Category: art collectors
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One fifth the size of Rhode Island, Singapore is an island city-state, off the peninsula of Malaysia, in the middle of Southeast Asia, that wields immense power in the global financial and trade industries, like its traditional rival Hong Kong in the north. Also like Hong Kong, Singapore’s government has been harboring larger-than-life ambitions to position the country as…
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Even as 10 million jobs were lost across creative industries worldwide during the pandemic, the art market, like most luxury sectors in 2021, experienced a boom year. There were ludicrously high sales at global auction houses Christie’s and Sotheby’s, totalling US$7.1 billion and $7.3 billion respectively. Meanwhile, many galleries and art fairs in dynamic art…
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Even before the pandemic, philanthropy as a whole has been “dominated” by high net worth individuals (HNWI). Reportedly, giving by small donors declined over the last two decades, with an increase in donations spearheaded by mega-donors and mega gifts over US$300 million. This trend of fewer but richer individuals driving donations is definitely visible in the…
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In January this year, when Brexit was the major development setting the art market on edge, wealthy art collectors were reportedly most concerned about whether they could still move their art, what paperwork would be required, and would there be additional taxes or duties if they wanted to move art from the UK to Europe after the…
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As the art world grapples with the socio-economic impact of global pandemic COVID-19 and preventive measures to deal with the virus, it is not surprising that the practice of art collecting has been affected. According to Doug Woodham, Managing Partner of New York-based Art Fiduciary Advisors, “Right now, most collectors have more urgent matters to worry…
Art Industry Insights With Reena Devi 