Singapore’s first Art Price Confidence Index to be introduced.
Art collectors and investors looking to acquire impressive pieces of artwork can log on to a new portal called Kwerkeeart.com.
Launched recently by Singapore-based Kwerkee Art, it offers a marketplace for artists in Singapore and around Asia to sell original fine art pieces.
The website will have one of the region’s most comprehensive online collections of artwork from different genres, including those from well-established names and even budding artists.
Prices for the artworks on the portal range from $1,000 to $44,000.
Paul Lim, founder and CEO of Kwerkee Art said: “We want to help artists create value, promote their artworks, and gain access to the market.
“Our portal will allow users to read about the history of the artists, provenance of the art pieces, as well as up-to-date art market data, including the historical and current sales values of art pieces from various artists.”
Kwerkee Art is also in the midst of creating Singapore’s first Art Price Confidence Index (APCI) as a tool to value the art pieces.
“By gathering ongoing data from several sources, such as artists’ information, past sales history, genre based pricing, art contextual information and current internet trends, we are able to use technology to churn out patterns across a wide spectrum of information so that we will be able to forecast possible trends that will result in the appreciation or depreciation of an artist’s current and even upcoming works,” Lim noted.
The APCI will be a data-driven index based on the track records of artists and historical prices of art pieces sold over the years.
Kwerkee Art is investing up to $500,000 to develop the index, which will be launched and operational in October.
The company is expected to generate about $1 million in sales in the first year of operations, and have an annual growth rate of 100 percent for the first three years.
Image: King of Pop by Justin Lee – 2008.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email: romesh@propertyguru.com.sg
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