One industry player said his auction house does not advise collectors to buy art purely for investment purposes, and that they need to be motivated by passion.
SINGAPORE: When Ms Lee Yi Tian decided to invest in art about three years ago, she was clueless. She was already investing in wine, bonds and stocks but wanted to inject more colour into her portfolio.She got in touch with a brokerage firm that shared with her more information, including news articles.
“It's a good return for something that is worry-free,” she said, adding that property investment, for instance, could be profitable but comes with concerns about maintenance and disrepairs.Art Works Advisory, which helped Ms Lee in her purchases, estimates the value of artwork to rise by 22 per cent every year.“I'm glad I did it because it's one of the most fun things in my investment journey,” she said.
Their purchases made up 28 per cent of the total Singaporean bought value in the first half of this year, compared to the 8 per cent in the same period last year. “This can as a surprise, because there's always a preconceived idea that younger collectors would go for contemporary art,” president of Christie’s Asia Pacific Francis Belin told CNA."I think it speaks first to the cultural heritage and passion for people's own culture and the passion that they have in rediscovering the continuum of art. You don't see artists today that haven't been inspired by artists from yesterday, who are not inspired from artists from the day before.
"We've seen the economic crisis with the stock shares, bonds, real estate volatility … The cost of living increases are having an impact and people are looking for a stable, safe haven investment. So art over the years has been demonstrated to be extremely resilient,” he said.
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Driven by passion and profit, more young Singaporeans buy artOne industry player said his auction house does not advise collectors to buy art purely for investment purposes, and that they need to be motivated by passion.
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