Singapore To Charge Income Tax on NFTs

Non-fungible tokens (NFTs) are certainly popular, and in the last year they have dominated art news headlines with tales of extravagant price tags. It’s a lot of heat and excitement, but just because NFTs are selling for a lot of money, does that really mean that they are good for the art marketplace? After all, there are plenty of items that sell at traditional auction houses for tens of millions of dollars, but very few artists and art lovers actually see any benefit from that kind of wealth being thrown around. But NFTs are different. They could very well reshape the way we think about buying and selling art, and they are overturning age-old expectations — in many ways for the better. Let’s look at some of the ways that NFTs are benefiting the art market. Greater Control for the Artists In the art market as we’ve known it, gallerists and art dealers have a lot of power. Their expertise and connections give them the ability to find buyers for artwork, and they can be especially helpful for artists just starting to break into higher prices. So what’s the problem with this system? Artists themselves rarely have the time to become experts in the art market or make the connections they need to move their art. That puts them at a power disadvantage. Even worse? There is almost a cultural stigma against artists diving into the pedestrian world of commerce. But NFTs allow certain new conditions for sales, conditions that artists can build into an NFT of their work. For instance, you can make an NFT of a digital work of art and guarantee that every time it is resold, the artist gets 10% of the price. What’s better, artists have access to the bidding information and the entire provenance of their work. That means they can see everyone who bought their artwork and how much they paid. This single change will revolutionize the artworld by leaps and bounds, helping artists to get more of the money their work generates. Greater Access for Art Lovers on Marketplaces On the other side of the coin are the art lovers. Many people want to buy art , but if you aren’t well connected, it can be hard to have access to everything that’s actually available out there. Of course, gallerists and auction houses and art dealers want to meet with and encourage every single art buyer. But the reality is that there is an emphasis on big time art buyers in the current art market. After all, if you are an art dealer with limited resources, are you going to focus on the tycoon you know who spends millions on art each year , or the middle income art lover just now wanting to buy? With NFTs, marketplaces are wide open. Auctions are available to everyone, and little if any information is reserved for a select few. This is letting more people leap into the world of art buying. That combined with the empowerment of artists means a lot more direct buying and selling of art. NFTs Are Changing When we think of NFTs in the artworld today, we predominantly think of auctions for blocks in a blockchain that are linked to digital files — like JPGs, MPEGs, GIFs, and so on. This has caused many to scratch their heads because when you purchase NFT arts for sale, you aren’t the only person with access to the art work. Anyone can still copy and share these files infinitely. But here is the thing: NFTs aren’t done evolving, not by a long shot. Remember when we talked about artists being able to use NFTs to get 10% of all future sales of their art? That’s what is called a smart contract. These are critical elements of NFTs, giving people the ability to have contract clauses automatically fulfilled when certain terms are met. And since NFTs copy the provenance of an artwork in a safe and secure way, they take the burden of provenance off of both the artist and the art buyer. Put these two things together, and you can see how NFTs won’t just become interlinked with the digital art market. They can also become critical features of the physical art market. As NFTs grow and change, we will see the art market shifting along with them. We are standing at the precipice of a major development in the art world. NFTs are going to be a core piece of this change.

RtistiQ

03 Sep 2021

5 min to read

SAVE

SHARE

Over the recent years, the growing art scene in Singapore has gathered much attention across the globe. Singapore has bloomed from just being an important financial hub to also a center of art and culture. For anyone looking to explore this booming art scene in Singapore, the various art museums and galleries in the island is just the right place to visit. The Singapore Art Museum (SAM) Location - 39 Keppel Rd, #01-02 Tanjong Pagar Distripark, Singapore 089065 (Heritage buildings at Bras Basah Road and Queen Street closed for redevelopment) Entirely dedicated to contemporary art, the Singapore Art Museum holds an exquisite collection of artistic works by some of the best local southeast and East Asian artists. While creating a lively art experience for all, it has also organized a variety of exciting art events such as the Singapore Biennale and the Singapore Art Week which also included live art performances, art tours, workshops, etc. It has opened up multiple venues for exhibiting art. Apart from the two heritage buildings, the former St. Joseph’s Institution and the former Catholic Street, the most recent addition is the one in Tanjong Pagar Distripark. The National Gallery Singapore Location – 1 St Andrew's Rd, Singapore 178957 The largest museum of Singaporean and Southeast Asian modern Art, it is sheltered in the two iconic Singapore buildings – the Supreme court building and the City hall. These two monuments are itself great works of art built during the colonial times in Singapore. Today, it is home to some of the best collection of modern Singapore and southeast Asian art including the works of prominent local artists like Georgette Chen, Che Chong Swee and Liu Kang as well as by leading artists from both southeast Asia and the rest of the globe such as Raden Saleh from Indonesia and Latiff Mohidin from Malaysia. The exhibitions in many ways expresses the essence of Singaporean art and heritage. There is also the Keppel Centre for Art Education here which is Singapore’s first foremost art education center that fosters an environment of learning and exploration for youths, children and families. The Art House Location – 1 Old Parliament Ln, Singapore 179429 The art house was first established as the Old Parliament House Limited but it was later was renamed as the Arts House Limited on 19 March 2014. It strives to build up a rich community life by connecting through the diverse artistic productions in Singapore. It hosts art activities and exhibitions on a regular basis facilitating interactions among artists and lovers of art. Gillman Barracks Location – 9 Lock Rd, Singapore 108937 While Gillman Barracks today constitutes a space dedicated to creative art, originally, it was a building constructed in 1936 as army barracks for the British’s 1st Battalion. It was named after General Sir Webb Gillman. In 2012, it was transformed into a space for housing some of the leading art galleries while retaining the main colonial architectural designs. This includes the ShanghART Singapore and Sundaram Tagore Gallery. Today, it exhibits a wide array of top contemporary art from different parts of the globe. Within the same structure is the NTU Centre for Contemporary Art (CCA) Singapore which is a research center that encourages experimentation with contemporary art. Goodman Arts Centre Location – 90 Goodman Rd, Singapore 439053 Established in 2011, the Goodman Arts Centre aims to build a lively space for art lovers to interact and experience different art forms such as fine art, dance, theatre and poetry. It is known for organizing some of the most thought provoking and exciting workshops and performances that reaches out to a diverse audience. Ranging from ceramic arts to cultural dance, there is something for everyone in Goodman Arts Centre. Collectors Contemporary Location – Petro Centre, 5 Jalan Kilang Barat, Singapore Collectors Contemporary brings to the fore innovative artistic productions from across the globe in a single platform; also providing an opportunity for art lovers to own some of these contemporary art works. Its selection of exhibits encompasses extraordinary modern and contemporary artwork of high quality. Famous for housing the largest collection of artworks by the famous icon, Andy Warhol, it also regularly arranges educational events and programs for art students with professional artists thereby creating a space of learning. NUS Museum Location – University Cultural Centre, Singapore Unlike other art museums, the NUS museum is actually a university museum set up to encourage cultural artistic life within the university. To enrich the learning experience, it organizes exhibitions, workshops, film screenings and public programs which is carefully curated. It consists of nine galleries which are mostly focused on presenting Southeast Asian art and culture. This includes four permanent collections – the south and Southeast Asian Collection, the Lee Kong Chian Collection, the Ng Eng Teng Collection and the Straits Chinese Collection. The Parkview Museum Location - L3, Parkview Square 600 North Bridge Road, Singapore The main highlight of the Parkview Museum established by the Parkview Group is Italian contemporary art and is famous for holding the largest Salvador Dali collection outside Spain. It however also figures as an important space that encourages the growth of the local art scene. This organizes solo shows and theme-based exhibitions mostly focused on architectural design and traditional art and culture.

RTISTIQ TEAM

30 Jan 2023

5 min to read

SAVE

SHARE

In a rapidly changing world, the art industry has been profoundly impacted by the digital age and the emergence of millennials as a driving force in shaping its landscape. Olyvia Kwok-Decani, an esteemed expert in the field, provides valuable insights into the pivotal role millennials play in the evolution of art, particularly their influence on art consumption, creation, and the integration of technology. New era in the art market: As we delve into 2023, a significant shift has occurred, with millennials surpassing previous generations in art spending, marking a new era in the art market. The Art Basel-UBS report highlights this trend, revealing that millennials have exceeded boomers in their investment in artwork, leading to a notable increase in sales. Olyvia emphasizes this shift, stating, "Millennials spend four times as much as boomers and double the spending of Gen X." The digital age This has had a transformative shift. Growing up immersed in technology, millennials have wholeheartedly embraced digital art and non-fungible tokens (NFTs) with great enthusiasm. Digital platforms have become fundamental for showcasing and acquiring artwork, fostering a strong sense of community among artists and art enthusiasts alike. Recognizing the significance of these platforms, Olyvia emphasizes, "Social media has emerged as a powerful marketing tool for artists and galleries to engage with the millennial audience, who predominantly consume art digitally." Influence of millennials Artists are adapting their practices to cater to this tech-savvy generation. The integration of digital tools and experiences has become paramount, enabling artists to provide immersive and interactive encounters for their audience. The boundaries between technology and art have blurred, giving rise to innovative forms of expression and exploration. Olyvia notes “that this shift has opened up new avenues for artists to connect with a broader audience and forge stronger bonds within the art community.” Art consumption: Millennials' interest in art extends beyond mere consumption; they are actively leaving their mark as artists. A wave of talented millennial artists has emerged, bringing forth fresh perspectives and themes that captivate the contemporary art scene. Notable names such as Sadie Burnette, Sam Falls, and Lu Yang have garnered recognition for their distinctive approaches, leaving a lasting impact. Millennials prioritize experiences and emotional connections when engaging with art, seeking works that provoke thought and challenge traditional norms. Consequently, politically themed artwork has experienced a surge, as artists utilize their craft to voice opinions and address pressing social issues. Digital engagement Millennials' impact on the art world transcends aesthetics and digital engagement. Olyvia underscores the fact that millennials view art as “enjoyable assets and increasingly consider it a viable financial investment”. Art has become a popular avenue for wealth accumulation among this generation, offering an alternative to conventional investment options. Motivated by financial gains and a desire to support artists, millennials have fuelled the growth of the art market, actively participating in and contributing to the art ecosystem. In conclusion The advent of the digital era has brought about a transformative shift in the art world, with millennials leading the charge. Their profound affinity for technology, quest for meaningful experiences, and financial motivations have redefined the art landscape. From embracing digital platforms to spearheading the creation of immersive art experiences, millennials are reshaping the future of art consumption and creation. As Olyvia Kwok-Decani aptly summarizes, "The millennial influence can be seen in the way art consumption has moved to digital platforms and the innovative approaches artists are taking to engage their audience." With millennials at the forefront, the art world continues to evolve along an exciting trajectory. About The Author Olyvia Kwok Decani Olyvia Kwok Decani has been collecting and investing in art for over 15 years. After graduating from Queen Mary’s University in 2002 with a degree in BSc Statistics, Olyvia opened her first gallery in St. James’s London. With years of experience, alongside in-depth knowledge of the market and an extensive global network, Olyvia continues to be one of the most prestigious and successful individuals in the industry.

OLYVIA KWOK-DECANI

16 Jun 2023

5 min to read

SAVE

SHARE

Are you looking to add some original artwork to your home or office? Buying art online can be a convenient and rewarding experience, allowing you to browse a wide selection of unique pieces from independent artists worldwide. Plus, you'll be supporting the arts community and investing in one-of-a-kind pieces that can add beauty and personality to any space. The online art market has been growing rapidly in recent years. In 2020, online art sales reached $12.4 billion, up from $6.7 billion in 2017. This growth is being driven by several factors, including: The increasing popularity of online shopping. The growing number of art collectors who are comfortable buying art online. The increasing availability of high-quality art online. The convenience of buying art online. We explore further some of the benefits of buying art online and why anyone should consider purchasing art online to expand their Artwork collection. Access to a broader selection of artwork. One of the most significant advantages of buying original artwork online is access to more pieces. Unlike traditional brick-and-mortar galleries, online art marketplaces can feature thousands of works from artists worldwide. You can browse styles, mediums, and price points to find the perfect piece for your space and budget. Many online platforms offer search filters and personalised recommendations to discover new artists and styles. Convenience and ease of shopping. Buying original artwork online offers unparalleled convenience and ease of shopping. You can browse and purchase artwork from the comfort of your home without travelling to a physical gallery or attending an art fair. This is especially beneficial for those with busy schedules or limited mobility. Additionally, online art marketplaces and online galleries often provide detailed information about each piece, including its size, medium, and artist biography, making an informed purchase decision easier. Many platforms offer secure payment options and hassle-free shipping, ensuring a smooth and stress-free buying experience. Direct support for independent artists. One of the most significant benefits of buying original artwork online is its direct support for independent artists. By purchasing artwork directly from the artist or through online marketplaces that support independent creators, you are helping to sustain their livelihood and support their creative endeavours. Emerging artists may have a different level of exposure or financial support than more established artists. Buying original artwork online is a convenient and meaningful way to support the arts community. Ability to discover new and emerging artists. Buying original artwork online allows you to discover new and emerging artists from all over the world. Online marketplaces and artist websites often feature a wide range of styles and mediums, allowing you to explore and find unique pieces you may not have otherwise discovered. Plus, you can snag a great deal on a piece before the artist becomes more well-known and their prices increase. This can be a great way to add variety to your art collection and support up-and-coming artists who are just starting to make a name for themselves in the art world. Some platforms allow you to follow the Artists to know about their next significant event or when they complete the next Artwork to be the first to know and acquire their latest works. Customisable options for framing and display. One of the benefits of buying original artwork online is the customisable options for framing and display. Many online marketplaces and artist websites offer various framing options, allowing you to choose the perfect frame to complement your new piece. Some websites even provide virtual tools to see how the artwork will look in your space before you purchase. This can help you make an informed decision about the size and placement of the piece in your home or office. The ability to customise your new artwork's framing and display options can help you create a truly unique and personalised addition to your collection. Technology is adding to the Art Buying Experience. With increasing technological advancement, buying Art Online through Online Galleries and Marketplaces is becoming more experiential. Use Augmented Reality to project the Artwork in your own space, Artificial Intelligence-based Art recommendations, and Image recognition tools to combine similar works or styles to explore and make your choices. Explore the works, mark your favourites, visualise in your settings and then decide to buy an artwork that suits your interest best. As a closing remark, it is safe to say that Buying Art Online will see more significant growth in coming years to support the democratisation of the Art Market and expand the reach for Artists through Online Galleries and Marketplaces to a newer audience across the globe. RtistiQ is one of the leading online marketplaces for Art, which has adopted new technologies such as Augmented Reality, 3D Spaces, Blockchain and NFC technologies not just to increase the virtual experience of Art Lovers but also to safeguard their investments through digital certification of the works to ensure genuine Authenticity.

RTISTIQ TEAM

30 May 2023

5 min to read

SAVE

SHARE

Over the recent years, the growing art scene in Singapore has gathered much attention across the globe. Singapore has bloomed from just being an important financial hub to also a center of art and culture. For anyone looking to explore this booming art scene in Singapore, the various art museums and galleries in the island is just the right place to visit. The Singapore Art Museum (SAM) Location - 39 Keppel Rd, #01-02 Tanjong Pagar Distripark, Singapore 089065 (Heritage buildings at Bras Basah Road and Queen Street closed for redevelopment) Entirely dedicated to contemporary art, the Singapore Art Museum holds an exquisite collection of artistic works by some of the best local southeast and East Asian artists. While creating a lively art experience for all, it has also organized a variety of exciting art events such as the Singapore Biennale and the Singapore Art Week which also included live art performances, art tours, workshops, etc. It has opened up multiple venues for exhibiting art. Apart from the two heritage buildings, the former St. Joseph’s Institution and the former Catholic Street, the most recent addition is the one in Tanjong Pagar Distripark. The National Gallery Singapore Location – 1 St Andrew's Rd, Singapore 178957 The largest museum of Singaporean and Southeast Asian modern Art, it is sheltered in the two iconic Singapore buildings – the Supreme court building and the City hall. These two monuments are itself great works of art built during the colonial times in Singapore. Today, it is home to some of the best collection of modern Singapore and southeast Asian art including the works of prominent local artists like Georgette Chen, Che Chong Swee and Liu Kang as well as by leading artists from both southeast Asia and the rest of the globe such as Raden Saleh from Indonesia and Latiff Mohidin from Malaysia. The exhibitions in many ways expresses the essence of Singaporean art and heritage. There is also the Keppel Centre for Art Education here which is Singapore’s first foremost art education center that fosters an environment of learning and exploration for youths, children and families. The Art House Location – 1 Old Parliament Ln, Singapore 179429 The art house was first established as the Old Parliament House Limited but it was later was renamed as the Arts House Limited on 19 March 2014. It strives to build up a rich community life by connecting through the diverse artistic productions in Singapore. It hosts art activities and exhibitions on a regular basis facilitating interactions among artists and lovers of art. Gillman Barracks Location – 9 Lock Rd, Singapore 108937 While Gillman Barracks today constitutes a space dedicated to creative art, originally, it was a building constructed in 1936 as army barracks for the British’s 1st Battalion. It was named after General Sir Webb Gillman. In 2012, it was transformed into a space for housing some of the leading art galleries while retaining the main colonial architectural designs. This includes the ShanghART Singapore and Sundaram Tagore Gallery. Today, it exhibits a wide array of top contemporary art from different parts of the globe. Within the same structure is the NTU Centre for Contemporary Art (CCA) Singapore which is a research center that encourages experimentation with contemporary art. Goodman Arts Centre Location – 90 Goodman Rd, Singapore 439053 Established in 2011, the Goodman Arts Centre aims to build a lively space for art lovers to interact and experience different art forms such as fine art, dance, theatre and poetry. It is known for organizing some of the most thought provoking and exciting workshops and performances that reaches out to a diverse audience. Ranging from ceramic arts to cultural dance, there is something for everyone in Goodman Arts Centre. Collectors Contemporary Location – Petro Centre, 5 Jalan Kilang Barat, Singapore Collectors Contemporary brings to the fore innovative artistic productions from across the globe in a single platform; also providing an opportunity for art lovers to own some of these contemporary art works. Its selection of exhibits encompasses extraordinary modern and contemporary artwork of high quality. Famous for housing the largest collection of artworks by the famous icon, Andy Warhol, it also regularly arranges educational events and programs for art students with professional artists thereby creating a space of learning. NUS Museum Location – University Cultural Centre, Singapore Unlike other art museums, the NUS museum is actually a university museum set up to encourage cultural artistic life within the university. To enrich the learning experience, it organizes exhibitions, workshops, film screenings and public programs which is carefully curated. It consists of nine galleries which are mostly focused on presenting Southeast Asian art and culture. This includes four permanent collections – the south and Southeast Asian Collection, the Lee Kong Chian Collection, the Ng Eng Teng Collection and the Straits Chinese Collection. The Parkview Museum Location - L3, Parkview Square 600 North Bridge Road, Singapore The main highlight of the Parkview Museum established by the Parkview Group is Italian contemporary art and is famous for holding the largest Salvador Dali collection outside Spain. It however also figures as an important space that encourages the growth of the local art scene. This organizes solo shows and theme-based exhibitions mostly focused on architectural design and traditional art and culture.

RTISTIQ TEAM

30 Jan 2023

5 min to read

SAVE

SHARE