Collectibles are heading east as China's millionaire population booms
A new report states that the number of Chinese millionaires increased by 9.7% last year
The number of Chinese millionaires grew by 9.7% in 2010, according to a new figures released this week.
Hurun Research Institute's latest wealth report estimates that one in 1,400 Chinese is now a millionaire, defining the title by those with more than 10 million yuan, or $1.52m.
Of those 960,000 millionaires, 60,000 are deemed 'super rich', with more than 100 million yuan at their disposal, testament to China's surging economy, which stands behind only the US in terms of wealth.
The report states that these top earning individuals on average own five luxury watches and four cars, and acknowledges the growing interest among these individuals for collecting fine wine and art, in particular Chinese works.
Earlier this month a triptych by Zhang Xiaogang sold for $10.1m at a Sotheby's Hong Kong sale, setting a new record for Chinese contemporary art in the process.
Rare whisky is also proving popular with Chinese investors, with figures from Britain's Scotch Whisky Association indicating that exports to China rose by 24% last year.
According to Rupert Hoogewerf, the Hurun Report's author, the statistics may be a significant underestimate, suggesting that China could be set to lead the way in the collectibles market over the coming years.
"There is still a great deal of hidden wealth in the Chinese economy," he explained.
"We estimate there to be 4,000 renminbi billionaires in China with only a third making the Hurun Rich List."
What next for the Chinese investor? The country has recently declared plans for human space exploration, which could well ignite interest in the field among investors.
The worth of Neil Armstrong's autograph rose by 900% between 2000 and 2010, proof that there is money to be had from the stars.
- Click here to view our Art & Photography stock items for sale
- Learn how you can get pleasure and profit by investing in Chinese art
- Read all the latest Art & Photography, Wine, Whisky and Spirits and Space and Aviation news
Recent and related articles...
· Paul says... 'Chinese buyers are coming to an auction near you' | 16 March 2011
China is now #2 in the global art market - and this could be great news for all areas of collectibles...
Charles Miller, which sold the flag from Nelson's ship, is offering an album from the doomed sailor
· $1.9m Scottish Colourist painting could awake collectors at Christie's art sale | 15 February 2011
Samuel John Peploe's The Coffee Pot is expected to add plenty of colour to the May auction in London
· Paul says... 'Here are some top collecting tips for the New Year' | 29 December 2010
2010's markets were filled with passion, pleasure and profit - and here's how you can benefit in 2011
· Paul says... 'Think global with your collecting and the world is your oyster' | 1 December 2010
Quite frankly... there's never been a better time to invest in collectibles
Image: Jakub Hałun and SKopp