Kong Autumn Auctions, 40% of the new buyers who purchased Chinese ceramics, paintings and works of art were millennials, Christie’s told CNBC.

Online art auctions

While physical auction numbers have mostly returned to the pre-pandemic levels, online art sales are here to stay.

The size of the online art market is expected to grow to $17.76 billion by 2030 from $9.72 billion last year, according to a report by Grand View Research.

The number of online art auctions also rose in 2023 as high-net-worth collectors — individuals with at least $1 million in liquid financial assets — became more selective about physical art events, and most reduced visits to live auctions, the report by Art Basel & UBS showed.

Post pandemic, the art world saw a “massive shift into digital,” Francis Belin, president of Asia Pacific at Christie’s told CNBC’s “Squawk Box Asia.”

In the first half of 2023, 80% of the bids across auctions at Christie’s were placed online compared with pre-pandemic levels of 45% in 2019, Christie’s said.

The pandemic has “brought digital very much at the forefront in what we do, which is presenting arts and supporting transactions … a lot of collectors now are being very comfortable (with online auctions) bidding up to 40 million Hong Kong dollars ($5.12 million),” Belin said.

Gen Z collectors often purchase art from listings online and have favored handbags, watches and prints — artworks created by applying ink on engraved wood or stone and pressed onto paper — according to the report by Christie’s.

Auction houses are stepping up investments in digital spaces to entice younger buyers who are “more digitally savvy and globally connected,” Christie’s said.

It continues to extend its digital reach through livestream auctions and online bids on social media platform WeChat. The auction house’s livestreams hit a record high of 60 million views in 2023, the representative highlighted.

“We have increasingly millennials and younger collectors buying at Christie’s [and] starting to collect … that we’ve been able to also engage much more with all our digital innovations,” Belin added.

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Art

Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

Published

6 days ago

September 13, 2024

Harry Miller

In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

Art

Ukrainian sells art in Essex while stuck in a warzone – BBC.com

Published

2 weeks ago

September 2, 2024

Harry Miller

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Ukrainian sells art in Essex while stuck in a warzone BBC.com

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Art

Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

Published

1 month ago

August 18, 2024

Harry Miller

The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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