Last night, I accidentally wandered into the Patron of the Arts Awards ceremonies at the National Museum. The National Arts Council was honouring Singapore’s arts philanthropists – all 128 corporations and individuals who gave $30.5 million to the arts in 2008. The figures are lower than the previous year (291 Patrons, $37 million) and I wonder how this year’s recession will affect the 2010 line-up. Still, $30.5 million is a lot of money. That said, it would be nice to know exactly which companies/groups and what art forms these Patrons well, patronise. I’m waiting for NAC to grant my request (next *cough* week? *cough*), but for now, I’m just, like, you know, wow, surrounded by things that remind me that money still makes the art world go round. Some of my friends in the visual arts scene know I’m no big fan of auction houses, art fairs or the art market in general – even as I begrudgingly admit that their presence and how they factor greatly in one’s understanding or appreciation of art is an inescapable fact. Especially these days. But in spite (or yeah, maybe precisely because of) this, I’m quite into this book titled The $12 Million Stuffed Shark. It came out last year and was written by Don Thompson, an economist and part-time art lecturer. It’s a pretty interesting how it looks at the “ka-ching” parallel universe that surrounds contemporary art. Jeff Koons, Andy Warhol, art collector Charles Saatchi, Christie’s, Sotheby’s, art dealer Larry Gagosian, and of course, Damien Hirst. They’re all discussed in the book. I’m only halfway into it but the most striking moments are when Thompson tracks down how certain works appreciate in value, with collectors and dealers purchasing works in the millions of dollars and pounds like they were sitting in some coffeeshop ordering teh tarik with a wave of a hand. It’s ridiculous. And then there’s news of the impending entry of three new art fairs in Singapore. All of which talk about how Singapore and the region’s the rising star in the art market. From the news reports, this so-called art market is discussed from the buyers’ side. I wonder, however, how many local artists will get to shine and have their works sold – or are these art fairs merely opening the floodgates for more Indonesian and Filipino art? (Which are definitely superior in quality and execution to many in Singapore, and a lot of which I sooo love. But still, you have to wonder.) On a somewhat related-in-some-way-but-I-still-haven’t-figured-it-how-but-worth-pointing-out way, I’m reminded of an anecdote from a friend and colleague of mine who had recently purchased a painting from a common friend of ours, this under-the-radar part-time artist who, during his free time, creates lovely paintings of fish. When asked how much it was worth, Friend B told Friend A something along the lines up “Er, I don’t know. Up to you lah.”