With the art world turning away from Hong Kong, Singapore should seize the opportunity to position itself as an art-market hub by building on the success of the recent Sotheby's auction here and getting other regional and global auction houses to hold more auctions (Seoul, new haven for art lovers, Sept 6).

To encourage the auction business to thrive, perhaps goods and services tax could be charged on only the buyer's fee, instead of the value of the art.

We need to seize the lull in the market and cement our position before Hong Kong regains its footing.

Hua Tye Swee