Art On Track

THE ART WORLD WOKE UP to a rude shock recently when MCH Group - the brand behind the world's most famous art fair Art Basel - announced it was pulling out of Singapore's new art fair Art SG even before the curtain rose on it. Not only that, MCH Group was also divesting from its 50 percent stake in the India Art Fair and its 25 percent share in Art Dusseldorf. Reasons given by interim CEO Hans-Kristian Hoejsgaard included the need to "reduce costs", even though the company said that Art Basel remains a healthy division within the MCH Group.

The bad news, however, was quickly reversed by Art SG's announcement a few days later that the well-regarded art entrepreneur Magnus Renfrew was stepping in to fill the gap.

Mr Renfrew has a sterling record of starting art fairs. From 2007 to 2012, he was the founding fair director of Art HK, which was acquired by MCH Group in 2013 and rebranded Art Basel Hong Kong. He is also the founding fair director of Taipei Dangdai, a new fair for Taiwan.