Sotheby's hopes to capitalize on Singapore's status when staging its modern and contemporary art auction there on August 28. Image: JKboy Jatenipat / Shutterstock T he art market is increasingly turning to Asia to attract new collectors, and Singapore is one of the most popular destinations. And that's why Sotheby's is staging a major auction there for the first time in 15 years. Singapore is often called the Switzerland of Asia, thanks to its abundance of billionaires, its advantageous tax system and its very high GDP per capita. It is therefore not surprising that the city-state has established itself as a veritable hub for the region's art market. Related stories Who is Andres Valencia, the 10-year-old who's got the art market in a frenzy? Here's how you can get involved in creating Yayoi Kusama's latest artwork From Jeff Koons to Sacha Jafri, artists are now on a mission to conquer space Sotheby's hopes to take advantage of Singapore's status during the forthcoming modern and contemporary art sale that the auction house is staging there on August 28. According to Artnet News, collectors will be able to bid for works by Asian artists such as Vietnam's Lê Phổ, Fernando Amorsolo of the Philippines, and Indonesia's Hendra Gunawan. The latter artist recently had work exhibited at the Rijksmuseum, Amsterdam, as part of "Revolusi! Indonesia Independent." The auction will also include pieces by Western artists who are highly regarded in Southeast Asia, such as the French-Chinese artist, Chu Teh-Chun and the Spanish artist, Rafa Macarrón. The work of Pablo Picasso's compatriot has recently seen its value increase, as evidenced by the sale of a diptych titled "Rutina Fluor" at Sotheby's in Hong Kong for HK$4.3 million (approximately US$548,000). More recently, another of his paintings, entitled "Matilda," sold for HK$4 million (around $510,000) at Sotheby's in Hong Kong.
Check out our Monsoon discounts on subscriptions, upto 50% off the website price, free digital access with print. Use coupon code : MON2022P for print and MON2022D for digital. Click here for details.
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
click here to Subscribe Online
BTC and ETH outperform traditional markets in July despite the dollar's strength
2/3rds open to a Web3 career for its potential and flexibility: Survey
Singapore: A hub for the art market in Southeast Asia
Community-initiated 'Bitcoin Stackchain' exceeds $160K in one week
Central African States Bank board urges adoption of uniform digital currency
Pink Sauce: The new condiment craze sweeping TikTok and Twitter
Photo of the day: Ready for the move
Russia says it will quit International Space Station after 2024
Alphabet's quarterly profit falls 14%, on higher revenue
World heading towards another recession: IMF cuts global growth outlook
From Bihari to Kashmiri, the rise and rise of regional Indian digital content stars
Twitter shareholders to vote on Musk buy in September
Crash versus correction: is there a difference?
Bitter harvest: Malaysian palm oil farmers face migrant labour crunch
It doesn't have to be lonely at the top