Unravelling art in Asia
“So why Singapore and Southeast Asia? And why right now?” asked our host, Benjamin Milton Hempe, during the conference at Art Paris. Well, France is celebrating 50 years of diplomatic relations with Singapore, so it is logical that Art Paris and the Palais de Tokyo open up to embrace Singapore’s artistic scene this year.
Courtesy Art Paris
Asia is the fastest growing market by number of High Net Worth Individuals (“HNWIs”) according to a recent report by Deloitte. When private banks such as Société Générale and Bank of America bowed out of the Asian market last year, this encouraged HNWIs to invest in alternative investments, including the arts. Yet while Chinese collectors seek to buy works of national heritage, collectors in Southeast Asia want to support their local contemporary artists.
Singapore possesses all the attributes needed to support growth in the arts. A dynamic, cosmopolitan city-state with a high level of living, political stability and financial strength, it is not dissimilar to that of Hong Kong. Deloitte confirmed Switzerland (growth logged at +13%) as number one in international private wealth management, but Singapore (+25%) and Hong Kong (+146%) are growing at a faster rate.
Courtesy Art Stage Singapore 2015
Conflicting messages
Indeed, the conference soon highlighted Singapore’s vibrant art scene; “There’s an explosion of art galleries over the past three years,” said Benjamin Milton Hempe, who is co-founder and director of Chan Hampe Galleries. Of note, is Gillman Barracks three-year-old arts cluster, encompassing 17 international art galleries, where five of the galleries recently announced that they would not be renewing their three-year lease. The government-backed scheme hoped to create a similar hub to that of Beijing’s 798 District.
The project cost $7.5 million (S$10m) to set up. Backers of Gillman Barracks have been quick to defend their departure, calling it a part of a “vibrant and competitive art marketplace.”
But international galleries in Singapore are struggling to build lasting relationships with local collectors. Frédéric de Senarclens, director of Art Plural Gallery, said that his gallery hasn’t received any government funding, adding “There’s a lot of money in China etc., but it doesn’t mean that it’s stable.” In comparison to Asia, the gallerist said, “Singapore is still an infant market” and “theres only a handful of collectors.” Guest curator Lola Lenzi spoke about Singapore as a “porous” state, open to trade and characteristic of Southeast Asia. Artists are now freer to do as they please, especially at Palais de Tokyo’s exhibition “Secret Archipelago”. “They don’t have this guilt,” Tan Boon Hui, artistic director of Singapore in France-le-Festival said, explaining that artists do not feel a need to identify themselves through their art.
Banks look for stability
Singaporean institutions, however, are being backed by the banking heavyweights. Deutsche Bank has partnered with Singapore Art Museum to create a series of visual arts exhibitions, whilst Barclays Wealth invested in a three-year project with the dance festival Da:ns in Singapore.
Galleries in Singapore are now under pressure to perform, even if financial backing is coming from the government. But moreover, encouraging opportunities lie ahead for banks and wealth management services in Singapore, and three years on from its launch, Singapore’s art fair Art Stage is now a part of South Asia’s mushrooming art market.
