Ultra Rich Hide Their Hermes in Asia's Stealth Wealth City
- Taipei ranked 8th among cities for those with $30 Million plus
- Many of the family fortunes were built from factories in China
To show off a $50 million Mark Rothko painting that Sotheby’s plans to sell in New York, the auction house took it to Asia to tempt wealthy bidders. Outside of the company’s regional base in Hong Kong, the artwork made only one stop -- not Shanghai or Tokyo or Singapore, but Taipei.
"We take the art to where the buyers are," said Patti Wong, chairman of Sotheby’s Asia, who hosted a two-day preview attended by Maggie and Richard Tsai and Yageo Corp. chairman Pierre Chen. "The Taiwanese market is hugely important for us."