China's so-called fuerdai (literally "second generation rich") are regularly criticized in the media for their flashy spending. And with many young collectors at least partly funded by family money, they seem eager to prove that they're interested in art as more than just a status symbol. Auction houses are changing tack to cater to them. Sotheby's, Christie's and Hong Kong's Poly Auction all offer private sales that allow for discreet transactions. In the first half of 2017, Sotheby's reported a significant rise in revenue from private sales -- particularly in Asia.
