Last updated on July 1st, 2023 at 12:36 pm
Singapore is becoming one of Asia’s most popular art market places. This is why, after a hiatus of 15 years, Sotheby’s has decided to hold a large auction in the city.
Singapore is occasionally referred to as the Switzerland of Asia due to its high GDP per capita, a large number of millionaires, and favourable tax regime. Therefore, it is unsurprising that the city-state has become the region’s de facto art market centre.
Auction house Sotheby’s planned to capitalise on Singapore’s prominence with its modern and contemporary art sale on August 28. Artnet News reports that works by Asian artists such as Lê Ph of Vietnam, Fernando Amorsolo of the Philippines, and Hendra Gunawan of Indonesia will be up for auction. Earlier this year, the Rijksmuseum in Amsterdam hosted an exhibition featuring works by the latter artist under the title “Revolusi! Indonesia Independent.”
Works by Western artists renowned in Southeast Asia were also up for auction. These include the French-Chinese artist Chu Teh-Chun and the Spanish artist Rafa Macarrón. Diptych titled “Rutina Fluor” sold at Sotheby’s Hong Kong for HK$4.3 million (about US$548,000), demonstrating a recent uptick in the value of Picasso’s countryman’s art. Sotheby’s in Hong Kong recently sold another of his paintings, “Matilda,” for HK$4 million (about $510,000).
Sotheby’s made a whopping SG$ 24 million ($17.5 million), beating the auction’s pre-sale estimate of SG$ 18 million ($10 million).
The last time this auction house held an event in Singapore was in 2007. When Sotheby’s first entered the Asian art market in 1996, it did so in Singapore. Ten years later, it expanded its operations to Hong Kong. For many years, the continent has been front and centre as a hotspot for the international art market. Western auction houses and art dealers are holding sales and creating branches in Asia to attract more Asian purchasers. Jasmine Prasetio, managing director of Sotheby’s Southeast Asia, told Artnet News that collectors in Southeast Asia had been one of essential participants in the international art scene. In a statement, Sotheby’s said, “By staging this evening sale, Sotheby’s presents the latest market insights right to their doorstep.”
Market giants like Perrotin and Pace also set their sights on Seoul’s art scene. Like its competitors Thaddaeus Ropac, König, Peres Projects, and Gladstone Gallery, the two galleries are planning to open new locations in the capital of South Korea in the near future. This trend demonstrates South Korea’s increasing status in the global art industry. Despite this, the country has a long way to go before it can catch up to China or Singapore. They’re both closing the gap, though.
Image Courtesy: Sotheby’s
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