Sotheby’s yesterday announced new leadership for its Asia Art Division. Elaine Holt was appointed as Chairman of Modern and Contemporary Art and Vice Chairman of Asia. Her role begins with the opening of the new flagship gallery at Landmark Chater in Hong Kong. This appointment reaffirms Sotheby’s dedication to the modern and contemporary art market, which is increasingly popular among young collectors. Recently, there has been a notable rise in young buyers (aged 40 and under) participating in Sotheby’s modern art auctions.