Art Stage Singapore placed under provisional liquidation

Art Stage Singapore, the company behind what was once Singapore's main visual arts fair, was placed under provisional liquidation on 31st January. 

Considered the country's most influential art fair since 2011, Art Stage Singapore was cancelled abruptly on 16th January, eight days before its preview opening at the Marina Bay Sands Expo and Convention Centre.

Art Stage Singapore's fair director is company president Lorenzo Rudolf, and his wife Maria Elena is vice-president. The fair was backed by the National Arts Council, Economic Development Board and Singapore Tourism Board.

Art Stage Singapore debuted in 2011 with million-dollar sales in its first few editions. However, Rudolf said from 2017 onwards that poor local sales had led to most exhibitors from overseas refusing to take part more than once in the fair.

Only 45 exhibitors signed up for the 2019 Art Stage Singapore and had to find alternative spaces after Rudolf cancelled the event.

Last year, there were only 84 exhibitors at the fair, compared with 131 in 2017 and 170 in 2016.

The Straits Times reports that Acres Advisory said the liquidation process had been initiated by the directors of Art Stage Singapore and estimated that it will take between 12 and 18 months to complete, assuming no complexities develop.

A press statement from Acres Advisory on 12th February announced the provisional liquidation and that Mr Tee Wey Lih has been appointed the provisional liquidator. He is arranging to recover the company's assets and records.

A creditors' meeting has been scheduled for 28th February and the notice of meeting will be issued to the creditors shortly, according to the statement.

When asked by The Strait Times if all the creditors would be getting their money back, a spokesman for Acres replied: "We are still evaluating the situation and in the midst of recovering the company's assets. We would be in a better position to advise the creditors on the recovery prospect in due course."

Rudolf, a Swiss national, had previously been responsible for transforming Art Basel, the Swiss art fair into an internationally esteemed art show in the 1990s. This led to him being invited by the authorities to set up a similar fair in Singapore.