Top auction houses draw Southeast Asia's elite art buyers

Moneyed Millennials and Gen Zers are spending more on art pieces.

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Auction houses like Sotheby's, Christie's, and Bonhams are luring the growing pool of wealthy Southeast Asian collectors who pay top dollar for art produced by globally and regionally renowned artists.

Affluent Millennials and Gen Zers in their early 40s and late 20s have sharply increased their spending on art, emerging as a key clientele for international auction houses.

"We're seeing remarkable momentum out of Southeast Asia, where collector participation has grown significantly," Elaine Holt, deputy chairman at Sotheby's Asia, told Singapore Business Review.

There was strong bidding from Southeast Asian collectors at the auction house's March sales in Hong Kong. "This signals an exciting expansion in tastes and confidence across the region," she said in an exclusive interview.

Southeast Asia has become Christie's third-largest buying market in the Asia-Pacific region, led by Singapore and Indonesia, according to Francis Belin, the auction house's Asia-Pacific president.

"We continue to witness thriving participation from Southeast Asia," he told Singapore Business Review in a separate interview. There has also been a "notable increase" in contributions from Vietnam.

In Asia, China remains the global auction house's top market, followed by Hong Kong, according to Belin.

South Korea and India have likewise posted strong growth.

"In our Spring live auctions in Asia, mainland Chinese collectors accounted for over one third of the sale total and their spend increased by almost 20% year on year," he said.

At Bonhams, Southeast Asian auction spending has risen 67% year on year, said Julia Hu, Bonhams managing director for Asia.