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High net worth individuals (HNWIs) are increasingly active in the art market, with median spending on art and antiques at $25,555 in early 2024. Notably, HNWIs in mainland China reported the highest median expenditure at $97,000, reflecting a strong post-lockdown recovery. The survey indicates a shift towards purchasing from new galleries and emerging artists, with a growing representation of female artists in collections.
The 2024 Art Basel and UBS Survey reveals that high-net-worth collectors continue to invest in art despite economic challenges, with global imports of art and antiques rising 6% to $33 billion. Spending patterns show a decline in average expenditure, particularly among millennials, while interest in new and emerging artists is growing, with 52% of HNWIs' spending directed towards them. The share of works by female artists in collections has reached a seven-year high at 44%, reflecting a significant shift in collector preferences.
Saudi Arabia is set to launch its largest exchange-traded fund, the Albilad CSOP MSCI Hong Kong China ETF, which will track Hong Kong equities. The fund has raised HK$10 billion ($1.3 billion) and will begin trading next Wednesday, marking a significant step in the financial relationship between China and the kingdom. This ETF surpasses all others listed on the Saudi exchange, highlighting the growing investment ties.
Kai Yu, a former computer science Ph.D. student at the University of Munich, is set to join the ranks of the world's wealthiest following the successful IPO of his company, Horizon Robotics Inc., in Hong Kong. The offering raised HK$5.4 billion ($695 million), boosting his fortune to approximately $890 million, according to the Bloomberg Billionaires Index.
Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence among clients from Europe and the Middle East, while the U.S. and other rivals are gaining ground in the offshore wealth sector. Despite remaining the largest offshore wealth hub, Switzerland's market share has decreased from 23.7% to 21.4%.
Switzerland remains the leading choice for international wealth management, with $2.174 trillion in assets, accounting for 21% of global cross-border management. However, its lead over the UK and US has narrowed due to significant outflows linked to the Credit Suisse crisis, which saw $183 billion withdrawn. The study indicates that while Switzerland retains its competitive edge, the fallout from the crisis and changing regulations may threaten its position in the future.
A mansion in Hong Kong's Repulse Bay has been sold for HK$160 million ($21 million), marking a continuation of distressed property sales this year. The property, known as House 3 at the Beachfront, was tied to a HK$168 million loan from Lei Shing Hong Credit Ltd., leading to legal action against the borrowers, including businessman Hui King Chun.
Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence, particularly among clients from Europe and the Middle East, while the country's traditional advantages are losing significance. Although Switzerland remains the top offshore wealth hub, its market share has decreased, with competitors like the U.S. and the U.K. closing the gap.
Switzerland remains the leading country in offshore wealth management, managing $2,174 billion for international clients, though its lead over the UK and US has diminished due to Credit Suisse's collapse, which caused $183 billion in outflows. While Switzerland retains its appeal for European and Middle Eastern clients, the stability of its banking market has been shaken, and the importance of local banking is rising globally.
Horizon Robotics, a Chinese company specializing in autonomous driving systems, has successfully raised HK$5.4 billion ($696 million) through its Hong Kong initial public offering. The shares were priced at HK$3.99 each, at the top of the expected range, after receiving orders for 1.36 billion shares priced between HK$3.73 and HK$3.99.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
high net worth individuals drive art market recovery in 2024
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high net worth collectors adapt to changing art market trends in 2024
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14:36 24.10.2024
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14:28 23.10.2024
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09:00 23.10.2024
swiss banks maintain lead in offshore wealth management despite credit suisse collapse
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09:00 23.10.2024
horizon robotics raises 696 million in successful hong kong ipo
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