Dealer and Collector Richard Koh on What People Misunderstand About Southeast Asia’s Art Industry

The View From is part of The Asia Pivot, Artnet Pro’s biweekly members-only newsletter that provides mission-critical analysis, insights, and exclusive intelligence on developments in Asia’s art markets, with a focus on business opportunities and challenges. Subscribe here to receive it directly to your inbox.

Born in 1965 in Kuala Lumpur, Malaysia, Richard Koh began collecting art in the 1990s. In 2019, he presented the first part of an exhibition devoted to his collection, “Of Dreams and Contemplation,” at the former premises of the Private Museum in Singapore. The second part, “Of Dreams and Contemplation: I am All but a Story,” runs at its current premises through March 9. Koh founded Richard Koh Fine Art in 2005 in Kuala Lumpur. The gallery now has spaces across Singapore, Malaysia, and Thailand.

At the recent exhibition of my personal collection, “Of Dreams and Contemplation: I am All but a Story,” at Private Museum’s new location at Osburne House during Singapore Art Week, I had some unexpected encounters. A seasoned Southeast Asian collector told me the show reminded them of what collecting is truly about. Another visitor felt so encouraged that they decided to buy their first artwork. These reactions were new to me.

Installation view of “Of Dreams and Contemplation: I am All but a Story—Selections from the Collection of Richard Koh.” Image courtesy of the Private Museum.

Singapore’s art scene often gravitates toward big-name, museum, and biennale artists. But my exhibition showcased something different—artists who aren’t mainstream stars but whose works resonate deeply. The presentation signaled to visitors that collecting isn’t about following big brands; it’s about discovering great artists we can relate to.

This made me reflect on Singapore’s place in the global art ecosystem. The West often pits Singapore against Hong Kong, but this comparison is misguided. The demographics, buying habits, and collector mindsets in Singapore, Hong Kong, Taiwan, and Korea are vastly different. Singapore doesn’t need to chase an abstract idea of being “international”—it already is, in its own way. It’s the hub for ASEAN and Southeast Asia, with its own visual language, collectors, and price thresholds. More regional players recognize Singapore’s importance, and despite lower attendance at this year’s Art SG, key figures from the region still showed up.

Natee Utarit, The Strange World of the Super Unknown, on view at S.E.A. Focus 2025, Singapore. Photo: Vivienne Chow.

Singapore’s ambition to be a global art player needs to be reframed. Does having a Western blue-chip gallery in town for a fair automatically make it “international?” Art Stage ultimately failed [after its 2018 edition] because it became too Western-heavy, alienating regional collectors. The assumption was that bringing in international galleries would encourage local collectors to buy, but the reality is different. High-value works—six or seven figures—aren’t impulse buys. Collectors don’t walk into a fair and drop that kind of money without prior engagement with the gallery or artist. Even in good times, they would have pre-screened the work, built relationships, and often secured purchases before setting foot at the fair. Western galleries typically pre-sell in their home markets and use fairs like Hong Kong as delivery points.

Installation view of “Of Dreams and Contemplation: I am All but a Story—Selections from the Collection of Richard Koh.” Image courtesy of the Private Museum.

Moreover, “international” art often isn’t part of the local collector culture. Why would a Western collector fly to Singapore to buy from a Western gallery? It doesn’t make sense. Even if they do visit, they’re unlikely to spend significant sums on regional art. At best, they might spend $5,000 or $10,000—meaningful to local galleries but not enough to build a collector base from abroad.

The buying dynamics in Asia are distinct. At fairs, people purchase what they like within their budgets, which are typically lower than Western standards. For European collectors, €20,000 ($20,600) is an entry-level purchase. In this part of the world, that’s a substantial investment. For Western galleries accustomed to high-ticket sales, moving 10 works for a combined half-million dollars isn’t worthwhile. But for regional galleries, those numbers are meaningful. Reports highlight Singaporean artists selling well, but at $5,000 to $10,000 per piece—barely covering booth and logistics costs for galleries.

Installation view of “Of Dreams and Contemplation: I am All but a Story—Selections from the Collection of Richard Koh.” Image courtesy of the Private Museum.

The traditional art fair model is showing its limitations, especially in Asia, where fairs function differently. In Italy, collectors buy Italian art at Italian fairs. Miami’s satellite fairs thrive because local collectors support them. But in Asia, there’s a skewed perception of what an “international” fair should be. Before Western fairs entered Hong Kong, cities like Taipei and Seoul had longstanding, successful fairs catering to their local audiences. Over the past decade, however, a Western-centric model has dominated, creating the illusion of being global simply because major Western galleries participate.

The assumption [has been that] bringing Western galleries to Asia will encourage local collectors to buy international art. But this assumption is flawed. The super rich don’t need to buy locally. They have homes in New York, London, and other global capitals and acquire art there. The result? Wannabe collectors admire offerings from major Western galleries but don’t buy, and they overlook affordable local art. By then, the local market is already struggling. The obsession with high-net-worth individuals distorts the reality that the market isn’t just about multimillion-dollar paintings.

Installation view of “Of Dreams and Contemplation: I am All but a Story—Selections from the Collection of Richard Koh.” Image courtesy of the Private Museum.

S.E.A. Focus, however, presents a refreshing alternative. My gallery showcased Thai artist Natee Utarit’s painting series The Strange World of the Super Unknown, a collection of 17 paintings that follows a fictitious story of an Asian girl attacking or removing objects that represent the Western art world. The series sold for $350,000 to one collector, and we also printed the paintings in the format of a comic book for a wider public. This curated fair spotlights Southeast Asian artists and offers a cost-effective platform for galleries. Unlike large fairs, it doesn’t put undue financial strain on exhibitors if sales don’t materialize. More importantly, it gives artists and galleries a voice—one that isn’t overshadowed by blue-chip giants. It also redefines what “international” means. S.E.A. Focus draws not just local collectors but also international visitors who are genuinely interested in the region’s art scene.

As the art fair landscape evolves, it will be fascinating to see how Singapore positions itself. The challenge isn’t about becoming “international” in the Western sense, but rather embracing and strengthening its identity as a crucial hub for Southeast Asian art. The region doesn’t need to mimic Western models to thrive—it needs to amplify its own voice.

—As told to Vivienne Chow