There is some good news for art dealers, experts say. Antiques dealers: not so much.

Last year, Christie’s, Sotheby’s, and Bonhams made bullish investments in Hong Kong, opening new headquarters even as demand for art in China flagged. This was in keeping with tradition.

"In modern times, as Chinese art spread and developed in South-East Asia, Malaysian Chinese artists have inherited the artistic legacies of their ancestors. They have skillfully transformed ...