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The growth rate for this relatively young market is between 20-25% a year. Singapore is steadily building a name as a regional base for fine art auctioneering industry now enjoys an estimated turnover of S$50 million.
An exciting variety of art is now presented here, from Southeast Asian and Chinese to European and Latin American art. Currently, there is a preference for Singapore, Southeast Asian and Chinese art. Prices for prominent Singapore works are escalating. Record prices were set for local art in 1994 when two paintings by pioneer artist, the late Chen Wen Hsi, each realised S$180,000 at Sotheby's auction. The primary market for Singapore works of art is growing steadily and its annual sales turnover is in the region of S$100 million.
The playing field is currently dominated by international auctioneers, Christie's and Sotheby's, and four local auctioneers - Raffles Fine Arts Auctioneers, Taisei Singapore, Associated Fine Arts Auctioneers and Asia Fine Arts Auctioneers. The industry's annual turnover is reported to be in the region of S$50 million.
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