An art investment firm is shifting its attention eastward to cater to China's high net worth population.

Willstone Management, the London and Hong Kong-based art investment firm, is rejigging its strategy to boost sales in China, a sign of how the economic centre of gravity has shifted towards Asia in recent years.

The firm, which was set up last year to serve Western investors, will now take a “more China-focused strategy” to secure impressionist and modern art sales to the country's ultra-high net worth individuals, family offices and museums.

The move reflects China's burgeoning high net worth population, which in turn feeds into its “cultured elite” - the very market such firms are looking to capitalise on. According to the 2015 World Wealth Report by RBC Wealth Management and Capgemini, Asia-Pacific has overtaken the US to become home to the largest high net worth population, at 4.69 million individuals.

Since February, Willstone Management arranged the private sale of four paintings to Chinese buyers; each sale raised a seven-digit dollar sum, it said.

The new focus comes against a backdrop of a volatile Chinese stock market, which the firm deems a business growth opportunity, with the wealthy potentially seeking to maximise returns through other investments. (Click here to read about China's latest steps to settle its shaky markets.)

“In 1929, when the US stock market crashed, much of the cash exiting the stock market went into property, but a lot of it went into art,” said Olyvia Kwok, managing partner at Willstone Management.

“There followed one of the biggest art booms of the 20th century, because the hot money has to go somewhere. Blue-chip art consistently outperforms stocks – it always has.”

Last year, Kwok joined forces with Poly International Auction, the largest auction house in China, to bring a roadshow of paintings to Hainan Island, which has been described as the “Monaco of China”.

Willstone Management said it continues to offer art investment vehicles to European and US investors, such as participation in auction guarantees and club deals.