“The buzz and energy felt like it was a step up,” says Art SG co-founder Magnus Renfrew, noting both sales and fair attendance were better than in 2023. “As time goes on, people are increasingly recognising the importance of Singapore.”

In terms of sales, regional galleries did particularly well at the fair with works at prices below US$50,000.

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Some international galleries also reported sales at higher price points. Among the top pieces was an Anselm Kiefer painting which sold for about €1.1 million (US$1.2 million) at Thaddaeus Ropac’s booth and a US$680,000 Barry Flanagan sculpture sold by London-based gallery Waddington Custot. White Cube also reported a total of £1.6 million (US$2 million) in sales.

These figures need to be seen in context.

“We did fairly well last year so we returned,” says Jacob Twyford, senior director at Waddington Custot, who sees growing potential in Southeast Asia. “This time there were fewer galleries bringing blue-chip masterpieces to the fair and more emerging names but that also presented us with more opportunities.”

Like others, however, he notes that the actual size of the collecting base in Singapore itself is relatively small. “I wouldn’t say it’s growing in numbers but it is maturing.”

One sign of this maturation is the growing number of private exhibitions and permanent art spaces initiated by collectors this year.

“In Singapore, for some reason, most of our serious art collectors are very shy, so somehow that part of the ecosystem has been lacking,” says collector Ning Chong, who has been running a private art space called the Culture Story with her collector father Chong Huai-seng since 2017.

“It’s amazing that we now have this assembly of different stakeholders contributing to the art scene.”

The largest private space to open this month was Beijing collector Li Fan’s Whale Museum in the industrial building Tanjong Pagar District Park, which also houses the Singapore Art Museum (SAM) as well as a handful of galleries.

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The large museum, with tall ceilings and a sleek industrial interior, opened with a vibrant exhibition of paintings by Chinese artists Huang Yuxing and Ouyang Chun.

On a smaller scale, Hong Kong collectors Alan and Yenn Lo converted their narrow office space in an old shop house in the River Valley residential district into an experimental art venue.

“After spending more time in Singapore over the last few years, I felt the ecosystem was a bit top-heavy,” Alan Lo says. “Compared to Hong Kong it seemed to be missing private and/or artist-driven initiatives and non-profits, so I thought maybe there was something we could do to help make the scene more interesting.”

The couple, who formed the Yenn and Alan Lo Foundation, inaugurated their space by inviting local gallery Yeo Workshop to mount a small exhibition of works by emerging Singapore-based artist Priyageetha Dia and Indonesian artist Maryanto.

Going forward, the Hong Kong couple are considering using the space to host artist residencies or for single-artist presentations centred on Asian artists and the larger diaspora.

In 2023, they also committed US$75,000 to a new art fund initiated by the SEA Focus art fair and the SAM dedicated to acquiring works in the fair for the museum collection.

The foundation was formerly based in Shanghai and now plans to set up a base in Singapore.

Fronted by its director Zong Han, the foundation has been raising its profile in the region. It recently donated a sculpture by Thai artist Tawatchai Puntusawasdi to the SAM.

This year it is commissioning Singaporean artist Heman Chong to create a work which will be shown in UCCA Dune in Beijing and in the UK before being displayed in Singapore.

“It took 10 years for both Hong Kong and Shanghai’s art scenes to be where they are today,” Zong says. “Arts SG is only in its second year. Everything here is still developing.

“State institutions and public grants are never enough. Private foundations can support more experimental, avant-garde, forward-looking projects and offer different possibilities.”

During Singapore Art Week, a few collectors mounted impressive pop-up exhibitions, such as French philanthropist Pierre Lorinet, who again took over a space in Gillman Barracks, the former army barracks turned gallery hub.

“I think as a collector, sharing your works is important for both the arts community and broader community to get educated about different artists and practices,” says Lorinet, who staged a similar exhibition to coincide with Art SG in 2023.

The show, which was co-curated by Zoé Whitley and Clara Che Wei-peh, brought together some 100 works from leading artists in Africa, Asia and their diasporas.

Teoh says the exhibition was two years in the making and is part of the organisation’s larger vision to create internationally minded projects which expand the horizons of the local art scene.

Indian collectors Vir and Simran Kotak, who founded The Eight Foundation, are opening a permanent art space in Singapore later this year.

The couple, who initially began collecting works by South Asian artists, have broadened their remit to buy the work of Southeast Asian names such as emerging Singaporean artist Alvin Ong.

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Their future space will sit atop Simran Kotak’s modern Indian restaurant Ahara, which is in a shophouse on bustling Keong Saik Road.

“The goal is to add another layer to the ecosystem,” says Vir Kotak, who envisions working with young curators and artists. “It’s not a museum space or a commercial gallery. It will allow us to support practices and works which may not have found the right platform to be shown.”

Aaron Cezar, the founding director of London-based non-profit organisation Delfina Foundation, notes that supporting up-and-coming artists is essential.

“Very often when you see philanthropic initiatives come into the fold, they’re focused on more established talent, which is important, but we also need people to take risks on younger artists and help to generate talent in Singapore,” he says, noting there is only a handful in the city doing this.

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“Supporting that pipeline is crucial because without it you can’t sustain larger initiatives.”

While many see the growing number of private initiatives as a sign that Singapore’s art ecosystem is evolving, there is still a way to go.

“Finally, after many years, the art scene has come into its own and has traction,” Chong says. “It’s not just Art SG. We’ve been having Singapore Art Week for 12 years now.

“If Singapore plays its cards well it could be a major hub for art, but it has to happen organically and all the relevant stakeholders have to rally together.”