Sketching a recovery: China’s art market puts next-gen buyers in the frame amid slowdown

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 China-morning-post" class="entity-link entity-organization" data-entity-id="12558" data-entity-type="organization">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 China-federation-of-industry-and-commerce" class="entity-link entity-organization" data-entity-id="86369" data-entity-type="organization">All-China Federation of Industry and Commerce.Female investors are emerging as a key driver of the market, managing wealth inherited from family businesses as well as their own, according to Amy Lo. Photo: Edmond SoSome major companies, including Wahaha and Country Garden, have already transitioned to second-generation leadership.