THE ART MARKET has seen the closure of several small and mid-size galleries in recent years due to competition from popular art fairs. Art collectors have become so spoilt for choice at art fairs that some are skipping the small solo shows regularly held in galleries throughout the year.

Paradoxically, art fairs are comprised of booths rented often at high rates by galleries. If the galleries can't pay for these high overheads and have to shut down, art fairs will soon comprise only large galleries whose high-priced works by famous artists make it financially viable for them to participate.

Emi Eu, director of art gallery STPI, says the market situation now is "more challenging than it was just five years ago. I don't know how many more small and mid-size galleries will close if we don't do something to help them and ourselves."