- POSTED: 28 Jul 2014 20:51
- UPDATED: 29 Jul 2014 00:56
Asia's next generation of wealthy have been interested in the arts lately, giving the market a renewed boost.
SINGAPORE: Asia's next generation of wealthy have been interested in the arts lately, giving the market a renewed boost. Global art sales climbed up to pre-crisis levels in 2013, totalling S$79 billion - just short of the record S$80 billion in 2007.
Credit Suisse has decided to tap on this through its specialised Asia Pacific Legacy Programme, which works with the offspring of their Ultra High Net Worth clients through various topics of wealth management. The art appreciation segment was added last year, due to increasing demand for education in the area.
Thirty-six participants, aged between 20 and 30, were given an introduction to the contemporary art market and exposed to the various options for investment.
Asian buyers made up 16 per cent of art auction house Christie's total sales in 2013, and China specifically accounted for 24 per cent of the total art market.
Bernard Fung, Head of Family Office Services and Philanthropy Advisory (Asia Pacific) in the Private Banking & Wealth Management division of Credit Suisse, said: "The legacy programme is held in Asia. And for the next generation who are in Asia as well as parts of the world, art is actually a very interesting window for them to understand the local culture in which they are operating and existing."
Jerome Ng, a participant of Credit Suisse Asia Pacific Legacy Programme 2014, said: "As the saying goes - wealth does not go past three generations. A programme like this offers us new perspectives on how we can preserve or grow a business and sometimes it gives up different opinions from our parents or our guiding mentors and being exposed to different perspectives is always good for us."