As markets plunge, Asia's wealthy flock to art

"Despite the art market's vulnerability to shocks, including the 2008 Lehman Brothers collapse, when unrealistic estimates left scores of unsold lots amid tepid bidding even in the red-hot Chinese ceramics market, Asia's rapid wealth accumulation will likely see more and more money flow into art and alternative investments such as wine.

Asia's wealth management and private banking industry remains a sparkling growth area for many struggling banks, with an estimated 3.3 million high net worth individuals worth more than $1 million, according to Capgemini and Merrill Lynch's latest annual World Wealth report. [...] 'The exponential growth in the number of emerging market (millionaires) ... is expanding the global market for investments of passion,' the report said."  [Read Full Article]

Published by:  Reuters
On:  12/18/11
Website:  http://www.reuters.com

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