Sotheby's Hosted Its First Live Art Auction In Singapore In 15 Years

The British-founded Sotheby’s is the world’s largest broker of fine art and luxury items. Present in over 140 countries, it is one of the most trusted platforms as well, given its thorough vetting and authenticity checks. Sotheby’s typically hosts more than 600 auctions annually, selling a wide range of collectibles from contemporary art, fine watches and jewelry and other luxury items.

Sotheby’s Latest Auction

The world-renowned broker held its latest contemporary live art auction on August 28, 2022, in Singapore. The majority of the auctioned products have been painted or designed by renowned Southeast Asian artists, while a few were curated by emerging artists across the world. The primary theme of the auction is to reflect the sophisticated backdrop and culture of Singapore and its people.

Hendra Gunawan’s 1980 "Fish market on the beach" painting was one of the highest-priced items auctioned this weekend, selling for $1,172,164. Apart from this, Georgette Chen’s "Boats and Shophouses" painting went for $1,442,663, and Walter Spies' "Tierfabel (Animal fable)" landed $2,885,327. Paintings from emerging artists including Christine Ay Tjoe, Rafa Macarron and Javier Calleja were also featured in the auction.

Why Singapore?

Sotheby’s made a comeback to Singapore after 15 years to host a live auction, thanks to the rapidly growing collector base in the island city. Being one of the major financial hubs in the Asia-Pacific region, high-net-worth individuals from neighboring countries often come down to Singapore to take part in such auctions. The world-class city is often touted as one of Asia’s crown jewels and is currently experiencing a surging demand for cultural products and contemporary art.

As Liu Ying Mei, founder and director of 39+ Art Space said recently, “It goes without saying that Singapore’s highly developed business infrastructure, family-friendly lifestyle, and travel mobility all amplify its merits for those who are surveying the art market here.”

Interested in fine art as an investment? Find market data on Benzinga's Art Hub

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