Sotheby's Returns to Singapore After 15 Years with $24.5M Auction

Sotheby's made a significant comeback in Singapore on August 28, 2022, after a 15-year absence, hosting a prominent auction of modern Asian and contemporary international art that amassed SGD 24,459,120 (around €17.5 million). This event underscores Singapore's aspirations to establish itself as a leading art center, bolstered by government funding for cultural projects such as the Singapore Biennale (initiated in 2006), the National Gallery (inaugurated in 2015), and Singapore Art Week. The highlight of the auction was Walter Spies' 'Tierfabel (Animal Fable)' (1928), fetching SGD 4,032,000 (€2.89 million). Other significant sales included Willem Gerard Hofker's 'Melis' (1939) at SGD 2,268,000 (€1.5 million+), alongside strong performances from artists like Le Pho and Yayoi Kusama. Only two lots remained unsold, with the majority surpassing their high estimates, indicating Singapore's emerging role in the Asian art scene.