Sotheby’s Switches Up Asia Luxury Team

RAPAPORT… Sotheby’s has made changes to its luxury department in Asia as it works to expand the division.

The auction house has promoted Wenhao Yu to chairman of jewelry and watches for Asia, it said last week. Yu joined Sotheby’s in 2019 as deputy chairman of jewelry for Asia and has gone on to lead three consecutive “white-glove” sales — auctions in which all lots sold. He has led several initiatives, including offering a 102.39-carat diamond without reserve and implementing cryptocurrency as a payment option. Yu will report to Josh Pullan, head of global luxury.

“The growth of our luxury business in Asia is a strategic priority for the company,” said Pullan. “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.”

Meanwhile, Sotheby’s has hired Regine Ngan as head of the jewelry department in Asia. She was most recently the Hong Kong director for jeweler Boghossian, where she led the brand’s expansion into Asia. Joey Luk, who joined Sotheby’s in 2018 as head of sale for watches, has been promoted to head of the watch department.

Sam Hines, who was previously worldwide head of watches for Sotheby’s, will move into an advisory role for the company’s watch sales efforts, including the Gérald Genta sale series, it noted.

The shakeup comes as the company’s luxury sales garnered more than $1 billion in 2021, a record for any auction house, it said. That figure was driven by Asian collectors, who acquired more than 40% of all global watch sales by value and 52% of the value of all jewelry sales, it added.

Images: Joey Luk (left); Regine Ngan (center); Wenhao Yu (right). (Sotheby’s)