Christie’s, Sotheby’s and Phillips target China’s millennial art collectors as market grows 35 per cent to US$13.4 billion in 2021

The world’s top three auction houses are exhibiting artwork at the China International Import Expo ahead of the Art021, West Bund Art & Design Fair and fall auctions

They are deepening their presence in China, taking part in events and exhibitions and meeting young Chinese collectors’ preferences

Reading Time:3 minutes

A woman walks past a mascot of the China International Import Expo in Shanghai, which continues until Thursday. Photo: EPA-EFE

Yaling Jiangin ShanghaiandDaniel Renin Shanghai

Published: 3:17pm, 6 Nov 2022

Western auction houses are strengthening their presence in China, the world’s second-largest art market, to woo the growing horde of collectors on the mainland.

They are opening or expanding their headquarters, taking part in an increasing number of exhibitions, holding auctions and curating artwork to cater to millennial collectors.

The world’s top three auction houses – Christie’s, Sotheby’s and Phillips – are taking part in the China International Import Expo (CIIE) alongside luxury groups and fashion brands. Overall, a dozen companies taking part in the expo have showcased over 100 pieces of artwork, including paintings, cultural relics and other collectibles valued at around US$175 million, according to figures provided by the participants.

“We have noticed since around 2017 that domestic collectors started showing greater interest in Western and Chinese contemporary art and young artists,” said Zhang Wenjia, the regional director of Phillips China.

Phillips’ booth at the CIIE features a painting of the cartoon character SpongeBob by the American artist Brian Donnelly, who is also known as Kaws. Photo: Handout

She added that a growing number of millennial collectors on the mainland are paying increasing attention to contemporary artists.