The Affordable Art Fair, which has built a following in Singapore since 2010 by offering inexpensive art, will raise the price ceiling for artworks from $10,000 to $15,000 for its upcoming edition in November.
The move follows the rising value of works by artists who are shown at the fair as they advance in their careers, and the fair organiser's interest in having artists and collectors grow alongside each other through the event.
The organiser is also confident that the higher price ceiling is acceptable to art buyers and collectors here.
Mr Alan Koh, the Singapore fair director, says galleries at the fair have seen a gradual increase over the last six years in the number of fairgoers who buy artwork priced at more than $7,000 and who return for subsequent editions of the fair.
The higher price ceiling, he says, will allow galleries to show fresh works by artists who have grown in value beyond the $10,000 price cap, and in turn raise the quality of offerings at the fair.
The fair, however, is committed to keeping 75 per cent of the works priced below $7,500 to ensure that the works remain affordable.
The three-day fair from Nov 18 to 20 will be held at the F1 Pit Building with more than 80 galleries, a quarter of which are newcomers to the fair.