As Oscar Wilde aptly noted, art is the most intense mode of individualism that the world has ever known. This sentiment happens to resonate deeply with the burgeoning art scene in this part of the globe and in recognising this, Maybank Private recently hosted an exclusive event entitled Asian Art Market: In Conversation with Sotheby’s.
During the event, Maybank Private, the award-winning wealth management division of Maybank Group serving the High Net Worth (HNW) and Ultra HNW (UHNW) client segments, conducted expert discussions around the growing demand for art collecting within Asia, highlighting art collecting trends, valuations, and the expanding opportunities in the Asian art market.
Amongst those in attendance were Group CEO of Maybank Community Financial Services, Syed Ahmad Taufik Albar, Lim Eng Ping, Head of Maybank Private Malaysia, and Jasmine Prasetio, Managing Director of Sotheby’s, Southeast Asia, who divulged about the significant growth of the art market in Asia over the past decade and the key factors driving demand in the region.
In fact, during Sotheby’s New York marquee auctions that took place in April this year, buyers from Asia accounted for nearly a quarter of the Modern Evening Auction value. In 2023, Sotheby’s also delivered one of the strongest years in Asia, with sales surpassing USD1 billion for the third consecutive year, further cementing this regional appetite for art.
Prasetio highlighted, “A testament to the vibrant interest in art collecting in Asia, more bidders from Southeast Asia are participating in our global auctions in the past few years. Most recently, our Singapore Modern and Contemporary Auction attracted 20% of new buyers, a majority of whom are young collectors. Sharing insights with the local audience through this event echoes our continuous commitment to fostering meaningful dialogues with the regional communities.”
“Maybank Private is recognised with multiple awards for our services and expertise in investment advisory. Yet, we are continually seeking ‘money-can’t-buy’ experiences to ultimately be a meaningful wealth partner, allowing clients to experience our differentiated approach firsthand,” said Lim Eng Ping.
The event demonstrates that modern investment strategies can go beyond traditional equities, mixed assets, and bonds. With art emerging as a leading passion investment among HNW clients globally, Maybank Private is reaffirming its role as a pioneer in innovative wealth management, ensuring clients remain up-to-date about trends in art collecting.
Syed Ahmad Taufik Albar added, “As we strive to live up to the Maybank M25+ strategy to spur growth in wealth management, we continue to offer unparalleled value to clients both within ASEAN and globally. Art, as a unique asset, has the potential to sustain one’s legacy and we aim to raise client awareness on broader opportunities in the alternatives market.”
The Asian Art Market: In Conversation with Sotheby’s event also included a private tour of the Penthouse of The Residences at The St. Regis Kuala Lumpur, exclusively for guests of Maybank Private to view a collection of artworks by renowned artists such as Andy Warhol, Roy Lichtenstein, and Fernando Botero, as well as various rare collectibles.
Through such events, Maybank Private continues to set the standard for wealth management, blending traditional financial acumen with an appreciation for the cultural and emotional value of alternative investments. Partnering with big names like Sotheby’s – a premier destination for art and luxury renowned for high-value auctions, as well as the first international company to host auctions in Asia – is yet another way Maybank Private serves as a catalyst for change.
Visit www.maybankprivatewealth.com for more information on Maybank Private.
(Featured image: Syed Ahmad Taufik Albar, Group CEO of Maybank Community Financial Services)