SINGAPORE - MCH Group, the parent company of the influential art fair Art Basel, has announced that it will take a 15 per cent stake in Art Events Singapore, the organiser of Art SG, which is being billed as "the new art fair for South-east Asia".

Art Basel is held in Basel, Switzerland; Miami Beach in Florida in the United States; and Hong Kong.

Ms Adeline Ooi, Asia director at Art Basel, said in a statement: "With our participation in Art SG, we can make a further contribution to encouraging the creation, experience and understanding of contemporary art in Asia beyond Art Basel in Hong Kong, as we do in a different way through our support of S.E.A. Focus in Singapore and Art Week Tokyo."

The Singapore art fair has been cancelled four times and is now scheduled to take place between Jan 12 and 15 in 2023. It will be held at Marina Bay Sands Expo and Convention Centre with UBS bank as a lead partner.

Noting that Singapore is a global centre for wealth management, Art SG co-founder Sandy Angus said "the rapidly developing market appetite across South-east Asia (for art) provides the perfect opportunity to launch Art SG".

MCH Group said supporting regional initiatives was part of the company's aim to contribute to the long-term strength of the region's growing art scene, "which is seen as complementary to the core business of running Art Basel in Hong Kong".