Christie’s hires former Sotheby’s Asia CEO as region’s chairman

AUCTION house Christie’s has appointed Kevin Ching as its Asia chairman, as competition heats up in the industry.

Ching was Sotheby’s Asia chief executive officer for 15 years before retiring in 2021. He guided the firm’s expansion in the region, especially in mainland China. He starts with Christie’s on Wednesday (May 24), ahead of the firm’s spring auction season.

“We’d be looking to develop business and increase Asia buying not only in Asia but also globally,” Ching said in an interview on Monday. Hong Kong is well placed to remain Asia’s art and culture headquarters, he said, citing policy support from mainland China.

Christie’s is “cautiously optimistic” about the outlook in China, its Asia president Francis Belin said in the same interview. After a complicated time for the art world due to macroeconomic and geopolitical tensions, sales results from Asian Art Week in New York among other events were early indicators of a strong year, he said. The firm is heading into the spring auctions with a “reasonable level of confidence,” he said.

Global art sales last year recovered to levels higher than before the pandemic, according to a report by Art Basel and UBS Group.

In China, however, art sales declined by 14 per cent on-year to US$11.2 billion as pandemic lockdowns stalled activity and events were impacted. The market fell to third place in the global ranks, according to the Art Basel report. Then by late 2022, sentiment improved and 68 per cent of China dealers surveyed were expecting better sales this year.

A NEWSLETTER FOR YOU

Friday, 2 pm

Lifestyle

Our picks of the latest dining, travel and leisure options to treat yourself.

Sign Up

Christie’s Hong Kong recorded US$835 million in sales last year, the third highest on record and above pre-pandemic levels. The company said 40 per cent of new buyers were millennials, and 30 per cent bought online.

The firm remains on track to move to its new 50,000 square foot (4,645 square metre) space at The Henderson in Hong Kong’s central district in 2024, although the exact timing hasn’t been confirmed, Belin said. Rival Sotheby’s is expanding in Hong Kong and will start to conduct transactions in mainland China this year, while Phillips recently opened its new headquarters at Hong Kong’s West Kowloon Cultural District. BLOOMBERG