Sotheby’s returns to Singapore after 15-year absence

AS SINGAPORE sees a surge of wealthy individuals relocating to the city-state from other parts of Asia, the world’s oldest auction house, Sotheby’s, is holding its first auction here after a 15-year absence. Its upcoming Modern & Contemporary Art sale will be held on Aug 28 at the Regent Hotel, with a preview exhibition from Aug 25 to 27 at the location. It is the first time Sotheby’s is holding such an auction in Singapore, and it will be live-streamed to the world via sothebys.com.

According to Sotheby’s, demand from collectors in Singapore and across the South-east Asian region has grown exponentially in recent years, with the number of South-east Asian participants in Sotheby’s global sales increasing by almost 75 per cent in the last 5 years.

Jasmine Prasetio, managing director, Sotheby’s Southeast Asia, says: “Collectors in South-east Asia have been one of the key players in the international art scene for the past few years. Not only have they been actively participating in our global sales, but they have also demonstrated great enthusiasm and interest across the broader market. By staging this sale, Sotheby’s presents the latest market insights at their doorstep, bridging the region and the global market, providing more visibility for exceptional works by both traditional and upcoming artists.”

Sotheby’s last held an auction in Singapore in 2007 with a sale of South-east Asian art. Hong Kong’s status as the leading hub for Asian art collectors had kept the auction house comfortably ensconced there for many years. But the current problems facing Hong Kong have led various institutions to search for safe harbours elsewhere. For its part, Sotheby’s says the return to Singapore echoes its broad approach of meeting clients wherever they are. In 2021, it staged its first auction in Las Vegas and opened galleries in Aspen, Monaco, East Hampton and Palm Beach.

The Sotheby’s sale in Singapore features works by a range of artists from across Asia, with a particular focus on South-east Asian art, as well as works by leading Western artists. A key painting by Indonesia’s Hendra Gunawan titled Fish Market On The Beach (1980, oil on canvas, 140 x 234cm) leads the pack. Works by auction darlings such as Vietnam’s Le Pho, Singapore’s Georgette Chen and Cheong Soo Pieng, and the Phillippine’s Fernando Amorsolo are also among the lots. At press time, the full list of works and price estimates have not been released.