The long battle between Hong Kong and Singapore to be the capital of Asia’s art trade seems to have had an impact on Singapore, at least, for the time being, according to this report from The Straits Times:

The Singapore Pinacotheque de Paris, plagued by poor attendance and financial challenges, bowed out last month, less than a year after it opened.

The Gillman Barracks gallery cluster saw the departure of two tenants earlier this year, following an exodus in April last year – when nearly a third of the 17 galleries then chose not to renew their leases, citing poor sales and visitor numbers.

Two art fairs, Singapore Art Fair and Milan Image Art and Design Fair Singapore, have also been missing from the scene after high-profile debuts in 2014.

Industry observers say the spate of closings points to growing pains in a still developing art market, but they are mostly optimistic that the market will take off in time, if efforts to grow the visual arts scene continue.

Growing pains in Singapore (The Nation)