Millennials are seen to be particularly drawn to contemporary art as growth for Christie's, Sotheby's, and Phillips are highly anticipated in art hubs Hong Kong and Singapore. Millennials have proven themselves to be the new generation that paints a profitable path for auction houses. In fact, last year, younger collectors accounted for 34% of Christie's, close to 40% of Sotheby's, and nearly a third of Phillips' buyers. "Asia-Pacific (APAC) remains the powerhouse of new and millennial buyers with strong buying power," Francis Belin, President of Christie's Asia Pacific, told the Singapore Business Review.