The Holme-Kim random graph processes is a variant of the Barabasi-Albert scale-free graph that was designed to exhibit clustering. In this paper we show that whether the model does indeed exhibit clustering depends on how we define the clustering coefficient. In fact, we find that local clustering coefficient remains typically positive whereas global clustering tends to 0 at a slow rate. These and other results are proven via martingale techniques, such as Freedman's concentration inequality combined with a bootstrapping argument.