The winding up of Art Stage Singapore was announced on Tuesday (Feb 12) by the appointed provisional liquidator, Mr Tee Wey Lih from Acres Advisory. Mr Tee is now arranging to recover the company’s assets and records.
A creditors’ meeting has been scheduled for Feb 28, and creditors will receive a notice of meeting shortly, Mr Tee said in a press release.
When a company undergoes liquidation, its business ceases to operate and its assets are seized and converted into cash. The proceeds will then be used to pay off the company’s debts and liabilities.
TODAY has sent queries to Acres Advisory on details of the provisional liquidation process, including the duration and who the creditors are.
Art Stage Singapore’s namesake art fair was to take place at the Marina Bay Sands convention centre from Jan 25 to 27, but the fair’s president Lorenzo Rudolf, who is also the company president, announced the cancellation in an email to galleries one week before.
A total of 45 international and local galleries were affected.
Following the shock cancellation, Mr Rudolf cited “exorbitant prices”, “unequal competition” and “cannibalism” in the art scene here as reasons for canning the fair.
But gallery owners and art collectors here told TODAY that Singapore remains an attractive destination for art buyers, despite Mr Rudolf’s claims. Nevertheless, they also said that there has to be some innovation in order to attract new and younger collectors.
Interest in Art Stage Singapore had dipped in recent years. From 143 booths rented in 2016, the number dropped to 131 in 2017 and 97 last year. This year, only 45 exhibitors signed up for it.