Christie's to Open New Hong Kong HQ, Sees Growing Asian Gen Z Interest

People watch the sunset over Victoria Harbour from a mountaintop in Hong Kong, China March 12, 2024. REUTERS/Tyrone Siu/File Photo
People watch the sunset over Victoria Harbour from a mountaintop in Hong Kong, China March 12, 2024. REUTERS/Tyrone Siu/File Photo
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Christie's to Open New Hong Kong HQ, Sees Growing Asian Gen Z Interest

People watch the sunset over Victoria Harbour from a mountaintop in Hong Kong, China March 12, 2024. REUTERS/Tyrone Siu/File Photo
People watch the sunset over Victoria Harbour from a mountaintop in Hong Kong, China March 12, 2024. REUTERS/Tyrone Siu/File Photo

Auction house Christie's hopes its new 50,000-sq-ft Asia headquarters that opens in Hong Kong in September will boost sales in 2024 amid increased interest across the region from a new generation of culturally astute millennials and younger.
Francis Belin, Christie's Asia-Pacific president, said he is "cautiously optimistic" about sales in the region as they try to engage with clients with the right products, right price and "exciting" events, Reuters said.
"We think we'll continue to see a market in 2024 which is not as booming as in 2021, but it's one that we can navigate if we do the right thing like we did in 2023," Belin told Reuters on Monday.
Total auction sales in the Asia-Pacific region eased 4% to $805 million last year from 2022, contributing 28% to the group's total. The sales decline compared to 43% and 9% drops in Americas and EMEA (Europe, Middle East, Africa), respectively.
Greater China accounted for 80% of Asia-Pacific sales.
Christie's also saw a surge in new buyers among millennials, born between 1981 to 1996, and Gen Z, born since 1997. It said Asia-Pacific accounted for 66% of its global millennial buyers last year, and more than half of them were from mainland China. Gen Z buyers from Asia-Pacific also more than doubled.
Belin said the auction house had started to see a surge in buying from young Chinese collectors for Chinese works of art and paintings over the past three years, rising from a few percentage points to up to 20% now, thanks to the company's increasingly use of Chinese social media apps such as Wechat and Xiaohongshu.
"So you find collectors at the depth of collecting, not just the hip, new artist, but that goes back to their cultural roots. That's meaningful for them and their culture," Belin said.
The market was slower last year because collectors were not convinced it was the best time to sell, he added.
The auction house will open its new Asia-Pacific headquarters at The Henderson, a new office tower in Hong Kong's prime Central district, in September. Christie's four floors in the building, which is being designed by Zaha Hadid Architects and developed by Henderson Land, will launch a three-month program of sales, exhibitions and events until November.
Belin shrugged off the impact of new national security laws that the Hong Kong government has imposed on the city, saying the financial hub still has a free flow of capital and rule of law.
He said he recognised the Hong Kong government's efforts in developing the city's arts and culture by hosting international events and building the West Kowloon Cultural District, which overlooks Victoria Harbour.
"Hong Kong will be able to rebuild itself; art and culture is part of it."
The Knight Frank Luxury Investment Index (KFLII), which tracks the performance of 10 popular investments of passion, showed that art was the best-performing luxury asset class in 2023, followed by jewelry, with prices rising 11% and 8%, respectively.
Knight Frank said in a report last week clients in Hong Kong allocate 19% of their investment portfolio to luxury investments, in line with the global average.



Penguin Memes Take Flight after Trump Tariffs Remote Island

A waddle of King penguins, some of the only inhabitants of the Australian territory of Heard Island -- which is among those targeted by US President Donald Trump's tariffs. Matt CURNOCK / AUSTRALIAN ANTARCTIC DIVISION/AFP
A waddle of King penguins, some of the only inhabitants of the Australian territory of Heard Island -- which is among those targeted by US President Donald Trump's tariffs. Matt CURNOCK / AUSTRALIAN ANTARCTIC DIVISION/AFP
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Penguin Memes Take Flight after Trump Tariffs Remote Island

A waddle of King penguins, some of the only inhabitants of the Australian territory of Heard Island -- which is among those targeted by US President Donald Trump's tariffs. Matt CURNOCK / AUSTRALIAN ANTARCTIC DIVISION/AFP
A waddle of King penguins, some of the only inhabitants of the Australian territory of Heard Island -- which is among those targeted by US President Donald Trump's tariffs. Matt CURNOCK / AUSTRALIAN ANTARCTIC DIVISION/AFP

Donald Trump's tariffs have become a black and white issue on social media, where penguin memes have gone viral after he targeted an island inhabited by the flightless birds, but no people.

One widely shared image on Thursday showed a penguin in place of Ukrainian leader Volodymyr Zelensky in the Oval Office during his recent row with the US president and Vice President JD Vance.

Another meme showed US First Lady Melania Trump gazing up at an emperor penguin -- in place of former Canadian Prime Minister Justin Trudeau -- while Trump looks askance.

Trump's announcement of worldwide tariffs on Wednesday certainly received an icy reception in many countries.

But there has also been bafflement about why some of the most remote parts of the world have been targeted.

A case in point: why would Trump slap 10 percent tariffs on all exports from the Heard and McDonald Islands, a barren sub-Antarctic Australian territory without a human population, but four different species of penguin?

"The penguins have been ripping us off for years," Anthony Scaramucci, who was Trump's former communications chief for 11 days in his first term and is now a vocal critic, joked on X.

"Donald Trump slapped tariffs on penguins and not on Putin," posted US Senate Democratic leader Chuck Schumer, referring to the fact that Russia was not on the US tariff list.

The White House said sanctions on Russia over President Vladimir Putin's war on meant that there was no "meaningful" trade on which to impose tariffs.

Trump also caused puzzlement with his 29 percent tariff on Norfolk Island, a tiny Australian territory in the Pacific with a population of a little over 2,000 humans.

"I'm not quite sure that Norfolk Island, with respect to it, is a trade competitor with the giant economy of the United States," Australian Prime Minister Anthony Albanese said.

Britain's remote Falkland Islands -- home to one million penguins, and most famous for a 1982 war fought by Britain to repel Argentinian invaders -- was hit by 41 percent exports even though the UK only faces 10 percent.

Trump's tariffs have however been no laughing matter for global markets, with US stocks suffering their worst day since the Covid pandemic in 2020.