Singapore Art Investment Firm Art Works Enters Liquidation, Leaving Staff and Artists in Limbo
On October 30, Art Works, an art investment firm in Singapore, unexpectedly entered liquidation, leaving 15 employees unpaid and shocked, as they had no warning about any financial troubles. Artists like Sylvie Kettle from the US and Singapore’s Zhang Fuming shared that their artworks, worth SGD 100,000 and SGD 10,000 respectively, were with third-party storage, with Kettle mentioning she hadn’t received payment for sales made six months ago. Despite this chaos, the exhibition "Chaos & Sanctuary," featuring emerging Chinese female artists, was still ongoing at the firm’s gallery at One Holland Village until November 9. Founded in 2011 and rebranded in 2017, the firm was known as Asia's first fractional art ownership platform. Liquidators from Forvis Mazars have taken over, and local police are involved.
Key facts
- Art Works entered liquidation on October 30, 2024.
- 15 employees were informed of the liquidation on the same day without advance notice.
- Artists Sylvie Kettle and Zhang Fuming have artworks valued at SGD 100,000 and SGD 10,000 held in storage.
- The exhibition "Chaos & Sanctuary" featured artists Shangyu (Mary) Cai, Xinyu Han, Xi Liu, and Qian Zhong.
- The gallery at One Holland Village opened in December 2023.
- The firm was incorporated in 2011 as Art Index International and rebranded in 2017.
- Liquidators from Forvis Mazars are overseeing the winding up.
- Local police have filed a report regarding the incident.
Entities
Artists
- Sylvie Kettle
- Zhang Fuming
- Shangyu (Mary) Cai
- Xinyu Han
- Xi Liu
- Qian Zhong
- Arphy Li
Institutions
- Art Works
- Art Index International
- Forvis Mazars
- ArtAsiaPacific
- CNA
Locations
- Singapore
- One Holland Village