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Sotheby’s First Singapore Auction in 15 Years Is a Success, Signaling Southeast Asian Art Market’s Strength

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At its first auction in Singapore in 15 years, Sotheby's brought in $17.5 million, signaling the southeastern Asian market's strength. Read more from artnews.

At its first sale Singapore in 15 years, Sotheby’s raked in SG$24 million on Sunday, exceeding the auction’s pre-sale estimate of SG$18 million .

“It was surprising to meet a number of collectors from mainland China. From my interactions and observations at the event, I found that some collectors had recently relocated to Singapore and were starting their collections there,” he added.

Despite the strong sale results for the 50 lots on the block yesterday afternoon, only three paintings hammered beyond SG$2 million . Following an intense back and forth of bidding by buyers on the phone with Felix Kwok, Sotheby’s director and head of modern art in Asia, and Prasetio, William Gerard Hofker’s

The only female artist associated with a Singaporean art movement known as the Nanyang School, Chen has been enjoying a resurgence of late. Last December, Christie’s Hong Kong for SG$1.8 million, more than double its high estimate, setting an auction record for the artist. Sunday’s sale marked the second time Chen’s record had been re-set in a 12-month span.

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