Sketching a recovery: China’s art market puts next-gen buyers in the frame amid slowdown

racey Emin’s “Take me to Heaven” on display at Art Basel in Hong Kong.

Wealth managers are increasingly targeting a younger cohort when it comes to art investment.

Photo: Enid Tsui China’s art market is showing tentative signs of recovery despite economic pressures, according to UBS, which cited rising participation from the next generation of wealthy families. “We have been seeing a rebound, with more trips for auctions and purchases [in China],” said Amy Lo Choi-wan, chairman of UBS Global Wealth Management Asia and CEO of UBS Hong Kong, in an interview with the South China Morning Post. “So I am optimistic.” Despite a prolonged property downturn and weak consumption, China’s art market eked out a marginal increase of more than 1 per cent year on year to US$8.5 billion last year, still the world’s third-largest market after the US and the UK, according to UBS.

A key driver is the ongoing transfer of wealth from founders of family businesses to their successors.

UBS estimated that about US$83 trillion would change hands globally over the next 20 to 25 years.

In China alone, more than 3 million private enterprises were expected to undergo intergenerational succession within the next decade, according to a 2025 report by a unit under the All-China Federation of Industry and Commerce.

Some major companies, including Wahaha and Country Garden, have already transitioned to second-generation leadership.

The emerging cohort of successors spanned a wide age range – from children as young as seven to adults over 50 – requiring a broader approach to client engagement, with offerings ranging from art events and cultural comedy shows to concerts and sports, Lo said.

Crowds pack Art Basel at Hong Kong Convention and Exhibition Centre in Wan Chai.

As wealth managers compete to engage younger clients, major art events are also adapting.

Photo: Eugene Lee As wealth managers compete to engage younger clients, major art events are also adapting.

Art Basel Hong Kong this year expanded its cultural programming to include Cantopop and a performance by Hong Kong-American stand-up comedian and actor Jimmy O.

Yang, while UBS last year invited Kasing Lung, creator of the popular Labubu character.

Lo said younger attendees were highly engaged, with many already familiar with Yang’s material and keen to attend shows with their parents.

About 100 pieces of the limited edition Labubu in Art Basel Hong Kong had sold out within minutes on Wednesday, UBS said.

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原文链接: 南华早报