According to Singapore’s Straits Times, art dealers in the city state are ready to compromise on price to move their inventory:

Art galleries like ArtMosaic in the MICA Building, Hill Street and Indigo Blue Art in Neil Road, which specialise in contemporary Indian art and Utterly Art in South Bridge Road, which specialises in Filipino art, have had one-off art sales with prices of selected artworks cut anywhere from 10 to 30 per cent.

And even as auction houses gear up for the auction season, which begins next month and stretches till May, they are bracing themselves for lower takings.

Auction Houses Take a Hit (Straits Times)