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Asian millennials move into global art market

Spending power of young investors is overtaking the over-50s

Indonesian collector Tom Tandio would "never buy anything unless I know the artist first, believe in their intentions." (Photo provided by SongEun Art Space)

HONG KONG -- When Michael Xufu Huang was sent to London for an art education by his Chinese parents, they could not have imagined they were paving the way for the birth of a private museum. "I didn't go clubbing or anything," Huang said of his time at the U.K.'s Royal Academy. "I took what I had and started buying one piece a year."

Huang's contemporary art collection, beginning with a Helen Frankenthaler lithograph, now includes more than 300 works. He is also co-director of M Woods, an influential not-for-profit contemporary art museum in Beijing that supports art education and upcoming artists from all over the world. Now a mature 25, and dressed entirely in fashionable black, Huang says confidently that he is "probably the first person ever to help found a museum at age 20."

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