Sotheby’s announces new appointments to its luxury team in Asia with immediate effect. Reporting to Josh Pullan, Head of Global Luxury Division, Wenhao Yu is appointed as Chairman, Jewellery and Watches, Asia, responsible for growing Sotheby’s Jewellery and Watches businesses in Asia. Wenhao will be supported by Regine Ngan, who recently joined as Head of Department, Jewellery, and Joey Luk, who is promoted to Head of Department, Watches. Sam Hines, who has spearheaded many record-breaking sales and brought important private collections to auction, will take on an advisory role for Sotheby’s worldwide Watches sales efforts, including the Gérald Genta sale series. Together, they will further strengthen Sotheby’s luxury business in Asia by working closely with the international team of specialists.
“The growth of our luxury business in Asia is a strategic priority for the company. With his innovative vision, strong client network and deep understanding of the market, Wenhao will further strengthen business synergies between these two fast-growing categories, foster growth and expand market opportunities in his new role.”
THE TEAM
Wenhao Yu joined Sotheby’s in 2019 as the Deputy Chairman, Jewellery, Asia. In 2020, he achieved three consecutive ‘white-glove’ online sales in Asia and the highest sales total across the global jewellery industry that year. He also led several innovative initiative including: the offer of a 102.39-carat D Colour Flawless Oval Diamond without reserve which sold for HK$121.6M / US$15.7M (October 2020); the extension of cryptocurrency payment option for Sotheby’s luxury sales in Asia, where a 101.38-carat pear-shaped D Flawless Diamond – the second largest diamond of its kind to appear on the market - became the highest price for any jewellery or gemstone purchased with crypto (HK$95.1M / US$12.3M; July 2021); and the promotion of the Imperial Green jadeite grading system in the international market.
Regine Ngan brings with her over 15 years of experience across the jewellery, auction and retail industry, as well as extensive client connections. Most recently, she was Director of Boghossian Hong Kong, where she spearheaded the brand’s expansion into Asia including the opening of its Hong Kong flagship store and sales growth in the region. Joey Luk joined Sotheby’s Hong Kong as Head of Sale, Watches, in 2018, with over 10 years of experience in the watches auction market. During her tenure with Sotheby’s, Joey has been involved in numerous successful sales, including the record-breaking Patek Philippe Pink Gold Ref 2499 (October 2018) and the record high various-owner watch sale at Sotheby’s (HK$261M/ US$33.6M; October 2021).
2021: RECORD YEAR FOR LUXURY
Sotheby’s luxury auctions reached new heights in 2021, with global sales reaching over US$1 billion for the first time, a new record for any auction house - driven by a record number of bidders. Watches established a new benchmark for its annual auction total, and Jewellery sales also set their highest total since 2017. Asian collectors drive the market as they acquired more than 40% of the value of all global Watches sales and 52% of the value of all jewellery sales.
UPCOMING: RE(LUX), A LUXURY SALE SERIES
This February, Sotheby’s will present RE(LUX), a luxury sale series that juxtaposes modernity with tradition, showcasing the season’s best luxury items through a fresh lens. In a series of live and online sales, the series will offer a selection of watches, jewels, sneakers, handbags, wine and spirits, tailored to the increasing trend of cross-collecting in these categories. This remixed format is a testament to the new definition of luxury and the evolving role played by auction houses in the sector.
