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 interview with the South China Morning Post. “So I am optimistic.” Despite a prolonged property downturn and weak consumption,...