ART SG Returns: Highlighting Singapore’s Ascendancy in the Global Art Market

The much-anticipated second edition of ART SG, Southeast Asia’s largest international art fair, is set to take place from January 18 to 21 at Singapore’s iconic Marina Bay Sands. The inaugural event, which took place in January 2023, drew an impressive crowd of 43,000 art enthusiasts, signaling Singapore’s rising status as a prominent hub for art and wealth management in Asia.

ART SG: A Platform for Global Exposure

The art fair is expected to house 116 galleries from 33 countries, including eight significant Korean galleries like Kukje Gallery, Gana Art, and Johyun Gallery. The event aims to offer a robust platform for Southeast Asian artists to gain global exposure, in alignment with Singapore Art Week, known for its blockbuster exhibitions and artist showcases.

Art Market Growth in Asia

Magnus Renfrew, co-founder of Art Assembly and initiator of Art Hong Kong, now known as Art Basel Hong Kong, attributes the burgeoning art market in this region to Singapore’s rising status as a neutral territory and wealth management hub in Asia. A testament to this growth is the significant increase in family offices in Singapore, which burgeoned from 50 in 2018 to a whopping 1,100 by the end of 2022.

Reevaluation of Western Art Perspectives

Despite some concerns over the Asian art fair calendar’s potential overcrowding, Renfrew views the surge in art fairs as an apt response to the region’s expanding art market. He underscores Asia’s potential for introducing new collector bases and emphasizes the importance of credible art fairs in the region for the development and recognition of diverse cultural artworks. This perspective aligns with a shift in Western art institutions, which are increasingly reevaluating their Euro-American-centric perspectives to embrace a broader global artistic landscape.

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