During the initial half of 2023, the global auction market experienced an 18% decline. However, Southeast Asia emerges as an exception, demonstrating resilience amid this downturn, attributed to an influx of novel events and activities.
According to the Art Basel and UBS Global Art Market Report 2023, auction sales faced a downturn in Japan, South Korea, and other smaller international markets in 2022. Singapore, on the contrary, witnessed double-digit growth, largely propelled by Sotheby's inaugural live Modern and Contemporary Art sale in August 2022, marking a significant event after 15 years.
The inaugural ART SG art fair took place at Marina Bay Sands in Singapore, reporting robust sales from major international galleries such as White Cube, Gagosian, and David Zwirner.
Singapore continues to be a focal point for art with the announcement of a new gallery weekend scheduled to launch on September 15, coinciding with the annual Singapore Grand Prix, which drew a record-breaking 302,000 attendees in 2022 after a two-year pandemic-induced hiatus.
Optimism is not exclusive to Singapore, as other countries in the region show positive economic indicators. While Singapore narrowly avoided a recession in Q2 of 2023, experiencing a modest 0.3% economic growth, Indonesia's economy expanded by an impressive 5.17%, setting a robust foundation for Art Jakarta scheduled from November 17 to 19.
The tenth edition of Art Fair Philippines in February featured 63 exhibitors, a notable increase from the previous year's 46 exhibitors. SILVERLENS, the leading gallery in the country, expanded its reach by establishing an outpost in New York in July.
Artists from the Southeast Asian region continue to attract sustained interest. Ken Tan, overseeing Lehmann Maupin's business in Southeast Asia, attributes this to the discerning nature of collectors in the current economic climate. Despite a dip in auction proceeds, the recent Sotheby's Singapore auction in July showcased strong performances by contemporary women artists. Jane Lee's Melt VII (2017) achieved US $140,877, and Christine Ay Tjoe's The Team of Red (2013) sold for US $576,818—both surpassing high estimates.
Sotheby's Managing Director, Southeast Asia, Jasmine Prasetio, lauds these artists as having a unique sense of style and identities, breaking boundaries, and gaining recognition from collectors globally. Prasetio notes the honors received by Ay Tjoe at the 2019 Asia Arts Game Changer Awards, Hong Kong, and Lee's current solo exhibition at the Singapore Art Museum.
Collectors in the region, as observed by Singaporean art consultant and collector Ning Chong, have shown keen interest in artists like Jane Lee, citing her 'almost sold out shows' at Singapore's Gajah Gallery and STPI - Creative Workshop & Gallery this year. Furthermore, Chong highlights the success of Indonesian auction company Larasati Singapore's first in-person auction in April, where Lee's The Little Red Painting (2009) exceeded pre-sale estimates.
Another artist gaining prominence is I Gusti Ayu Kadek Murniasih (1966–2006), drawing growing interest in the current year. Joseph Kong, Sales Manager at Gajah Gallery, describes Murniasih as 'an indomitable voice in the Indonesian art scene.' Her works, exhibited at Tokyo Gendai and featured solo at Art Basel in Basel, have garnered attention from institutions and private collectors.