Affordable Art Fair tackles tough market

THE popular Affordable Art Fair spring edition is back with a smaller show and lower forecasts. While organisers remain upbeat about selling art between S$100 and S$10,000, they expect buyers to be more picky about price points.

Last year's spring edition saw a drop of about S$1million in sales despite slightly higher visitor numbers - from S$3.7 million of sold art and 13,300 visitors in 2014, to S$2.8 million of sold art and 13,400 visitors in 2015. Notably, though, the number of artworks purchased at the 2015 fair was similar to that of the 2014 fair, suggesting that Singapore is still buying art but at lower price points.

At this year's show, running from Friday to Sunday, the organisers expect to sell just S$1.7million of art and attract 10,000 visitors. The show size has been halved, with only 41 galleries on one floor, compared with 74 in 2015 and 82 in 2014 spread over two floors. Fair director Alan Koh says the organisers are realistic about the current market: "When the economy is down, art sales are affected. It is normal for cyclical contractions to occur."