Art Works collapse: Red flags cited in Singapore art investment firm’s promises

[SINGAPORE] Before its sudden collapse, art-investment firm Art Works wooed clients over wine, fine dining and talk of steady returns – promises that seasoned art observers regarded as overly optimistic even then.

One of them was David (not his real name), a client in his 40s who bought three paintings worth more than S$100,000. Together with two friends who also purchased pieces, he is now “trying to get as much information as possible” while waiting for guidance from the liquidator, Forvis Mazars.

David recalled being impressed by the firm’s polished mix of art and analytics. “They were presenting numbers and analysis. It was more than the usual experience I have of buying art in galleries… There was a sense they knew the market better than most galleries.”