Art SG will be Asia’s second-biggest art fair

NEWS of Art SG gets more impressive every month. Alex Katz, Louise Bourgeois, Robert Rauschenberg, Zhang Enli, Neo Rauch, Thomas Houseago, Tracey Emin, Mona Hatoum, Imi Knoebel, Oscar Murillo, Sterling Ruby, Georg Baselitz, Sopheap Pich and Refik Anadol are just some of world-famous artists set to have their works showcased at the inaugural Singapore art fair.

Art SG co-founder Magnus Renfrew was merely stating a fact when he described Art SG as “one of the biggest art fair launches in the world… ever”. It is opening with over 150 leading galleries across 30,000 square metres of exhibition space at the Marina Bay Sands Expo and Convention Centre in January 2023.  “And we’ve maxed out in terms of the space. We cannot squeeze in any more galleries at the moment,” he said. 

Art SG is set to be the second-biggest art fair in Asia after Art Basel Hong Kong, which had 242 galleries in its pre-Covid 2019 edition. And while Art SG’s tally of over 150 is much lower than that, it is still higher than the much-hyped Frieze Seoul which debuted in September with a gallery count of 110.

At Wednesday’s (Oct 5) press conference held at UBS’ office on Penang Road, Renfrew said: “When one considers that South-east Asia has a population of over 600 million people – which is approaching the scale of Europe – and with the economic rise of the region, the logic dictates that it deserves one major international art fair. 

“The context of Singapore has also changed quite dramatically over the last couple of years. There’s been an influx of wealth, an influx of mainland Chinese and Indonesian collectors, as well as others... that’s what we’re hearing from a lot of the galleries we work with.”

Asked how the volatile global economy might impact sales, Renfrew said: “The high inflation environment can be beneficial to the art market in some ways because blue-chip art is seen as a hedge against inflation. So we’re very hopeful.” The global market turmoil has also not discouraged art world juggernauts such as David Zwirner, Gagosian, Pace, White Cube, Lehmann Maupin, Thaddaeus Ropac and Almine Rech from participating; some of these galleries have never shown in Singapore before. 

Also present at the press conference was August Hatecke, UBS co-head (Global Wealth Management Asia Pacific) and country head (Singapore). He said: “Collecting art is best driven by a curiosity for the discovery of new ideas and the desire to leave behind a legacy... In fact, spending on collectibles has more than doubled in recent times, rising from a median expenditure of US$72,000 in 2019 to US$274,000 in 2021. In 2019, collectors in the region collected an average of eight works annually. In 2021, that figure has risen by a third to 12 works.”

UBS is the founding and lead partner of Art SG. The wealth management company supports several major art events and art fairs around the world, including the world’s biggest art fair brand Art Basel. Over the years, UBS has collected over 30,000 artworks by artists from all over the world; many of these works are displayed in its global offices. 

Its Singapore office alone boasts large paintings by Damien Hirst, Alex Katz, Lee Bul, Christine Ay Tjoe and Jumaldi Alfi. Its latest commission is a set of two paintings by Hilmi Johandi depicting the vicinity of Penang Road, Fort Canning and Orchard in their early days. “We see art as a way of connecting with our clients from all around the world,” said Hatecke.

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The last major art fair in Singapore was Art Stage, which ended its nine-year run acrimoniously with fair founder Lorenzo Rudolf charging that Singapore does not have a big enough collector base. Art SG, which is organised by The Art Assembly, is determined to prove otherwise. 

Ticket sales are now open and priced at a promotional two-for-one offer at S$35. Visit artsg.com/tickets