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Chinese wealthy are putting more money into cash and less into stock, real estate and other investments, according to a recent survey from Allianz China Life Insurance that surveyed individuals with more than $78,520 and $175,000 in investments.
The survey backs up recent evidence that suggests the Chinese luxury and auction markets have reached their peak. A recent Christie’s auction of Chinese contemporary art came up far short of expectations, with six of the 14 lots failing to sell for the minimums.
Four lots sold below their low estimate. Christie’s wine sales have also been tepid, with recent sales showing a higher amount of unsold lots than previous auctions.
If the Chinese rich continue to lose their consuming confidence, the report indicates the business of selling to the global rich will become significantly tougher.
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