Week In Review: October 7-11, 2013

In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of October 7-11. From Watches To Wine, Luxury Trumps Equity For Chinese Collectors Wine, art, gems, jewelry, and watches are a few examples of luxury items rapidly growing in popularity as investment items for China’s wealthy as hard assets continue to be seen as more stable than an unpredictable stock market at home and global economic instability. According to a new report released yesterday by research firm WealthInsight, Chinese collectors hold the second-highest amount of luxury investment worldwide, with a compound annual growth rate (CAGR) that rose by 21.11 percent from 2008 to 2012 for a total value of US$43 billion. Zeng Fanzhi's 'Last Supper' Commands Record $23.3 Million At Sotheby's A piece by Chinese artist Zeng Fanzhi set the record for a piece of Asian contemporary art at auction on Saturday evening for Sotheby’s 40th anniversary sale in Hong Kong. After 12 to 13 minutes of high-excitement bidding, Zeng’s painting The Last Supper sold for HK$180,440,000, or around US$23.3 million. The price was far above the original estimate of around US$10 million, and surpassed Zhang Xiaogang’s previous record of HK$79 million for the highest-priced piece of contemporary Chinese art sold at auction. Why International Brands Can't Ignore Culture In China For any global luxury brands who may think that that China-specific products, Chinese-language service, and marketing strategies informed by a deep understanding of local customs and culture are superfluous to success in China, a recent report by JWT Intelligence entitled “Meet the BRIC Millennials” is worth a close evaluation. The report found that even with the substantial influence of globalization, younger generations in the BRIC countries still find it overwhelmingly important to hold onto key aspects of their country’s culture and traditions, and of all four BRIC countries, the sentiment is strongest in China in several respects. Hong Kong Tops List Of Chinese Travelers' Golden Week Destinations Hong Kong. (Wikimedia Commons) Hong Kong was the main destination for Chinese tourists during the recently concluded Golden Week, according to the results of a new survey published by Hotels.com. The survey also finds that among the top 10 destinations, Las Vegas was the only one outside of East or Southeast Asia to make the list. Video: Galeries Lafayette Teams Up With Designer Simon Gao For Beijing Debut For Parisian department store Galeries Lafayette’s Beijing opening on September 28, it teamed up with a Chinese designer for the first time ever to produce a special China-only collection entitled Simon Gao for Galeries Lafayette. Beijing native Simon Gao has made a name for himself as a major force among up-and-coming young Chinese designers. The choice of the French retailer to collaborate with Gao shows its emphasis on localization, and the store will feature an area dedicated to Chinese designers called The Beijing Labo.

Week In Review: October 7-11, 2013

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Published October 11, 2013

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Week In Review: October 7-11, 2013