SINGAPORE
Singapore’s warm air of optimism comes from the influx of new-moneyed immigrants despite the recessionary winds hitting the region caused by the dwindling growth rate of the Chinese economy. In its second edition at the Expo and Convention Centre at Marina Bay Sands, Art SG (January 19–21) is still in its early development, as the number of participating galleries dropped from 164 in its debut year to 114 in 2024—reflecting a more comfortable scale for the market’s size.
Despite the 30-percent reduction, during the fair’s first preview day (January 18), Magnus Renfrew, the cofounder of Art SG, reported solid transactions. Koreanfor Kyung-Ah Ham’s North Korean-embroidered silk-on-cotton chandelier (2018) for a price in the range of USD 30,000 to 36,000. Lehmann Maupin (New York/London/Seoul) found buyers for two paintings by Lee Bul in the range of USD 200,000 to 300,000 and a painting and a sculpture by Korean sculptor Kim Yun-Shin, both ranging from USD 60,000 to 90,000.
