For family offices, a one-stop art concierge

THE significant increase of new family offices setting up shop here in Singapore – from 27 in 2018 to 453 in 2021 – has led a father-daughter team of art collectors to launch Family Office For Art (FOFA) to cater to a growing demand for a one-stop art concierge.

Former investment banker Chong Huai Seng and his daughter Ning Chong are the founders of The Culture Story, a private art space started in 2017 to promote a wide range of art forms, from street art to non-fungible token (NFTs). 

But the recent expansion wave of Family Offices – a substantial proportion of which are coming from China, Hong Kong and Macau – prompted the duo to start FOFA to offer other art collectors a broad range of services, from acquiring new artworks and deaccessioning what they already have, to helping them publish a book on their collection, mount a public exhibition, or donate their art to an important museum.

They can also assist collectors with complex financial arrangements, such as borrowing against their artwork to acquire more art, obtaining collateral lending for art assets being stored at Le Freeport Singapore, and creating liquidity from their collections.

Ning says: “In the past few years, we’ve been approached by many individuals asking us for advice on a variety of art-related issues. We’ve also been asked to give talks to private bankers and their clients on topics such as how to start collecting art and where to begin with NFTs. We have also given advice on more complex issues such as succession, philanthropy, family governance and legacy – issues that many family offices are concerned with.”

“Hence, we decided to create FOFA that address these broad range of issues,” says the senior Chong. “We’ve been able to do many things these past few years running The Culture Story. And it is our hope that we can impart this knowledge to these families, so that in time to come, they might also be inspired to start their own version of The Culture Story.”

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One of the thornier issues facing family offices is estate planning. It is not uncommon for alternative investment assets, such as fine art, to pass through generations and lose their relevance and value because the children or grandchildren have little interest in looking after these assets. FOFA would be able to catalogue the works, appraise the collection, and work with art brokers and auction houses to deaccession their holdings.

Conversely, the Chongs have also met young wealthy individuals who want to build their legacy through art, but often end up putting what they’ve purchased in storage instead of sharing them with the world. The senior Chong says: “Great art should always be shared. And having started The Culture Story, we know exactly how to help these individuals curate and organise their art in a physical or digital showcase – or even loan their works to international museums and public institutions.”

The senior Chong has been acquiring art for 40 years. He was the managing director of Vickers Da Costa Securities (1984–1988) and John Govett Asia (1988–1993), which are both London-based investment institutions. He left the banking world for the media and publishing industry, where he was vice-chairman and major shareholder of Singapore-listed Panpac Media. In 2003, he left publishing and became a private investor, investing in digital startups and young companies in China.

Ning, on the other hand, has worked in auction houses and galleries such as White Cube and iPreciation, as well as the National Arts Council in Singapore, before starting The Culture Story with her father.

She says: “With the tremendous growth of family offices, we think there’s a role for us to play in offering a very wide range of services – something that very few people in Singapore are able to do right now. We understand the Singapore ecosystem as well as the international landscape, and we have access to many of its players. So we are confident we can tailor our services to fit different needs.”

For more information, visit fofa.asia or contact ning.chong@fofa.asia