Singapore Art Investment Firm Abruptly Enters Liquidation

On October 30, Singapore-based art investment firm Art Works, which also runs a gallery and advisory, abruptly ceased operations and entered liquidation, as confirmed by public records. The sudden closure has left staff unpaid and artists uncertain about the status of their artworks, which remain in the company’s possession. 

Incorporated in 2011 as Art Index International, the firm claimed to be Asia’s first platform for trading fractional ownership of fine art. It rebranded as Art Works in 2017 and launched a gallery at One Holland Village in December 2023. 

The day following the liquidation, a notice at the gallery entrance stated that it was “closed for private event.” Inside, artworks from the group exhibition “Chaos & Sanctuary,” which opened on October 9 featuring emerging Chinese female artists Shangyu (Mary) Cai, Xinyu Han, Xi Liu, and Qian Zhong, remained on display. The exhibition had been scheduled to run until November 9. 

15 employees told news outlet CNA through a statement that they were only informed of the liquidation on the day it was declared: “No advance notice was provided regarding the company’s financial difficulties, the decision to cease trading, or the termination of employment. We were informed that we will not receive outstanding wages or entitlements.”

Artists such as US-based Sylvie Kettle and Singapore-based Zhang Fuming reported artworks valued around SGD 100,000 (USD 76,600) and SGD 10,000 (USD 7,700) respectively held at a third-party storage facility. Kettle revealed that the firm had sold more than six of her works but had not responded to her emails and inquiries for payment for half a year. 

Local police have filed a report regarding the incident, and the company’s website and Facebook page have been taken down. Liquidators from Forvis Mazars have been appointed to oversee the winding up.

Arphy Li is an editorial assistant at ArtAsiaPacific.