The East Asian Art Market: Why Singapore is on the Rise
The East Asian art market is increasingly prominent in the global art scene, changing its favored geopolitical backdrop from hub to hub inside of the continent. In January of this year, Singapore seemed to redefine its rise and cement itself on the map with its keenly ambitious expansive efforts to attract sophisticated collectors into the region.
During the second week of January, the 11th edition of Singapore Art Week 2023 (SAW) presented an array of over 130 art events featuring established & emerging artists with experimental installations that transformed spaces across the island. The much anticipated Art SG fair finally opened its doors at the city’s Marina Bay Sands convention center showcasing an impressive line up of national and international galleries.
With a combination of a stable economy, cultural expansion efforts, a rise in HNWIs and key tax incentives, Singapore is rising as an optimal environment for art galleries and auction houses to thrive in the region.
Let’s take a look at some facts:
Tax incentives: In Singapore collecting tax incentives include no capital gains tax in the country, companies that donate artworks or artifacts to approved museums are eligible for a 250% tax deduction and foundations are exempt from income tax.
Wealth Concentration: Singapore is Asia’s stand-out performer with 2,800 millionaire arrivals expected this year, an 87 percent increase compared to 1,500 in 2019.
With a combination of a stable economy, cultural expansion efforts, a rise in HNWIs and key tax incentives, Singapore is rising as an optimal environment for art galleries and auction houses to thrive in the region.
Whether you are a beginning or building an art collection, the Singapore art scene can provide many rewarding experiences. From its expansive galleries and exhibitions to more traditional museums the key question is where to start.
With all art collecting & exploration strategies it’s important to be well informed about the current market. At sampadian we bring exceptional knowledge and experience for to our clients. If you’re interested in the East Asian Art Market let’s chat – schedule a consultation with us.
Written by Lo Sampadian
