Art SG adapts amid economic challenges

SINGAPORE’S premier art fair Art SG returns in January 2024, but with fewer galleries – just 116 compared to its 2023 debut edition that attracted 164. With the current economic and geopolitical headwinds, the organisers cite the higher costs of shipping, transportation and other factors for the 30 per cent drop in gallery numbers. 

Some mega-galleries are coming back to cultivate long-term relationships with South-east Asian collectors, whom they see as an important emerging market. These galleries include Gagosian, White Cube, Thaddaeus Ropac and Lehmann Maupin, all bringing works by the world’s most sought-after artists, such as Tracey Emin, Danh Vo, Christian Marclay and Lee Bul. 

Conversely, other mega-galleries, including Pace and Perrotin, have chosen to sit out this upcoming edition, after having participated in the debut edition in January this year. One non-returning blue-chip gallery, David Zwirner, reportedly sold more than half its booth back then, with artworks totalling US$2.5 million. But that has not enticed the gallery to come back to the 2024 edition, which runs from Jan 19 to Jan 21.