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Asian buyers dominate luxury auctions in first half of 2023, says Christie’s
The global auction house has recorded significant growth in Asian buyers at its luxury auctions, with the region contributing almost 60 percent of millennial buyers.
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Gallery assistants hold two paintings attributed to Dutch artist Rembrandt on June 21, 2023, ahead of their presentation at Christie’s auction house in Amsterdam. The two portraits are slated go under the hammer on July 6, 2023 in London. (AFP/Kenzo Tribouillard)
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ollectors from Asia contributed most to purchases at luxury auctions in the first half of the year, British auction house Christie’s told a press briefing on Wednesday.
The region also contributed the lion’s share of 38 percent to the global luxury auction market, it said, followed by Europe, the Middle East and Africa (EMEA) at 34 percent and the Americas making up the remaining 28 percent.
Christie’s luxury goods auction includes jewelry, timepieces and handbags, with sales totaling US$590 million in the first six months of 2023.
In terms of global sales from auctions and private purchases during the same period, however, share from Asia-Pacific buyers contributed just 26 percent of $3.2 billion in total purchases, falling behind buyers from the Americas at 39 percent and from EMEA at 35 percent.
Meanwhile, overall global sales fell 23 percent compared to the first half of 2022, according to the auction house.
Read also: No fakes, just rentals: How young Indonesians sport luxury bags without breaking the bank
It said spending among Asian consumers, particularly on jewelry in Hong Kong, was crucial in regaining market confidence. The 15.81-carat diamond called “The Sakura”, for instance, brought in close to $30 million in Hong Kong.
