Art lovers stay conservative at Art Basel, with art market staying soft amid global challenges
A work by Ukrainian painter Sana Shahmuradova Tanska entitled "Zhai-Liza (angel), 2024" is on display at the booth of Gunia Nowik Gallery during the Art Basel fair on June 17. PHOTO: AFP
ZURICH – The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalise the momentum.
Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a painting by English artist David Hockney for between US$13 million and US $17 million (S$16.6 million and S$21.7 million), without disclosing the exact price.
The David Zwirner gallery sold a sculpture by American visual artist Ruth Asawa for US$9.5 million and a painting by German visual artist Gerhard Richter for US$6.8 million.
However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for US$40 million.
'The market is certainly softer,' said Art Basel's chief executive Noah Horowitz, though major sales still happen at such fairs 'despite, somehow, all that's going on in the world'.
An artwork titled The Voyage - A March To Utopia, 2022 by Dutch Atelier Van Lieshout on display at Art Basel. The fair ran from June 19 to 22.
PHOTO: AFP
Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair.
According to their estimates, the art market slowed in 2023, then fell by 12 per cent globally in 2024, to US$57.5 billion, with the decline particularly affecting works valued at more than US$10 million.
'In the next six to 12 months, I don't see any changes on the horizon,' said Mr Hans Laenen, an art market specialist at insurer AXA XL.
In a time of economic and geopolitical uncertainties, 'investors are turning very strongly to gold', he added.
An artwork, Untitled, 1957-58, by American artist Joan Mitchell at Art Basel.
PHOTO: AFP
In the art sector, behaviour is 'more conservative' among both buyers and sellers, who prefer to wait before putting works on the market in the current climate, he said.
The number of transactions is increasing, but in 'lower-price segments', he noted.
According to insurance firm Hiscox, the number of lots sold for less than US$50,000 increased by 20 per cent in auction houses in 2024, while very highly priced works saw a sharp drop, indicating a change in collector behaviour.
A new generation
An artwork titled Bodies Circling Fire, 2025 by Swiss artist Andriu Deplazes at Art Basel.
PHOTO: AFP
According to Mr Jean Gazancon, chief executive of art insurer Arte Generali, a younger generation of collectors is entering the market.
'We are insuring more and more 30-somethings for collections of €300,000, €500,000 or a million euros,' he said.
'These are successful start-uppers, investment bankers, lawyers, or sometimes people who have inherited,' and they begin their collections very young , sometimes making 'very radical' choices, he added.
An artwork, Into The Woods To Lose Our Way, 2025, by South Korean artist Hyunsun Jeon at Art Basel.
PHOTO: AFP
UBS expects that trend to increase. According to its projections, an unprecedented wealth transfer will take place over the next 20 to 25 years with the general ageing of the population.
Globally, around US$83 trillion in assets will change hands, it says, meaning 'there's a whole new generation of collectors coming to the market with different buying patterns', said Mr Eric Landolt, global co-head of the family advisory, art and collecting department at UBS.
The four-day Art Basel fair, which closed on June 22 , featured more than 280 galleries presenting works by around 4,000 artists.
It is a must for collectors, who can buy everything from Pablo Picasso paintings to very recent works.
The Thaddaeus Ropac galleries notably offered a portrait of Pope Leo XIV by Chinese-French artist Yan Pei-Ming.
It also highlights young artists, such as Lebanese-Canadian Joyce Joumaa, 27, who jointly won the 2025 Baloise Art Prize for her work focusing on the energy crisis in Lebanon. AFP
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
French actress Marion Cotillard and French director Guillaume Canet announce split
French film director Guillaume Canet and French actress Marion Cotillard said they hoped to avoid 'speculation, rumour, and misinterpretation' with the announcement. PHOTO: AFP PARIS – French movie star Marion Cotillard and French director Guillaume Canet have separated after nearly two decades together with 'mutual respect', the star couple announced on June 27. 'After 18 years together, Marion Cotillard and Guillaume Canet have decided to separate by mutual agreement,' said a statement released by their representatives. 'This decision was made with mutual respect,' it added. Oscar winner Cotillard frequently collaborated on projects with Canet since their relationship began in 2007, including the 2010 comedy-drama Little White Lies. Cotillard, 49, and Canet, 52, who have two children together, said they hoped to avoid 'speculation, rumour, and misinterpretation' with the announcement. 'By being transparent through this statement, Marion Cotillard and Guillaume Canet also express their desire for their private lives, and especially that of their two children, to be respected,' the statement said. Cotillard, one of the best-known faces of French cinema, won the Best Actress Academy Award for her role as Edith Piaf in La Vie En Rose in 2008. Canet, who is also an actor, is best known to international audiences for his role alongside Leonardo DiCaprio in 2000's The Beach. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
4 hours ago
- Business Times
Gold-rich Laos hits mother lode with S-E Asia's first bullion bank amid inflation, currency blues
[VIENTIANE] In the heart of a resource-rich continent famed for metals and gems, one of South-east Asia's smallest economies quietly launched the region's first dedicated gold bank – a bold bid to draw tonnes of the precious yellow metal back into the formal financial system. With protracted double-digit inflation (though gradually easing), hefty debt levels, and renewed kip depreciation plaguing the landlocked nation, Laos is betting big on the safe-haven asset. It is a well-timed gambit, seeing how gold prices hit multiple fresh highs through 2024 before peaking in April 2025 to breach US$3,500 per ounce. This year, the metal has gained some 28 per cent so far. In an interview with The Business Times, Lao Bullion Bank chief executive Chanthone Sitthixay said: 'There are so many commercial banks in Laos and the limitation is that the local currency, the kip, cannot be transacted at the international level. But gold can.' And so he pitched the creation of a local gold ecosystem in 2020 to former Lao prime minister and current President Thongloun Sisoulith, before the bank's eventual launch in December 2024. Dr Chanthone Sitthixay, the CEO of Lao Bullion Bank, pitched the idea of creating a local gold ecosystem to the government back in 2020. PHOTO: LAO BULLION BANK Research suggests that the country still holds more than 1,000 tonnes of gold underground – worth an estimated US$100 billion, said Dr Chanthone. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Meanwhile, private households currently hold some US$10 billion worth of the precious metal, he added, noting that responsibility falls on the Lao Bullion Bank to coax the wealth back into the formal financial system. Six-month track record As at the first half of 2025, Lao Bullion Bank amassed between 500 kg and 600 kg of gold from private households. Once its refinery – which has a capacity of up to 150 tonnes a year – is completed in end-June, the bank anticipates onboarding gold miners as a new customer segment, noted the CEO. Dr Chanthone expects mining contributions to then make up some 30 per cent of the bank's assets – with households still accounting for the bulk. The target, however, is to scale up refinery services so that gold from miners eventually accounts for 70 per cent of the bank's assets, added the 49-year-old business tycoon. To achieve this, Lao Bullion Bank is eyeing a timeline of around one year, following a government directive requiring all miners to refine their gold to a purity of more than 99 per cent before it can be exported, he said. Miners in the country traditionally exported only the raw metal to foreign markets because of the absence of a comprehensive gold ecosystem that encompasses mining, refining, trading and investment. In the six months since its opening, the bank has opened more than 2,000 accounts and is seeing an increase of about 10 new ones each day. 'We haven't really been bombarding people with promotional campaigns and such,' explained Dr Chanthone. 'We are trying to make sure that the systems and infrastructure are in place.' On customer demographics, the CEO shared that the bank serves both locals and foreigners, including expatriates who work in the country. Interestingly, the bank has observed a higher number of younger clients, driven by growing interest in investing, but whose deposit volumes remain modest. Conversely, it has fewer clients who are older, but they contribute more, he said. Blueprint for growth Within the next three years, the bullion bank intends to expand into four other major Lao provinces: Luang Prabang, Oudomxay, Savannakhet and Champasak, said Dr Chanthone. It currently operates out of a five-storey building in the capital, Vientiane. Bank counters and tellers occupy the ground floor, while the second floor houses a laboratory for testing modest amounts of gold. The third floor holds the information technology and trading rooms, while the upper levels are reserved for office and meeting spaces. Like a traditional commercial bank, it offers deposit, withdrawal and transfer services. What is unique, however, is that the Lao Bullion Bank issues certificates to clients who deposit their gold, and these documents can be used as collateral by customers seeking loans from commercial banks and financial institutions in Laos, said Dr Chanthone. He explained: 'We have 37 banks in Laos and the total deposit amount at these commercial banks is 110 per cent of our gross domestic product (GDP). For gold, we estimate it to be about 100 per cent of GDP.' These deposits combined will make up more than 200 per cent of Laos' GDP, which would demonstrate the country's strong liquidity, he said. 'If customers only deposit gold with the bank, it will not be liquid,' continued Dr Chanthone. 'But once the certificate is issued, they can get financing from other banks, which creates liquidity.' Another novel offering of the bank is its automated vending machines that operate just like conventional ATMs, except that these dispense gold. The machines now offer four types of gold bars – weighing 1 g, 7.5 g, 15 g or 30 g – that come in either a standard design or limited designs of national landmarks That Luang and Patuxay. Two of the 10 machines the bank has are currently placed within the building, while the remaining eight will be installed in hotels, markets and other public places once safe, populated locations have been identified, said the CEO. Two of Lao Bullion Bank's 10 gold vending machines are housed on the ground floor of its building. PHOTO: LAO BULLION BANK Dr Chanthone noted that the primary target audience for these gold vending machines are tourists. He hopes that tourists will come to associate Laos with its gold – the same way Myanmar is known for its jade, Thailand for its rubies, and Sri Lanka for its sapphires. A screen capture of the Lao Bullion Bank's website on Jun 26. The bank sells four different types of gold bars – weighing 1 g, 7.5 g, 15 g or 30 g – that come in either a standard design or limited designs of national landmarks That Luang and Patuxay. SCREENSHOT: LAO BULLION BANK WEBSITE Other initiatives in the pipeline include gold-trading services on international platforms, with the bank's trade team poised to officially begin operating in August. Golden ticket to fiscal stability Set up as a public-private partnership, Lao Bullion Bank is 25 per cent owned by the government, with the remaining 75 per cent share belonging to primarily family-owned investment holding company PTL Holding. The initial capital of US$60 million injected into the bank was accumulated from the various family businesses, said Dr Chanthone, who holds a master's degree and PhD in strategic business management. On whether the move was part of a wider de-dollarisation narrative exacerbated by the US' tariff volatility, the CEO demurred. 'The main objective is to focus on strengthening the local currency by (transitioning it) from non-convertible to convertible; and the country has gold, which can be considered near-cash.' As the third-largest gold producer among Asean member states, Laos aims to become an Asian trading hub for the yellow metal by 2030. The way Lao Bullion Bank supports the nation's goals, said Dr Chanthone, is 'by bringing gold that's out of the system back into the system, making it more liquid… and reducing the supply of M2 in the economy'. M2 is a broad measure of money supply, used by economists as an indicator of potential inflation. Global appetite for gold continues to hold firm, with demand hitting its highest first-quarter level since 2016, according to an Apr 30 report by the World Gold Council on Q1 2025 gold demand trends. Quoting the council's head of Asia-Pacific (ex-China) and global head of central banks Fan Shaokai, the release wrote: 'With the full impact of tariff measures still unfolding, investors continue to turn to gold, recognising its role as a portfolio diversifier that has historically performed well during periods of uncertainty.' Neighbouring Indonesia also opened its first two state-owned bullion banks on Feb 26, some two months after the Lao Bullion Bank's launch. Asked whether there exist opportunities for collaboration with South-east Asia's largest gold producer, Dr Chanthone concurred, noting that the bank has 'really good connections' with the Indonesian government. The bank is a foreign associate member of the Singapore Bullion Market Association. On his hopes for the bank and the country, the magnate concluded: 'The problems of Lao people must be solved by a Lao. I don't just do business; I want to do something that is impactful for the country.' He added: 'We do our best to make the country prosperous.'
Straits Times
4 hours ago
- Straits Times
Theatre review: Singapore, Michigan a confident debut about adulting and privilege
Singapore, Michigan cast (from left) Zane Haney, Shrey Bhargava and Ching Shu Yi give real depth to their trio of characters on a road trip in search of the titular American town. PHOTO: PANGDEMONIUM Singapore, Michigan Pangdemonium Lasalle College of the Arts – Singapore Airlines Theatre June 28, 8pm A Singaporean couple and their American classmate drive through a Michigan winter in pursuit of a silly quirk of history – an American ghost town called, perplexingly, Singapore. Over a blustery weekend, the trio realise that the rest of their lives will not so much be a frivolous jaunt, but a series of calculated choices. Playwright Ong Chong An's first professional script is an elegant snow globe of a road trip story. It is a finely crafted drama of young adulthood, as the trio, encased in a dingy motel, trade ghost stories, bad takeaway Chinese food and secrets. Ong's talky script draws out the heightened emotional state that young adults on the cusp of graduation often feel, when every decision appears life-altering. Carol's (Ching Shu Yi) parents own an oil corporation but she wants to work for a non-profit, which annoys her pragmatic boyfriend Manish (Shrey Bhargava), who is tied to a hefty scholarship bond. Jesse (Zane Haney), an English major who comes from money, sides with Carol, but antagonises Manish, who in turn rubs Jesse the wrong way when he calls America a Third World country. Like three volatile elements dropped into a confined space, the trio's biographies and traits play off one another well. Class, gender, nationality and race come to inflect a slow-burn argument about responsibility and desire, choice and circumstance. Under Timothy Koh's direction, the three characters are furnished with a complexity that allows them to be a goofy trio when together, then markedly different in their respective pairs when one steps out into the snow for air or, well, better Wi-Fi. The actors give each of their not-quite-adult characters real depth – Janus-faced Jesse, micro-managing Manish and Carol, adrift between two worlds. Fortunately, the destination of Singapore, Michigan, is kept to a lean five-minute exposition early on – so the ghost town does not become too overt an allegory for the play's themes. That restraint allows Singapore, Michigan, to be the blank canvas on which the characters project their disappointments and hopes. Set designer Eucien Chia's set is as lovely to marvel at as a beautiful winter diorama. The drivable open-topped car prop is the mesmerising centrepiece of the opening winter drive scene and the alabaster forest landscape subtly suggested through what looks like a hand-painted curtain background. In the motel, a brilliant white blizzard at the window is rendered convincingly by light designer James Tan. It is a well-paced story until the play's final act, which is bogged down by an inelegant excess of plot twists and abrupt revelations that try to tie up its complex threads too tightly. Its final act builds up too quickly and risks melodrama in an otherwise assuredly realistic direction. Although equatorial heat is endemic to Singapore arts, winter has not been completely absent, and Ong's 'Singaporean students abroad' play has echoes of writer Carissa Foo's university road trip novel What We Learned From Driving In Winter (2022). It joins the likes of film-maker Anthony Chen's The Breaking Ice (2023) and writer Daryl Qilin Yam's Shantih Shantih Shantih (2021) in Singaporean depictions of winter. More than a coming-of-age story, the play is also about growing up with the burden and allure of privilege, comfort and templates. Writ large, it interrogates a Singaporean brand of exceptionalism – heightened perhaps when one is young and abroad, beneficiary of an imperfect system, and certainly played up in the age of a more insular America. Singapore, Michigan is a confident debut with substantial complexity. The snow falls differently each time you give the globe a little shake. Book It/Singapore, Michigan Where: Lasalle College of the Arts – Singapore Airlines Theatre, 1 McNally Street When: Till July 11; Tuesdays to Fridays, 8pm; Saturdays and Sundays, 3 and 8pm Admission: From $35 Info: Join ST's WhatsApp Channel and get the latest news and must-reads.
