“From now to the end of consciousness,” Susan Sontag writes in Against Interpretation, “we are stuck with the task of defending art”. Sontag was primarily addressing the over-intellectualisation of art that had pervaded the mid-20th century, but her words remain relevant today. It must be said, however, that Sontag called for a specific kind of defence. As she aptly observes, any advocacy for the value of art in contemporary society must align with present-day needs.
And to take up the mantle of defending art, one must first examine the contemporary landscape. We don’t have to delve too deep to learn that art is fast becoming the favoured alternative asset for discerning investors. But wouldn’t the subjectivity of art prove a poor fit for the objective yardsticks of the financial world?
The data says otherwise. Knight Frank’s latest wealth report found that high-net-worth individuals often choose to invest in art over other luxury passion investments like watches and jewellery. Even more impressively, fine art has proven to be a resilient asset in the last two decades, boasting an annual return that outperforms the S&P 500.
In such a landscape, how can we best maximise art’s increasing financial successes without diminishing its cultural value? The experts at Singapore-based firm Art Works Group proffer a solution. Uniquely positioned at the crossroads of art, technology, and finance, the group has developed an array of solutions designed to cultivate a modern appreciation of art—one rooted in both its financial efficacy, and intrinsic cultural value.
More Monet
As even the most astute investors will attest, the world of fine art can be complex and intimidating. Beyond the ability to discern a Monet from a Rothko, an aspiring investor of fine art must possess the know-how of ascertaining the current and potential value of art works, brokering deals with unpredictable artists, and navigating the mire of reproduced art.
These skills, however, take decades to develop. Art Works, through its advisory arm, Art Works Advisory, seeks to lift this barrier. Whether you’re a new collector intending to build up a portfolio of financially propitious pieces, or a seasoned connoisseur seeking to add an elusive artwork to your collection, the advisory provides direct access to a dedicated team of certified art experts who will navigate these complexities, so that one’s art investment journey is seamless, tailored and hassle-free.
“We bring transparency to a very opaque market, and give collectors an understanding of the opportunities in the space. Whether they’re looking for capital appreciation, a store of wealth or just collecting for passion, we’re really about understanding the objectives of clients and supporting them to meet those goals by guiding them to the right opportunities, at the right value,” says Chris Hallewell, chief operations officer of Art Works.
Unlike the fluidity of shares and stocks, however, it is common for fine art to take 5 to 10 years before appreciating in value. This is where a bespoke approach can offer peace of mind, ensuring investors are always armed with expert insights and strategies, even as financial goals, or cultural tastes evolve.
“It’s really about understanding the objectives of our clients,” explains Hallewell. “We support them by providing the right opportunities with the right art, at the right value, and the right outlook in terms of what they’re trying to achieve from their investment.”
That said, the world of fine art may soon have more in common with shares and stocks than you might think. Unless you’ve been living under a (proverbial) rock, you’ll be familiar with the gradual disruption of our traditional financial systems, underpinned by the increasing adoption of tokenisation and blockchain technologies. Art Works intends to take a similar concept, and apply it to art investment.
Through the Art Works X platform, slated to roll out in 2025, the group aims to provide access to blue-chip art. As the name suggests, blue-chip art comprises masterpieces from renowned artists like Basquiat and Warhol, with proven track records of maintaining or increasing in value. Newer collectors, keen to engage with these works of art, are often intimidated by the price tags these pieces command.
Leveraging on blockchain and permissioned tokenisation technologies however, Art Works offers collectors access to own a fractional piece of the art, just as they would with shares of a company.
Cultural Accelerant
What sets Art Works apart from other art brokerages and investment firms is a dedication to bringing art back to the heart of cultural dialogue, and fostering a community of collectors and enthusiasts.
“We’re aiming to create an ecosystem of investors and enthusiasts. Depending on how you work with us, you’ll get different opportunities for art experiences that money can’t buy, such as private access to museums, meet-and-greet sessions with artists, or even a private dinner with the artists and other collectors. It’s about creating amazing experiences around art,” says Hallewell.
This is the same desire to create a dynamic and experiential community that led Art Works to open its own gallery in December 2023. The gallery, located in One Holland Village, showcases a curated selection of art spanning diverse styles. Among its most notable recent showcases is the eyebrow-raising 18. Workz exhibition, held last year in collaboration with luxury automobile company Lamborghini. The exhibition marked the Asian debut of artist and skateboarder Danny Minnick, where the audience witnessed his dynamic style through a live demonstration as he painted a Lamborghini Urus S on the spot.
Art Works’ commitment to promoting new talents in the art world is guided by careful curation, as well as fastidious data and expert analysis. Among some of the ultra-contemporary artists that it has added to its portfolio are Nick Grindrod, whose abstract compositions have graced the collections of Soho House, as well as the dreamlike landscapes of Sylvie Kettle, whose works were showcased at The Spirit of Life exhibition at Art Works Gallery in September.
Within its own walls, Art Works has also attracted top talent from major art hubs around the world—such as Cassi Young, the company’s new global fine art director, who was previously the director of post-war and contemporary art at Bonhams.
With its unique expertise, Art Works serves as a point of reference for collectors and investors in an increasingly complex world of art investment. But even as the group seeks to add more innovative products and services to its repertoire, Hallewell affirms that art must—and will always—remain at the forefront of the group’s endeavours.
“Art must have cultural significance. We’re very respectful of the space and the traditions of the art world. We want to maintain that, while adding value and creating magical moments for people,” says Hallewell.
Learn more about Art Works through the first episode of Robb Report Singapore’s new video series, Spotlight.
Art Works
3 Church Street, #24-04 Samsung Hub, Singapore 049483
+65 6557 2250
artworks.com
This story first appeared in the October 2024 issue. Purchase it as a print or digital copy, or consider subscribing to us here