Art attack

Whether through a gallery or an auction, the hobby is gaining momentum in Asia, writes Vivian Chen

You can learn a lot from a man who’s willing to pay HK$74 million for a bowl. Collector and antiques dealer William Chak made headlines last month when he bid that head-turning amount for a porcelain bowl, circa the Qing dynasty, at a Sotheby’s auction. “You can never pay too much for something priceless,” advises the industry veteran, who knows, perhaps a little too well, that collecting art is not always about money but a chance of a lifetime.
Unlike your limited-edition Bugatti or customised Birkin, a piece of art is one-of-a-kind and by its nature impossible to replicate perfectly – making it a truly exclusive luxury. Art is now considered a symbol of taste and at times an indication of social status, more so in emerging markets in Asia.
“It’s like how the Wall Street elites used to shop for Picasso; it’s starting in China and Asia at large,” says Eric Chang, Christie’s Hong Kong’s senior vice-president and international director of Asian 20th century & contemporary art. “I’ve come across big corporation owners [who seek to] impress their international clients by hanging Picassos in the office.”
Thanks to the growing population of multibillionaires in Asia, auction houses, art dealers and consultants are flocking to the region to help the wealthy become art connoisseurs and potentially sophisticated collectors who would later be able to curate collections for their private museums. The problem, as with most serious hobbies, is determining how and where to start.

“A perfect collection should be consistent and also diverse,” Chang says. “Some collectors build their collections around an artist or a theme, such as portrait or scenery.”
Chak, who has been in the trade for more than a decade, builds his antiques collection based on themes such as ceramics or Chinese stationery. “Having a direction is important and it also helps you score the top quality collectables,” he explains. “There will always be a market for [high quality pieces].”
Keeping the market in mind is important, because unlike some other luxury assets that can depreciate in value with use, art pieces often appreciate in value over time.
“Art and property are probably the only two things that go up in value even after you’ve had them for years,” Chang says. “Over the past 15 years, some artworks have been sold at 30 times their original value.”
Nevertheless, you should always maintain a personal interest in your own collection, and you would be giving away the fun if you delegate the scouting work to someone else.