Celebrity Life

A consultant with extensive experience with top collectors and institutions around the world, Wendy Goldsmith talks to us about navigating the art world, her changing clientele, the Western market and Asian collectors.

Wendy Goldsmith first joined renowned British auction house Christie's 19th Century European Art department in London over 20 years ago. There, she would travel across Europe and West Asia, sourcing key material for auctions and heavily contributing to the house's name and fame. After becoming its youngest Director and Auctioneer, she moved to New York and became the International Head of 19th Century European Art. In 2003, she returned to London and established herself as a private art consultant – Goldsmith Art Advisory.

Goldsmith's experience includes achieving some world-record prices in the art auctioning world while working with top collectors and institutions around the world. These days, she works out of her Mayfair office, focusing on Impressionist, Modern and Contemporary paintings and sculpture. We talk to her about the importance of art advisors, navigating the art world and the Western market, and the changing face of Asian collectors.

Goldsmith Art Advisory's Wendy Goldsmith on Navigating the Art World

Where have you been spending time over the past two years?

The last two years have been spent mainly in the UK. When not working in London, I was exploring many of the regional British museums and staycationing in some of our gorgeous country hotels whenever openings allowed. The only trip abroad was a trip to America last spring when I was able to sneak in due to my American passport. It had been too long not to see clients.

Have you been able to travel when possible during the pandemic and have you noticed people's travel patterns changing due to it?

It was exceedingly difficult for people to travel, hence almost impossible for them to view paintings and attend art fairs – because they simply didn't exist. The vaccine became the gamechanger, allowing the confidence for globetrotting to the world’s cultural capitals once again.

Has the demographic of your client base altered in any way in recent years?

There is no question that the clients have become younger and younger and younger, and they start at a much higher level; in my day you'd have 50, 60, and 70-year-olds buying the great works and the younger ones would start collecting with prints. Now you have 25-year-olds starting with seven-figure pictures which, having done this for so long, I still find extraordinary. 40 percent of the new clients at auction are under 30, as they are so comfortable buying online as well which is where all the sales seamlessly moved to over lockdown. In addition, the depth of the market is like nothing we've ever seen. Almost every country is involved – there were many years when certain nationalities would dominate; the Japanese in the late 80s, then the Russians, then the Italians yet now, literally everyone is enjoying the ride, with Asia leading the way.

Are there particular types of works that are notably popular at the moment?

Art that is popular to Western buyers has been filtering over to the Asian audience over the last few seasons. Now you have Western artists appearing more and more in the Hong Kong sales, which we never saw before when they were dominated almost purely by Asian artists. The experiment was a great success, especially as Asian collectors are educated and sophisticated, wanting to collect in-depth. They started with the obvious artists such as Andy Warhol, but have moved on to the likes of Nicholas Party – not necessarily a household name for those outside of the art world.

Are there obstacles to accessing specific works from the Western market for Asian collectors? How can these obstacles be overcome?

The problem with the current market is that everyone seems to gravitate to the same artists, which makes access the most difficult hurdle. Working with an advisor helps to overcome these obstacles. They have usually worked for years to cultivate relationships with the galleries, along with various other key colleagues, in order for their clients to have priority for the next great work to appear by their coveted artist. The other way to gain access is auctioning, which is why we have seen some outstanding prices in recent years. The person who puts their hand up in the air longest is the one who wins. Cash is king. It’s the great equaliser, without any waiting lists.

How has the pandemic affected your own ways of working?

Technology changed everything, and thank goodness we had it. Viewings were impossible over lockdown although, at one point, I did have a warehouse opened up exclusively to show a client one painting. The entire warehouse was completely empty, except for the managing director showing us around. I had to pull a lot of strings to make that happen, but it was the only way that deal could have gone through. That was early on during Covid but as time went on, collectors became more and more accustomed to buying online, especially new ones, once they were familiar with an artist and could see a high res jpeg, or had faith in the seller such as the brand names of Christie’s or Sotheby’s.

How would you say the pandemic has affected the buying and selling behaviours of your clients? How so for a wider collector base?

It remains a problem for Asian collectors, especially Chinese, as they literally cannot leave the country. Nevertheless, when there is an exhibition in say, Hong Kong, there are queues out the door. Local collectors can’t go elsewhere to view and experience art, so this is a very big event for them, even more so than usual. Art Basel Hong Kong was a huge success in March. Then the series of auctions held at Christie's, Sotheby's and Phillips saw some extraordinary numbers from this captive audience.

When looking at recent sales in Hong Kong, is there anything notable in the types of collectors? Or the prices reached for particular works?

There is a trend in every sale. At the moment, collectors are looking at Black artists, they're looking at women artists and even within this field, they are looking at female surrealist artists. Every collector is always looking for the next big thing which speeds up exponentially. This again stems from technology. There's such unprecedented access to information so people's tastes are constantly in flux.

More broadly, art fairs in Hong Kong (from Art Basel in May to Unscheduled more recently) have in 2021 reported strong sales – do you have any comments on this in terms of what it says about the market in general? Does this have longevity?

The art world is not going anywhere. Again, there's just greater and greater depth of the market as a whole new generation of worldwide buyers come into the marketplace. The younger collectors obviously start at the contemporary side of things with what their friends are collecting and what they understand. Sometimes, they then work backwards to early modern, which looks like such good value in comparison at the moment. On the other hand, their parents started with some classic names they knew from their art history books – Van Gogh to Renoir to Picasso – but as these artists become harder and harder to come by (as well as increasingly more expensive), some of them realise that it was actually more fun in a way, once they collected what they wanted, to move on to contemporary. So it's really interesting where all the generations are meeting.

What might be your predictions as we come out of lockdown?

As we come out of lockdown, people are going to be more and more selective of the number of art fairs they attend, as well as the actual auctions. Having said that, they are also grasping any opportunity to see art in person once more. You can become familiar with paintings by a particular artist but nothing duplicates the experience of actually standing in front of a work of art. Interacting with artists is also the lifeblood for collectors – they love a good studio visit. They get great satisfaction from meeting with artists, understanding their thought processes, seeing their progress, supporting them and often, becoming friends. It is a dynamic that will last for hundreds of years.

Are there art fairs you have booked to visit in your calendar currently, now that some areas are opening up?

The size and numbers of art fairs may become reduced as many of the smaller galleries are realizing that without the huge expenses of these overheads, between travel, shipping and hotel costs, plus of course the cost of renting a booth for the fair, they can do just as much and more with .jpg and online viewing rooms. It’s also an impetus to get clients back into bricks and mortar galleries and view proper exhibitions. Nevertheless, I am looking forward to Art Basel Miami in early December, along with some excellent satellite fairs. Plus, everyone is in a good mood in the sun.

How can people try to navigate a complicated and increasingly overwhelming market?

The art world has become an almost impossible beast to navigate, even for professionals. That's why an art advisor is so essential if you're going to take collecting seriously. It would be physically impossible for a layperson to go to all the exhibitions, auction viewings, museum shows, gallery openings I attend, as well as read all the websites I look at, the previews for the shows and art fairs – not to mention the endless auction catalogues. So you really need someone in your corner: a support system, a teacher and an educator to really understand the complexities of this absolute minefield, especially when there can be so much money on the line. Art advisors pay for themselves, just in that aspect alone.

What advice would you give to burgeoning collectors unsure of how to build their collections?

You can't see enough. Look at art anywhere, anytime and at any opportunity. Start to really understand your taste which is why it also helps to see the bad, in order to understand the good. It can take years to gain the confidence and education to build a collection so there’s no need to rush but if you’re still unsure, some professional advice would make all the difference.

You can find out about Wendy Goldsmith and Goldsmith Art Advisory here.

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For more than 30 years, “Heavenly King” Aaron Kwok has been entertaining audiences in Hong Kong, Asia and around the world and entrusting HSBC to look after his wealth. Recently taking on the lead role of HSBC Jade Ambassador, Kwok is a genuine fan of the bank’s latest four wealth services: Wealth Portfolio Intelligence Service (WPIS), Wealth Financing Solutions, Legacy Planning Solution and International Accessibility.

“HSBC has been there for me when I needed them, whether it be financial planning for my family, international banking services or personalised support for my car-collecting hobby,” says Kwok, who also appreciates the personal service that comes with being an HSBC Jade client. “My HSBC Jade Director is very pleasant, approachable and thoughtful.”

With a dedicated HSBC Jade Director who serves as a personal financial advisor and relationship manager, HSBC Jade clients can enjoy the unique benefits of the award-winning Wealth Portfolio Intelligence Service (WPIS), an all-in-one risk-analysis, portfolio-management and transaction-service analytical investment tool.

“All HSBC Jade Directors receive rigorous training, have a clear understanding of investment and financial-management knowledge and know the latest market information,” says Brian Hui, Head of Customer Proposition and Marketing, Wealth and Personal Banking, Hong Kong. “They will analyse the client’s investment portfolio, and provide full and comprehensive financial-management advice according to different needs and requirements.

“Our HSBC Jade Directors also conduct frequent training seminars with other overseas Jade Directors to ensure that there is best-practice sharing, and to continuously add value to their financial-management and market knowledge.” WPIS enables a better understanding of clients’ portfolios across a wide range of assets, using risk analytics and stress tests, and supported by their dedicated HSBC Jade Director’s insights and expertise. HSBC WPIS won top honours as the Wealth Management Platform of the Year at the Asian Banking & Finance Retail Banking Awards in 2019.

Whenever the need for capturing opportunities arises, HSBC Jade offers two wealth-financing solutions – Wealth Portfolio Lending and Unit Trusts Investment Financing – to give clients greater financial flexibility to meet their increasingly complex lending and investment needs.

Wealth Portfolio Lending – commonly known as Lombard Lending and traditionally available only to Private Banking clients – offers HSBC Jade clients a readily available credit facility of up to HK$40 million, depending on the collateral value of their eligible assets, and can be used for most purposes with very few restrictions. The wide range of assets includes time deposits, bonds, equities, and unit trusts, which are eligible for obtaining the credit facility.

With no fees or interest until drawdown, clients can meet their personal goals or other liquidity needs immediately without disrupting long-term strategies. They can access these funds for a variety of requirements, such as tax payments, property purchases, financing a business or studying overseas, without the need to liquidate.

HSBC Jade clients can also make use of Unit Trusts Investment Financing^ to enhance potential returns with additional leverage for purchasing a diverse array of open-end funds such as equity dividend, fixed-income and income-driven multi-asset funds. Clients will have access to a loan facility once they open and transfer assets to an Investment Financing account.

Both wealth-financing solutions offer clients more flexibility and wealth-growth opportunities, provided that relevant risks such as interest rate risk and liquidity risk are being considered. HSBC Jade Directors will explain the risks involved in wealth-financing and help clients select suitable products with the right level of risk tolerance.

The Jade Global Generations Universal Life Insurance# solution lets clients plan and invest flexibly for their family’s future. It can be customised to meet a wide range of needs to safeguard clients’ loved ones across multiple generations, and provides a choice of policy currencies and currency switch, and change of life-insured for multi-generational planning; clients can also nominate a charity to give a charitable gift.

Moreover, clients in Hong Kong, mainland China or Singapore can enjoy the same Jade status benefits on a comprehensive range of products and services with the HSBC Jade Passport, without any local-account minimum requirements. Clients also have access to HSBC Jade Centres, as well as HSBC Jade exclusive products, preferential rates and an enhanced level of services in these three markets.

“As I travel around the world because of my job, with the HSBC Jade Debit Card I don’t need to exchange the local currency in advance, and if I need a lot of local money I can go to a Jade Centre in that country, such as Canada/US, and get it with no handling charges,” says Kwok.*

“There was a time that I needed to sign a very important agreement in Shanghai, so I contacted my HSBC Jade Director in Hong Kong, who then managed to obtain support from the HSBC Shanghai team to assist me with some arrangements.

“The HSBC Shanghai team soon arrived at the convention centre in Shanghai and helped me to sort out everything. I really appreciate the promptness and can feel the infinite support from them. It’s great that HSBC can help me whenever I need it."*

hsbc.com.hk/jade/

^Investment involves risks. Unit Trusts are investment products and some may involve derivatives, and are not equivalent to time deposits. There would be a higher level of risks and potential greater losses if you decide to use any loan amount for reinvestment. The information provided does not constitute any form of solicitation/recommendation of any investment products or lending products.

#Jade Global Generation Universal Life is a universal life insurance plan underwritten by HSBC Life (International) Limited (“HSBC Life”), a company incorporated in Bermuda with limited liability. It is not equivalent to a bank deposit or savings. Policyholders are subject to credit risk of HSBC Life. Early surrender may be subject to significant charges and proceeds received may be much less than the premium paid. HSBC Life is authorised and regulated by the Insurance Authority to carry on long-term insurance business in Hong Kong SAR. The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) is an insurance agent of HSBC Life. The plan is a product of HSBC Life but not HSBC and it is intended only for sale in the Hong Kong SAR. For monetary disputes arising between HSBC and you out of the selling process or processing of the related transaction, HSBC will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the product should be resolved between HSBC Life and you directly.

*Providing service to HSBC clients outside Hong Kong is subject to applicable legal and regulatory requirements, and terms and conditions. The availability of such service will depend on the particular circumstances.

Investment involves risks. Terms & Conditions apply to the abovementioned services. To borrow or not to borrow? Borrow only if you can repay!

The post Aaron Kwok on HSBC Jade’s Bespoke Wealth Management Solutions appeared first on Prestige Online - Hong Kong.

The bank offers its Jade members curated opportunities that present thoughtful luxury and self-development.

The post Seeking happiness through experiences with HSBC appeared first on The Peak Magazine.

The bank offers its Jade members curated opportunities that present thoughtful luxury and self-development.

For more stories like this, visit www.thepeakmagazine.com.sg.

As we transition into a new decade, enriching oneself no longer just means the enhancement of a single element in one’s life. This is exactly the reason why HSBC Jade has initiated The Enrich List: an assortment of 50 exclusive and extraordinary experiences around the world to help their customers broaden their minds and perspectives in the long run.

Besides luxury concierge services and banking services, The Enrich List was created as a source of inspiration for customers to achieve self-enrichment.

Fashioned in partnership with a team of experts, The Enrich List is built on four fundamental pillars: Curated Adventure, Ultimate Wellbeing, Game Changers and A Purposeful Life. Each of these themes relate to the broader idea of enrichment: from self-development and exploration to taking on challenges and giving back.

[caption id="attachment_189006" align="alignnone" width="2560"] Alice Fok (Image: Matthew Ng/Lifestyle Asia)[/caption]

“I think what the clients really want is to create a certain experience for themselves as well as their loved ones” states Alice Fok, the Head of Customer Proposition and Marketing at HSBC. “[We want to help our clients] not only to grow their wealth but also their wellbeing as well as self-improvement,” she added.

The idea of the Enrich List was formed out of a survey that was conducted by HSBC in eight major markets where HSBC Jade is being offered. Survey results concluded that a whopping 77 percent of participants think that it is very important to grow their personal wellbeing, more so than their wealth. Indeed, the growth of material wealth is important to enjoy the luxuries we have, but a deeper, personal level of growth stems from the enrichment of oneself.

Curated Adventure

The first pillar, Curated Adventure, refers to exclusive, tailored travel activities with unique adventures. Transformative voyages of discovery have been specially selected to give customers the most out of their journey. These include the Dinner da Vinci, where participants can indulge in a feast their eyes on Leonardo da Vinci’s ‘The Last Supper’ in Milan’s Basilica di Santa Maria delle Grazie, before tucking into a private supper of their own in the presence of the masterpiece.

Ultimate Wellbeing

According to celebrity and wellness coach Denise Keller, “enriching oneself is the ultimate state of being”. For the Enrich List, Ultimate Wellbeing experiences symbolise an investment into mental and physical wealth. Although monetary wealth is important, these experiences highlight the old adage, “health is wealth”, and takes the wellbeing movement to the next level.

[caption id="attachment_189007" align="alignnone" width="806"] Denise Keller (Image: Matthew Ng/Lifestyle Asia)[/caption]

Keller also mentioned, “more and more people are discovering that spiritual wellness is the new luxury, the new wealth. Spiritual wellness not only allows you to seek meaning and purpose in human existence, but it also allows you to appreciate your life experiences for what they are. When you find meaning in your life experiences, you will be able to develop harmony with your inner self and the outside world, which ultimately grants you balance.”

Ultimate Wellness experiences include options like a fitness-focused retreat in Equinox Hotel, New York, a rejuvenating thalassotherapy treatment at luxury Sardinian resort, and even a cathartic crying therapy session in Japan.

A Purposeful Life

The meaning of a purposeful life differs individually, but for The Enrich List, leading a purposeful life is to search for a higher purpose with a desire to leave behind a respectful legacy.

[caption id="attachment_189008" align="alignnone" width="2560"] Christopher Kong (Image: Matthew Ng/Lifestyle Asia)[/caption]

They have teamed up with Dearborn, a modern-American supper club helmed by Chef Christopher Kong, as one of their experiences in Singapore. Here, find thoughtful cuisine with a focus on minimal waste, regional produce and sustainable seafood. Chef Chris honed his skills at numerous award-winning for the last 15 years before creating Dearborn, his very own private dining space. He shared, “I hope to leave diners with more knowledge and awareness about the ingredients available in the region and the awesome things that farmers here are doing. Hopefully it sparks an interest to find out more about how our everyday food choices affect everything.”

[caption id="attachment_189009" align="alignnone" width="2560"] Edmond Wong (Image: Matthew Ng/Lifestyle Asia)[/caption]

Leaving behind a legacy is something that resonates with Edmond Wong, third-generation family member running heritage brand Kim Choo Kueh Chang. He expressed that maintaining his grandmother’s legacy goes beyond protecting her recipes. “What we have today, as part of our business model, is to ensure that our heritage brand goes beyond producing heritage food items. We have now a Singapore Visitor Centre to manage, and are very honoured to be given the opportunity to service our community by being precinct [Katong and Joo Chiat] caretakers.”

[caption id="attachment_189010" align="alignnone" width="2560"] Lim Tian Wee (Image: Matthew Ng/Lifestyle Asia)[/caption]

Tian Wee, best known as the owner of Gryphon Tea, shares the same sentiments. In 2016, he founded Ujong Gourmet, a sister brand under Gryphon Tea, as part of efforts to drive a renewed interest in the classic Southeast Asian coconut jam.

Purposeful Life experiences under The Enrich List include privately-guided, safari experiences with a focus on sustainability and conservation, mission trips to survey temples in Cambodia and journeys to Japan to preserve cultural heritage damaged by the 2011 earthquake.

Game Changers

Experiences in the Game Changers category are made for those who are looking to move out of their comfort zone both personally and professionally, as well as engage in self-discovery. They serve as a way for customers to get involved in experiences different to what they would usually be accustomed to, and also to inspire them to create something out of it.

[caption id="attachment_189011" align="alignnone" width="2560"] Simon Wong (Image: Matthew Ng/Lifestyle Asia)[/caption]

We spoke to Simon Wong, co-founder of social enterprise Singapore Sidecar Vespa Tours. As a Vespa enthusiast, what started out as a charity project involving Vespas led to a business involving local heritage discovery. Referencing to the latest developments with AR and VR technology, he added, “the Vespa experience is about to be enhanced through the use of tech to further enrich the guest experience”

[caption id="attachment_189012" align="alignnone" width="2560"] Valerie Boffy (Image: Matthew Ng/Lifestyle Asia)[/caption]

Pushing oneself to new limits is a detail that Valerie Boffy, co-founder of WOAM (Women on A Mission) resonates with as well. On this topic, she expressed, “Each teammate pushes her limits, discovers new strength within whether these strengths are physical or mental. We bond around the challenge we learn together, we support each other during these expeditions hence growing, enriching ourselves and making the challenge multi-dimensional.”

Partake in Game Changer experiences under The Enrich List, which comprises of a Sangha Retreat in the historic garden city of Suzhou, China with a bespoke Quantum Leadership course, an exploration of Art and even a course by Special Forces and Intelligence services among others.

Find out more about HSBC Jade’s Enrich List here.

The post Foster your heart, mind and soul with The Enrich List from HSBC Jade appeared first on Prestige Online - Hong Kong.

A HSBC report titled "Expecting the Unexpected" is offering some interesting discoveries with regards to the state of the global luxury markets. Chinese demand could further weaken if proposed increase of luxury goods tax is ratified.

The post HSBC Reports Luxury Growth to Slow at 6% but Conglomerates are Safe appeared first on LUXUO.

This gastronomic festival celebrates the art of Italian cuisine.

The post Gusto Italiano returns for third consecutive year appeared first on The Peak Magazine.

This gastronomic festival celebrates the art of Italian cuisine.

For more stories like this, visit www.thepeakmagazine.com.sg.

A distinguished league of business leaders and entrepreneurs across different industries came together at the HSBC Women Leaders’ Forum on Friday, 6 March 2015, at Sentosa Golf Club, and was organised by HSBC.

The post HSBC Women Leaders’ Forum appeared first on The Peak Magazine.

A distinguished league of business leaders and entrepreneurs across different industries came together at the HSBC Women Leaders’ Forum on Friday, 6 March 2015, at Sentosa Golf Club, and was organised by HSBC.

For more stories like this, visit www.thepeakmagazine.com.sg.

A Passionate Affair, organized by The Peak for the clients of HSBC Private Bank, was held at 72-13 gallery on Nov 20. Guests had a pleasant time enjoying South East Asia art, a fine selection of timepieces by Audemars Piguet, which was specially curated from their museum and also tasting on a limited range of […]

The post A Passionate Affair appeared first on The Peak Magazine.

A Passionate Affair, organized by The Peak for the clients of HSBC Private Bank, was held at 72-13 gallery on Nov 20. Guests had a pleasant time enjoying South East Asia art, a fine selection of timepieces by Audemars Piguet, which was specially curated from their museum and also tasting on a limited range of […]

For more stories like this, visit www.thepeakmagazine.com.sg.