Singapore aims to be the No 1 art market in Southeast Asia, and the recent growth in private art spaces and exhibitions could help it realise that ambition
- The moderate success of Art SG 2024 shows Singapore’s art scene is on the right track, but there’s still a way to go if it is to become a major regional art hub
- Art foundations and a small number of collectors have begun opening private art spaces and exhibitions to support emerging and avant-garde artists, however
Singapore may have cemented its reputation as a wealth management powerhouse in recent years, but there is still a great deal of scepticism regarding its ambition to become a major centre for the visual arts.
The launch of the international art fair Art SG in 2023 was much anticipated; it aimed to be a catalyst for the art market. But sales were lukewarm, based on several gallery reports.
And when it transpired that a third of its exhibitor list did not sign up for the second edition, including blue chip dealers such as Pace, Perrotin and David Zwirner, further questions were raised about the fair’s potential.
“The buzz and energy felt like it was a step up,” says Art SG co-founder Magnus Renfrew, noting both sales and fair attendance were better than in 2023. “As time goes on, people are increasingly recognising the importance of Singapore.”
In terms of sales, regional galleries did particularly well at the fair with works at prices below US$50,000.
