Recently, Singapore has seen a significant increase in affluent investors, particularly from China. The population of ultra-high net worth individuals (UHNWI) in Singapore rose by 6.9% to 4,498 in 2022, up from 4,206 in 2021. The number of single-family offices has almost tripled since the onset of the pandemic, largely due to an influx of wealthy Chinese families.

Many affluent Chinese individuals are establishing art galleries throughout Singapore, attracting considerable attention. These galleries exhibit high-value artworks, ranging from contemporary pieces to classical masterpieces, as noted in the South China Morning Post. However, despite the potential benefits for the local art scene, accessing liquidity has proven challenging.

Jingwei Wang, the proprietor of JW Projects, remarks, “In general, buyers here view art primarily as an asset class for financial gain.”

This underscores that, for many in Singapore, acquiring art isn't about appreciation but rather gaining exposure to an alternative asset class.