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Singapore is taking the lead of regional art market

The island state of Singapore is steadily taking centre stage in the region’s booming art market, a trend reflected in the exhibitions the country now hosts.

Boris Sullivan

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Singapore property market

The island state of Singapore is steadily taking centre stage in the region’s booming art market, a trend reflected in the exhibitions the country now hosts.

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Singapore seeks to lead regional art market

While several Asian countries have made great strides to develop their domestic art markets,  with galleries and art fairs mushrooming in Shanghai, Hong Kong, Jakarta, Korea and New Delhi, collectors outside Singapore tend to focus on art from their own country.

Singapore is also set apart from its Asian counterparts by its established position as a centre for private wealth management. And now, in its international range of art, it could also have developed a competitive edge on its trade and finance rival Hong Kong.

Foreign direct investment has decelerated markedly in Thailand, but inflows should continue in 2009 and 2010 due to the secular trend to move production away from advanced economies.

Key risks to the outlook are political uncertainty and the timing of the withdrawal of fiscal and monetary stimulus. Increased political tensions may have a long-lasting impact on investment, and withdrawal of stimulus (in Thailand and the advanced economies) must be precisely timed to avoid macroeconomic imbalances (including new asset bubbles) while also ensuring that the recovery is on a sufficiently solid footing.

The island state of Singapore is steadily taking centre stage in the region's booming art market, a trend reflected in the exhibitions the country now hosts.

Automotive exports – the second largest item in the country?s exports after electronics – fell sharply early this year by about 45 percent from a year before. (During 2009, exports slumped through May before rebounding in the third quarter, although data of late suggest some leveling off of foreign demand.) Compared with electronics, automotive exports are half as large in value but have twice as large value-added per unit of output, leaving the contributions of both sectors to GDP about equal.

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