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 exclusive 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.
