China’s growing stature in the art market fosters well-informed collectors, demand for advisory services from banks
- Family office advisers see higher demand for art advisory services, including impartial expertise, collection governance and legacy planning
- Art was the best-performing luxury asset class in 2023, with prices rising 11 per cent, according to Knight Frank
China’s art collectors have done their research when it comes to making purchases, and as China became the world’s second-largest art market in 2023, banks are experiencing higher demand for art advisory services, according to family office advisers.
“Art is becoming a key focus in many families, and its ability to solve liquidity needs for tactical investments,” said Bernie Wai, the Asia-Pacific head of the global family office group at Citigroup.
As the market grows, UBS is also experiencing higher demand for art advisory services, including impartial expertise on the market, collection governance and legacy planning, said Eric Landolt, the global co-head of family advisory, art and collecting at UBS wealth management.
While art is widely considered a passion investment, it was the best-performing luxury asset class in 2023, with prices rising 11 per cent, according to Knight Frank’s latest luxury investment index. Art was the only one of 10 index constituents to hit double-digit growth last year.
“We support some of China’s wealthiest families and individuals in exploring their personal collecting aspirations and building their own cultural legacy for future generations,” Landolt said.
