This Week in the Art Market – Friday 13th October: As Adeline Ooi vacates her transformative role at Art Basel Asia, who will take the reins? London art scene quashes Brexit fears, proving its resilience as a global art capital. Meanwhile, Singapore’s National Gallery not only enjoys a surge in visitor numbers but also diversifies its impact with community wellness initiatives.
Adeline Ooi Steps Down as Art Basel’s Asia Director
Adeline Ooi has stepped down as Art Basel’s Director Asia, a role she held since 2015. Under her tenure, Ooi built stronger ties within the Asian art community, contributing to Art Basel’s growth in the region. Her departure comes as the organisation navigates the challenges posed by the pandemic. Adeline Ooi’s successor has not yet been announced.
Brexit’s Impact on the London Art Market
Despite fears that Brexit and economic challenges would diminish London’s art market, the city continues to thrive as a significant hub for the art trade. The U.K.’s art market remains the world’s second-largest, holding an 18% share by value. Various new galleries have opened, and existing ones have expanded in London, indicating sustained confidence in the market. Notable figures in the art world express continued faith in London’s central role in the global art market.
London’s Steady Grip on the European Art Market
London retains its dominance in the European art market, even amidst Paris’s rising prominence. Despite temporary disruptions like Brexit and the pandemic, London’s long-standing historical status, coupled with its international market driven by collector interest, continues to make it a pivotal player in the art commercialisation sector, only trailing behind New York globally.
The National Gallery Singapore witnessed a rise in visitors and a strong financial year.
The National Gallery Singapore witnessed a rise in visitors to 1.4 million and nearly doubled its rental income to $4.2 million in FY2022/23, according to its annual report. While digital visitorship grew to 2.3 million, contributions and cash donations halved to $1.15 million. The gallery also launched wellness initiatives like the Gallery Wellness Festival and a program supporting individuals with dementia. These developments reflect broader positive trends in the arts sector, aligning with increased physical attendance and community engagement initiatives as seen in other arts institutions like Esplanade – Theatres on the Bay.