Mention art, and images like the Mona Lisa, France’s Louvre Museum and paint-splattered canvases and floors spring to mind. It is also a term that might soon become synonymous with Singapore.

According to the National Arts Council (NAC), which oversees the development of the arts scene in Singapore, there were 915 art exhibitions held here in 2009 – 380 more than in 2003. Couple that with the number of companies in Singapore that sell and promote works by local and regional artists – they’ve grown twofold from 153 in 2003 to 328 in 2009 – and it seems there’s a pattern forming.

This growing buzz surrounding art and the sale of it could stem from an increased appreciation of aesthetics, although some might see it as an opportunity to make a quick profit. In April 2011, Forever Lasting Love, a three-panel oil painting by Chinese contemporary artist Zhang Xiaogang, sold for £6.3 million (about S$12.6 million) at a Sotheby’s Hong Kong auction – a record auction price for a Chinese contemporary art piece.

It’s a staggering amount indeed. It also begs the question, what sets apart the multimillion dollar canvases of dried paint from the ones worth barely a fraction of that?

“Forever Lasting Love’s value comes from its historical context,” explains Phil Whitaker, Director of Sotheby’s Institute of Art in Singapore. “Painted in 1988, it was displayed at the 1989 China Avant-Garde Exhibition, a very important show of avant-garde artists at the Beijing National Art Gallery.

However, the Singapore Permanent Resident is quick to add that just because one painting by Zhang sold for millions, it doesn’t mean that all his works will do so. “What drives the work’s price is its rarity, importance and demand,” says the 55-year-old.

These relatively high prices are a reason buyers are now turning to Southeast Asian art.

“China’s art market is successful, but it’s also become too expensive, so where else can people invest?” asks Valentine Willie, 57, owner of Southeast Asian art consultancy Valentine Willie Fine Art.

“In Southeast Asia, prices are affordable, which gives collectors room to build a world-class collection. And with its diverse mix of cultures and a population of around 600 million and counting, there’s a lot of potential to be discovered.”

And when it comes to art, it appears Singapore is the place to buy it. “Singapore is a convenient place to come and look at art from around the region,” says Valentine, a 15-year veteran in the fine art industry; he opened his gallery here in 2008.

“It’s financially stable, and given its geographical location, a lot of art from around the region passes through here. I don’t have to go around Southeast Asia to see each country’s respective art; I can come to Singapore.”

He points out, though, that galleries don’t always make huge turnovers. “If we’re lucky, the value of a painting we’ve bought will appreciate over time – say five years – and a nice profit is made when we sell it,” he explains. “We have had a decent share of good sales, but there’s no definite way of knowing beforehand which ones they will be.”

It’s a sentiment that Pwee Keng Hock shares. The managing partner of local gallery Utterly Art notes that the art market isn’t an easy one because of a limited pool of local collectors.

“Though their numbers have grown, the [number of ] galleries have as well,” says the 47-year-old Singaporean. He exhibits established artists from neighbouring countries, but also supports young and affordable artists.

This variety has drawn buyers from all walks of life, from businessmen to students.

Keng Hock attributes Utterly Art’s staying power since it opened in 2001 to the passion for art shared by him and his partner.

“It’s what drove us to keep going, making contacts within the local art community, and now we average 30 exhibitions a year,” he says.

“You can’t just sit there thinking you’ll sell that one work that will make you millions. With so much competition, you have to ensure that your name continues to get out there. We did that by presenting ourselves as a platform for young art students here to showcase their work.”

Art by numbers

The growth in the art industry has made a sizeable financial impact on Singapore’s economy. NAC figures show that the contribution to the economy from art sold at exhibitions and by galleries has steadily increased from $221 million in 2003 to $470 million in 2008.

These figures haven’t gone unnoticed by the international community, with the Affordable Art Fair (AAF) making its first Asian showing here in November last year. Originating in London in 1999, it is an annual event held in eight major cities worldwide, including New York City, Amsterdam, Brussels and Sydney.

“The response in Singapore was overwhelming,” says Fair Director Camilla Hewitson. “Our next show in November this year already has 85 galleries applying for a spot, 35 more than last year.”

The AAF – whose organisers aim to debunk the myth that art is only for the wealthy – proved their point: 9,500 people visited the three-day fair, which featured works by artists from Asia (including Singapore), Australia and Europe. Works were priced between $100 and $10,000, and generated more than $1.75 million in sales.

“Singapore was a natural choice for the first Asian AAF, says Camilla, a British citizen in her 30s.“With an active gallery and museum scene, and a diverse population, the entire arts scene here is growing very fast. Singapore is becoming one of the premier art hubs in Asia in terms of attracting visitors from all over the region.”

* This article was written by Gene Khor and first published in Singapore Magazine (Jul-Sep 2011 issue).