In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of April 7-11, 2014.
Zhang Xiaogang Smashes World Record With $12.1 Million Sotheby's Sale#
“Collectors from around the world competed vigorously for paintings assembled from private collections by Sotheby’s global network of specialists, causing records to tumble,” said Sotheby’s Asia CEO Kevin Ching. One major factor in the many recent records set for Chinese contemporary works is the rising presence of Chinese collectors in the market. With growing incomes and a pragmatic, investment-minded approach to buying, Chinese bidders are spending more at auction every season as their numbers swell.
China's Sketchy 'Daigou' Luxury Market Is A Hotbed For Fakes#
Online shoppers in China thought they could rejoice when they realized they could avoid high local taxes and buy their favorite Gucci bags for a fraction of the price from daigou (代购) sellers. The term, which loosely translates into “buying on behalf,” refers to a system in which people living or traveling overseas buy luxury goods in low-tax countries and sell them in China for prices far cheaper than what they could find domestically. However, it turns out that shoppers may have more to worry about than they think. A recent article from Chinese tech news site IT Times discovers that many of these daigou sellers’ assurances of authenticity turn out to be empty promises, and this counterfeit culture, according to the article, is deeply ingrained in the daigou industry.
How Lane Crawford's 'Unique' Business Model Defies China's Anti-Graft Drive#
Despite China’s ongoing corruption crackdown that has dampened sales for some luxury companies, Lane Crawford President Andrew Keith told CNBC that his company hasn’t felt the pain. In fact, Lane Crawford has gone ahead with its expansion plans into mainland China, and opened a new store in Chengdu this year.
China's Gigantic Wine Market Goes Digital#
Wine buyers in China are getting savvier, and with half a billion mobile internet users, more are preferring to make their purchases online rather than at a brick-and-mortar store. A recent announcement by Jiuxian, one of China’s largest wine specialist e-commerce sites, highlights this trend: the company has secured 420 million yuan ($69 million) in new funding this year, underscoring the blazing growth wine e-tailers in China are experiencing despite previous skepticism about their chances for success.
From Retail To Yachts, Chinese Investors Set Sights On Storied British Brands#
From real estate to multinational companies, Chinese investors have been making big-ticket acquisitions abroad at a rapidly growing pace. The latest major buyout, the April 4 announcement that Chinese conglomerate Sanpower has agreed to buy a majority stake in 165-year old British department store chain House of Fraser, shows that luxury and retail with British heritage are prime investments for Chinese buyers looking to both expand in China and bank off an influx of Chinese tourists to the UK.
