Jingwei Wang, owner of JW Projects, observes, “Buyers here, in general, see art mainly as an asset class for monetary gain.”
In recent years, Singapore has witnessed a notable influx of wealthy investors, with the Chinese forming a considerable portion of these new arrivals. In 2022, Singapore's UHNWI (ultra-high net worth individuals) population increased by 6.9% to 4,498, up from 4,206 in 2021. The number of single-family offices has jumped nearly threefold since the pandemic began, largely driven by an influx of wealthy Chinese families.
For the wealthy Chinese, it appears that many of them are opening art galleries across the city-state. This surge in Chinese-owned art venues in Singapore has garnered significant attention. As reported in the South China Morning Post, these galleries serve as showcases for high-value artworks, ranging from contemporary pieces to classical masterpieces. However, despite the opportunities the arrival of new money seems to bring to the local art scene, unlocking liquidity has proven harder than anticipated.
