Second edition of ART SG highlights momentum in Singapore’s art market

The second edition of ART SG dispelled any doubts that Singapore’s newest international art fair had run out of steam. “I was worried it wouldn’t be as good as last year,” said Hong Kong-based collector Patrick Sun. “Sometimes the second edition of the fair is a turning point, and the atmosphere was exciting. This edition was even better.”

ART SG, which opened at the city’s iconic Marina Bay Sands Expo and Convention Center on Thursday, January 18, saw strong footfall and strong sales throughout the weekend. The fair, which aims to foster Singapore as an important arts hub in Southeast Asia, attracted 114 exhibitors, more than half of whom were from the Asia-Pacific region.

Although the number of exhibitors at the first fair was down 29%, and blue-chip galleries such as Pace Gallery, Perrotin and David Zwirner did not return, many remain optimistic about the fair and exhibitions. . city.

“Even if there was [fewer] I feel like there’s more energy when galleries display it,” said Singapore-based collector Pierre Lorinet. “last year [the city] It was a little calm. There wasn’t much going on around the fair. This time, all arts organizations such as the Singapore Art Museum, the National Gallery and the National Arts Council actually held shows. Everyone wanted to do their part to make it a special week. ”

Now in its 12th year, Singapore Art Week hosted more than 150 events across the city. In the run-up to the fair, several local collectors, including Lorinet and Malaysian collector Andreas Toh, put on impressive exhibitions. Both men occupied space in the Gilman Barracks Gallery District in the southern part of the island.

Commenting on the various private and public initiatives that took place this week, Fair co-founder Magnus Renfrew said: “This week has gotten off to a very good start. It was helpful,” he said. “This is the first step towards maturing the scene.”

Several local gallerists were particularly active at the fair’s VIP previews and vernissages. “The response has been overwhelming,” said Can Yavuz, founder of Singapore-based Yavuz Gallery. “The high number of tourists really reflects the importance of Southeast Asia.” The gallery has about 80% of its booths exhibiting works by Thai artists Pinaree Sampitak and Manit Srivanichpoum, starting at $5,000. It sold in the $50,000 range. London and New York-based Sundaram Tagore Gallery, which also has space in Gilman Barracks, sold a vivid waterfall painting by Japanese artist Hiroshi Senju for $410,000, as well as two others by the artist. Most of the booth, including the artwork, was sold. $320,000 and $240,000, and a piece by local artist Jane Lee for $76,000.

Many overseas dealers pointed out that Singaporean collectors usually take a more patient approach to trading. Pearl Lam, a dealer with spaces in Hong Kong and Shanghai, said that when it comes to purchases, inflationary pressures and high interest rates have created a “more subdued atmosphere” among collectors compared to last year, but sales remain strong. said. “Singapore has a thriving economy and a large number of wealthy people,” Mr Lam said, calling the expo a valuable platform to capitalize on the concentration of wealth in a city that has seen remarkable growth in recent years. Ta. .

A recent report by London-based consultancy Henley & Partners found that Singapore’s high-net-worth population surged by 40% between 2012 and 2022. There has also been an influx of wealth due to the phenomenal population growth of wealthy people in Singapore. In number of family offices.

“There are a lot of wealthy people in Singapore, but not all of them are interested in art. Education and exposure are very important,” said the managing director of Asia Art Center, based in Taiwan and Beijing. Stephen Lee said. The gallery, which is exhibiting at the fair for the first time, sold about 70% of its booth, which featured Chinese figurative artist Li Chen’s bronze works and Taiwanese sculptor Zhu Ming’s iconic “Tai Chi” series. . Mr Lee said he has sold works to several new buyers from the Philippines, Indonesia and Singapore.

Hong Kong-based Kwai Fong Hin gallerist Catherine Kwai was also happy to meet several new Southeast Asian collectors and sold about 50% of her booth. In addition to Li Huai’s delicate ink landscape paintings on silk, the exhibit also featured works by Chinese-French multidisciplinary artist Lalan (Xie Jinglan) and post-cubist French painter Claude Vernard. . Ms. Kwai thought that it would take time to develop her clientele, so she decided to join ART SG again. “This isn’t about selling handbags or clothes,” she told Artsy. “People need to know about galleries. It takes time to generate business.”

Kevin Poon, founder of Hong Kong-based gallery Woaw, which opened an outpost in Singapore last year, said the local art scene is in the early stages of growth. “Seeing ART SG reminds me of his first ART HK fair [launched in 2008],” he said. “I think it will take time to build a culture here. The local collecting base is growing, but at a slow pace.” The gallery was created by Japanese artist Keita Hakuyama. About 80% of the booth sold, including paintings by New York-based artist John Bergerman.

Wow was one of the galleries exhibiting on the ground floor, featuring younger, more experimental positions. One of the highlights was Lisbon-based Artemis Gallery, part of the fair’s Digital Spotlight section.Visitors could experience Berlin-based artist Kennedy + Swan’s surreal work by wearing his VR headset inside the booth animalia sam (2019), featuring AI-generated narration and reflecting on the future of human food supply. “Singapore is embracing new media compared to Europe, where it can be very difficult. We’ve had a very good response,” said Manuel Mendonça, the gallery’s managing director.

New York-based bitforms gallery also attracted a lot of attention for its booth, which included immersive AI paintings by new media artist Refik Anadol. “This fair is more experimental in showcasing new media art than larger established fairs,” said Steven Sachs, the gallery’s founder and director. In the first edition of ART SG, there was a separate sector for technology-focused works, but this year the booths have been integrated into the main gallery sector. “It’s a much more sophisticated conversation now,” Renfrew said.

The basement floor featured more established artists, but mostly more traditional mediums, with a particular focus on painting. The big sale here was at Thaddaeus Ropac’s booth, where a large canvas by Anselm Kiefer sold for about 1.1 million euros ($1.2 million). London-based gallery Waddington Casto sold Barry Flanagan’s elephant sculpture to a Singaporean collector for $680,000, as well as a monumental polychrome canvas by British abstract artist Ian Davenport. It was sold to a Middle Eastern buyer for $360,000. White Cube also reported sales of £1.5 million ($1.9 million) across the fair, with works by Jessica Rankin and Tracey Emin among the highlights.

Galleries were keen to promote the benefits of small, lean trade shows. “ART SG will be held just before Art Basel Hong Kong. It doesn’t make much sense to hold two fairs of similar format and scale two months apart,” says Lucerne and Beijing. said René Maire, a partner at Galerie Urs Maire, which has a store in . Booth exhibition with local gallery STPI. “I think it would be helpful for Singapore if the fair was more regionally focused and not too big.”