Asia’s Young & Wealthy Art Collectors

Daily Upsider on January 11, 2024

There is an interesting shift in the art collection world. Wealthy young collectors in Asia, particularly millennials and Gen Z, are boosting the demand for art, notably through online channels.

High-net-worth millennials in Asia increased their spending on art, with notable contributions from mainland China, Singapore, and Taiwan. International auction houses, including Christie’s, Sotheby’s, and Phillips, have seen a significant uptick in purchases by young Asian collectors. Millennials accounted for almost 40% of Christie’s buyers in Asia Pacific, with a 65% increase in Gen Z buyers in 2023. South Korea and Taiwan stood out as key contributors to the flourishing art market in 2023.

Young collectors are reshaping art preferences, favoring digital art and prints (Gen Z) and sculptures, installations, and film or video art (millennials), according to the Art Basel & UBS report. Millennials are drawn to figurative and surrealistic works, expressing a preference for emerging artists over blue-chip names .

In Asia, millennial buyers are embracing both contemporary and classical Asian art, reflecting a cultural connection. At Christie’s 2023 Hong Kong Autumn Auctions, 40% of new buyers acquiring Chinese ceramics, paintings, and artworks were millennials.

“We have increasingly millennials and younger collectors buying at Christie’s [and] starting to collect … that we’ve been able to also engage much more with all our digital innovations,” Francis Belin, president of Asia Pacific at Christie’s said

Arizona Teacher Reunites with Japanese Host Family

Daily Upsider on January 11, 2024

After Japan’s 7.6 earthquake on January 1st, Anne Hanson, a veteran educator, urgently sought information about her former host family in Uozu, near the quake’s epicenter. Unable to reach them through old email addresses, she filled out a form on Uozu City Hall’s website.

Anne, recognizing the slim odds, hoped someone would be able to locate Akihiko Kiyokawa, her host from 22 years ago. She included her Fulbright Memorial Fund alumni status in her email’s subject line. Knowing the community’s respect for American teachers from the program, hoping it might increase her chance of reaching her former host family.

Miraculously, within 24 hours, she received an email when friend of Akihiko, who spoke English happened to have seen Anne’s message and forwarded it to her.

The Japanese woman and her relatives had lost their homes, but nevertheless reported good news from the disaster.

“Fortunately, there were no injuries and my life was saved,” she wrote. “Under these circumstances, I never expected to receive a message of sympathy from America. I believe this is a truly miraculous event that should make it onto the news. I would like to cherish it.” Akhiko said.

Cat’s Now Legal in Singapore

Daily Upsider on January 10, 2024

Up until recently, owning a cat while housed on government property in Singapore was illegal. Around 80% of the country’s 3.6 million inhabitants live in government housing, so this is no small change.

Singapore lifting its 30-year ban on cat ownership in government housing is a step towards balancing the pet ownership regulations, as dogs were never banned. Many citizens have long felt that the ban on cats was unfair, especially considering the positive traits of cats as quieter and less disruptive pets compared to dogs.

A 30-year-old Singaporean, Sunny, who secretly owns a cat named Mooncake and lives in a government-built high rise, shared her thoughts on the matter with Taipei Times. “Cats are so much quieter than dogs. If they allow dogs, I don’t understand why not cats,” Sunny told the Times.

Despite the ban not being strictly enforced, the illegality of cats in government housing has posed challenges for owners like Sunny, who cannot obtain pet insurance or access certain veterinary procedures. Additionally, the inability to prove ownership makes it difficult in the event that a cat is picked up by animal control.

The decision to lift the ban on cats comes after a recent survey among government housing occupants, in which 9 out of 10 respondents said cats make good, non-disruptive pets. This shift in public opinion likely played a role in the government’s decision to change the law.

The New “Super Cycle”

Daily Upsider on January 10, 2024

The global economy is transitioning into a new “super cycle,” with artificial intelligence and decarbonization as key drivers, according to Peter Oppenheimer, the head of macro research in Europe at Goldman Sachs.

“We are moving clearly into a different super cycle,” he told CNBC’s “Squawk Box Europe” on Monday. Super cycles are characterized by extended periods of economic expansion, accompanied by increasing GDP, high demand for goods leading to higher prices, and low levels of unemployment.

According to Oppenheimer, the most significant recent super cycle began in the early 1980s and was characterized by interest rates and inflation peaking before a decades-long period of falling capital costs, inflation, and rates. This period also saw increased globalization and reduced geopolitical risks.

However, not all of these factors are expected to continue in the same manner

“We’re not likely to see interest rates trending down as aggressively over the next decade or so, we’re seeing some pushback to globalization, and, of course, we’re seeing increased geopolitical tensions as well,” said Oppenheimer.

Despite these challenges, there are forces that could have a positive impact on the economy, namely artificial intelligence and decarbonization.

AI is still in its early stages, but as it is used increasingly as the basis for new products and services, it could lead to a “positive effect” for stocks, according to Oppenheimer. AI and productivity, often linked to debates and concerns about human jobs being replaced or changed, will likely impact the economy.

“The second thing is [that] we haven’t yet seen, and I think we’re relatively positive that we will see, [is] an improvement in productivity on the back of the applications of AI which could be positive for growth and of course for margins,” Oppenheimer said.

While AI and decarbonization are relatively new concepts, there are historical parallels, according to Oppenheimer. The early 1970s and early 1980s, for example, were “not so dissimilar” to current developments. Factors such as elevated inflation and interest rates, as well as growing geopolitical tensions, rising taxes, and increased regulation, are similar to today.

In other ways, current shifts can be seen as reflective of changes even further back in history, such as the late 19th century, which saw modernization and industrialization fueled by infrastructure and technological developments alongside significant increases in productivity.

Microsoft’s New AI key

Daily Upsider on January 9, 2024

Microsoft has revamped its keyboards with a new AI key designed for seamless access to Copilot, Microsoft’s new AI, on the latest Windows 11 PCs. A major investor in OpenAI, Microsoft has actively infused AI across its product spectrum, notably within Microsoft 365 and Bing search since 2023. These innovative keyboards, set to debut in February, were unveiled at CES. Copilot, featured prominently, aids in various tasks such as search queries, email composition, and image creation.

Yusuf Mehdi, a Microsoft executive, describes this update as transformative, streamlining and elevating user interactions. This integration follows Microsoft’s dedication to enhancing user engagement. Copilot’s prior assimilation into Office 365 was the first integration Microsoft made.

Google, with its AI system named Bard, presents competition, yet Microsoft’s collaboration with OpenAI, notably marked by the introduction of ChatGPT in 2022, has injected a new dimension into the rivalry. However, Copilot, built upon OpenAI’s GPT-4, has drawn the attention of the UK competition watchdog. Which has scrutinizing Microsoft’s relationship with OpenAI amid recent boardroom tumult.