Art Market Monitor

Global Coverage ~ Unique Analysis

Art Stage Singapore Launches

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Bloomberg’s Adam Majendie tries to explain the secret sauce that Lorenzo Rudolf has put into Art Stage Singapore which has just opened there:

“Asia’s at the point where it has to build up its own marketplace,” he said. “It makes no sense to invite Western galleries that represent the same artists as the Asian ones.”

The key for Rudolf was to attract big collectors of Asian art from around the world. He worked with Singapore’s government to set up an exhibition running parallel with the fair at theSingapore Art Museum and other venues called “Collectors’ Stage: Asian Contemporary Art From Private Collections.”

The show includes works from artists such as China’s Ai Weiwei, India’s Shilpa Gupta,Indonesia’s Masriadi and Yoshitomo Nara from Japan. Many of the works spend most of their time in the houses and private museums of big Asian-art collectors such as Sylvain Levy, Oei Hong Djien and Deddy Kusuma.

“It’s exciting to have such a collection of contemporary art from Asia like this,” said Levy, as he walked through a preview of the museum show. His DSL Collection of Chinese contemporary art contributed two works to the exhibition.

Billionaires Reveal Treasures as Asian Painters Edge Picasso in Singapore (Bloomberg)

Singapore's Venice Biennale Rep

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The International Herald Tribune looks at the controversial Singaporean artist whose early career was filled with shocking performance pieces:

20 years later, Vincent Leow is part of the art scene establishment. He was selected to represent Singapore at the 2007 Venice Biennale and his work is currently the subject of a mid-career review at 8Q sam, the contemporary art arm of the Singapore Art Museum, albeit minus the controversial early performances. […]

“As I’m now living in the U.A.E., I was trying to explore how you portray human figures, which is central to my practice, because you can’t do that as part of the Islam art tradition,” Mr. Leow said.

Singapore’s Once Unruly Young Artist, Still Poking at Social Norms (International Herald Tribune)

Singapore Discovers Art Insurance

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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)

Singapore's Freeport Storage Opens Almost Full

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Bloomberg celebrates the opening of the Singapore Freeport and Christie’s enormous 30,000 sq. ft. facility near Changi airport:

“In the short term, Singapore might not be able to compete with Hong Kong as an arts hub because it needs time to build this up,” said collector and My Humble Art Space Chief Executive Michael Wang. “But once Singapore starts with this, it won’t be slow.” […]

“The art market in Asia is growing as fast as the regional economy,” said Alain Vandenborre, president and co- founder of the project with chairman Yves Bouvier, who is also head of Geneva-based fine-art shipping company Natural Le Coultre. “Singapore is probably the only place like Switzerland that offers the required stability, neutrality and security.”Continue Reading

Singapore Loosens Up–Sort Of

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Singapore wants to be a global center of art and commerce. It hopes by attracting the arts it will be able to attract cultural and intellectual capital that matches its financial reserves and the native industry of its population. But the pursuit of global street cred can make for a amusing contradictions. The city-state is notorious for its strict code of public behavior, one that even bans chewing gum let alone street art and tagging. Nonetheless, some wise soul commissioned graffiti artist Daze to paint a mural there:

Spray-painting is still a rare sight there, where it’s still mostly associated with acts of vandalism punishable by up to three years in jail or eight strokes of the cane. Continue Reading

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