Art Basel UBS survey finds the rich will buy more art in 2022, exceeding pre-pandemic levels

A painting by artist Wong Keen titled Ninja Burger (2021) was sold for $45,000 in January 2022 by artcommune gallery in Singapore. PHOTO: ARTCOMMUNE GALLERY
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SINGAPORE – Big spenders in Singapore will be buying more art this year, exceeding pre-pandemic levels in 2019.

According to a survey by art fair company Art Basel and UBS bank, acquisitions for the first half of 2022 by high-net-worth (HNW) individuals here have already exceeded their total acquisitions for the whole of 2021.

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