Singapore’s art market has demonstrated resilience amidst economic uncertainties, following the surge in online art sales globally which accounted for 18% of the market’s total turnover.
Abramovitz emphasised the enduring value of art, citing its historical significance and the profession's deep roots."Art is one of the most traditional professions in the world, it's existed for 1000s of years," he said. While acknowledging the possibility of economic fluctuations, Abramovitz remains confident in the art market's long-term stability."Of course, there may be ups and downs, but even if we looked in the past for big recessions, it's nothing to compare to when there is a recession in the stock market," he explained."So I'm very optimistic."
Consumer trends further underscore the art market's adaptability and resilience."Actually, people are moving more and more towards decorative art, more modern art. The young generation are getting less and less into traditional art," Abramovitz observed."So we do very well with pop art, kinetic art. The new homes are very modern, and the owners want art that will fit this modern style.