Things are going better in Singapore than the rest of the world. The Asian growth story is still intact and more residents of Singapore are buying art either for status or as an asset:

One major player that has benefitted from the rising opportunities in this niche sector is AXA Art Insurance, a dedicated art insurance arm of European insurance giant AXA. The company told MediaCorp that its total premiums here have risen over 75 per cent from January to July, compared to the same period last year. AXA Art Insurance Singapore spokesperson Mr Charles Liu also said that the company’s sterling achievement in Singapore has outpaced its performance in the European market over the same period.  Mr Liu added that he foresees total premium earnings from art insurance alone to hit over $1 million this year.

Art and collectibles insurance market set for higher growth (TodayOnline.com)