Art investment firm Art Works goes into sudden liquidation, staff & clients contact authorities
Art investment firm Art Works has gone into liquidation, leaving employees with unpaid salaries and artists without artwork worth tens of thousands of dollars.
The firm, which ran an art gallery at One Holland Village, was placed into liquidation on 30 Oct, catching staff and artists completely off guard.
When MS News checked the Art Works website on 4 Nov, the page was already inaccessible.
Source: Art Works website
Gallery’s sudden closure stuns staff & artists
According to CNA, Art Works’ liquidation happened “abruptly and without prior warning”.
On 31 Oct, its One Holland Village gallery was found shuttered with a sign saying it was “closed for private event”.
Inside, artworks were still hanging, while a staff member, confirmed by CNA to be from a liquidation firm and declined to comment, was seen cataloguing each piece.
A poster for the ongoing exhibition “Chaos and Sanctuary” — originally meant to run until 9 Nov — remained visible.
Both the company’s Facebook page and website were taken down on the same day (31 Oct).
Source: Art Works Gallery on Instagram
Meanwhile, at Art Works’ Church Street office, a staff member told reporters that artists were “very stressed” and asked that they not be contacted for interviews.
‘Tens of thousands’ owed, says artist
Artists who had worked with them voiced frustration online.
American artist Sylvia Kettle, 26, who has collaborated with the gallery since its opening in 2023, wrote on her Instagram Stories that she is “owed tens of thousands of dollars in sold work”.
Source: @kettlepaints on Instagram
“The collapse of illusion, no matter how painful, will always give the opportunity for truth to be revealed,” she wrote in another Instagram story.
She has since expressed gratitude towards the years of collaboration she spent with the art investment firm.
Several artists, who had worked with Art Works, echoed the sentiment, expressing understanding of the financial difficulties facing the firm.
Staff say closure came with no warning
A group of 15 employees told CNA that they were informed at a meeting on 30 Oct that the company would cease operations immediately.
They said the announcement “came without warning or consultation”, and that they had received no prior notice about financial troubles, the decision to cease trading, or the termination of their employment.
“We were informed that we will not receive outstanding wages or entitlements,” they said.
“As employees who have dedicated ourselves to Art Works and its clients, many of us for several years, we are deeply disappointed by the manner in which this situation is handled.”
Source: Art Works Group on Google Maps
They added that a police report has been lodged, and they were seeking guidance from authorities on how to recover their unpaid wages.
Despite this, they were assisting the liquidation process “where appropriate” to help artists and clients reclaim their artworks.
Directors blame ‘exceptionally challenging’ year and failed funding
In a statement issued on 4 Nov, Art Works’ directors said the collapse stemmed from a “confluence of challenging factors”.
They explained that the company had expanded operations and hired more staff based on funding agreements believed to be secured, but the funding later fell through.
“Rising operating costs, combined with a well-documented downturn in Singapore’s retail environment…significantly impacted our operations,” they said.
“Investor caution due to geopolitical uncertainty further complicated the landscape.”
Despite having multiple term sheets and agreements in hand, the directors said their funding efforts ultimately stalled.
Records from the Accounting and Corporate Regulatory Authority (ACRA) show that Art Works’ status is now listed as “in liquidation” under a creditors’ voluntary winding up.
Source: Bizfile website
In a statement, Art Works thanked its clients nd artists for their continued support.
Addressing its employees, Art Works said it would “do everything possible to support” them in the next chapters of their careers.
Art Works COO supporting liquidation process
In a media statement, Art Works Chief Operations Officer (COO), Mr Chris Hallewell, said that he is actively working with the liquidator, Forvis Mazars, in the firm’s liquidation process.
“My priority is ensuring that all stakeholders receive the information and support they need during this difficult time,” he said, as quoted by CNA.
He explained that he is cooperating fully with the police and relevant authorities to fulfil the queries raised by clients, employees, and artists affected by the sudden closure.
“I ask for your patience as this reconciliation work is completed to the highest professional standards.”
Source: Art Works Group on Google Maps
Art Works’ closure happened just one day after Twelve Cupcakes ceased operations on 29 Oct, which left around 80 workers jobless.
Earlier this year, homegrown soy milk brand Jolibee also closed multiple outlets without warning.
Also read: Home-grown pastry chain Twelve Cupcakes ceases operations, placed under provisional liquidation
Home-grown pastry chain Twelve Cupcakes ceases operations, placed under provisional liquidation
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Featured image adapted from Art Works Group on Google Maps and Art Works website.