ART SG’s Sophomore Edition Highlights Singapore’s Art Market Momentum
The sophomore edition of ART SG swept away any doubts that Singapore’s newest international art fair may have lost its momentum.
The Success of ART SG
ART SG's second edition exceeded expectations and maintained the excitement surrounding the fair. Despite a decrease in the number of exhibitors compared to the inaugural edition, the mood was electric and the fair was even better than before.
The fair took place at the Marina Bay Sands Expo and Convention Centre in Singapore, gathering 114 exhibitors with over half of them from the Asia Pacific region. It aimed to establish Singapore as a prominent art hub in Southeast Asia.
Renewed Energy and Optimism
While some galleries chose not to return for the second edition of ART SG, many collectors and art organizations expressed their enthusiasm and optimism for the fair and for the city of Singapore.
According to Singapore-based collector Pierre Lorinet, there was a significant increase in energy and activity compared to the previous year. The Singapore Art Museum, National Art Gallery, and the National Arts Council all contributed to making Singapore Art Week a special and vibrant event.
Sales and Highlights
Local and international galleries reported positive sales during ART SG. Yavuz Gallery, based in Singapore, sold approximately 80% of its booth which featured works by Thai artists Pinaree Sanpitak and Manit Sriwanichpoom. Sundaram Tagore Gallery, with spaces in London, New York, and Gillman Barracks, sold most of its booth, including a painting by Hiroshi Senju for $410,000.
According to dealer Pearl Lam, although there was some caution among collectors due to inflationary pressures and high interest rates, sales remained healthy. Singapore's growing concentration of wealthy individuals has made it an attractive market for galleries and collectors.
New buyers from the Philippines, Indonesia, and Singapore were noted by Asia Art Center, which sold about 70% of its booth featuring bronzes by Chinese artist Li Chen and Taiwanese sculptor Ju Ming. Kwai Fung Hin, a Hong Kong-based gallery, also had success in meeting new collectors from Southeast Asia.
