Sotheby's is staging a major auction in Singapore for the first time in 15 years

Singapore is often called the Switzerland of Asia, and the city-state has established itself as a veritable hub for the region's art market. Photo: AFP

The global art market is increasingly turning to Asia to attract new collectors, and Singapore is one of the most popular destinations. And that's why Sotheby's is staging a major auction there for the first time in 15 years.

Singapore is often called the Switzerland of Asia, thanks to its abundance of billionaires, its advantageous tax system and its very high GDP per capita. It is therefore not surprising that the city-state has established itself as a veritable hub for the region's art market.