A Singapore art investment company has abruptly shut down, leaving employees without their final paychecks and artists unable to retrieve valuable artwork worth tens of thousands of dollars. Art Works, which operated both as an investment firm and gallery at One Holland Village shopping mall, was placed into liquidation on October 30, catching staff and artists completely off guard. Police have confirmed that a report has been filed regarding the situation, though they declined to specify the nature of the complaint.
The sudden closure has particularly affected artists who had consigned their work to the company. Sylvie Kettle, a 26-year-old full-time artist based in the United States, discovered the liquidation on Friday and was left devastated by the news. She has 14 artworks held by Art Works that she values at close to $76,800, and at least six of her pieces had been sold without her receiving payment over the past six months. "There was a period where my emails were either not answered or responded to with vague promises of payment," Kettle explained. "You place so much trust in your gallery partners, not only to showcase your work but also to honor the relationship with care and communication. This is a very big hit for me financially."
The company, originally incorporated in 2011 as Art Index International before being renamed Art Works in 2017, gave no advance warning of its financial troubles. When reporters visited the gallery on Friday, it was closed with signs stating it was "closed for private event," though liquidation staff could be seen inside taking inventory of the remaining artwork. The gallery's current exhibition, "Chaos and Sanctuary," was scheduled to run until November 9, and the company had been actively promoting featured artists on social media just days before the closure. Both the company's Facebook page and website were taken down on Friday.
Fifteen employees released a joint statement expressing their shock and disappointment at how the situation was handled. "This announcement came without warning or consultation with employees," they said. "No advance notice was provided regarding the company's financial difficulties, the decision to cease trading, or the termination of employment. We were informed that we will not receive outstanding wages or entitlements." The employees emphasized that they had dedicated themselves to the company for several years and were left without income or time to prepare for the sudden closure. They are now seeking guidance through the liquidation process and relevant authorities regarding their unpaid wages and retirement fund contributions.
Other artists affected by the closure are also scrambling to understand their options. Zhang Fuming, a 36-year-old Singapore-based artist, has two pieces valued at around $7,700 still in Art Works' possession. He learned about the liquidation through media inquiries and recalled that the gallery had asked him two weeks earlier to collect his work to "make space," though they gave no hint of the impending closure. "I like to imagine everyone has their struggles, and there will be some due process for everything to be resolved at the end of the day," Zhang said philosophically about the situation.
The employees' statement indicated that client and artist artwork is currently being stored at a third-party facility and remains the legal property of the original owners. Audit firm Forvis Mazars has been appointed as provisional liquidators to wind up the business, and they are expected to contact clients to arrange collection or continued storage of their pieces. The affected employees expressed regret for the disruption caused and emphasized that financial and governance decisions were the responsibility of the company's directors, not the staff.
This closure adds to a recent pattern of sudden business shutdowns in Singapore that have left workers and clients in difficult situations. Just one day before Art Works' liquidation, bakery chain Twelve Cupcakes suddenly wound down operations without warning, affecting about 80 workers. Earlier this year, homegrown soy milk brand Jollibean also abruptly closed several outlets, with employees arriving at work to find shops closed with no prior notice. The Ministry of Manpower has been investigating these cases for potential violations of employment laws.
Despite the financial and emotional impact, some affected artists are trying to remain positive about their experience with the company. Kettle said she remains "genuinely grateful for the years she spent collaborating with the gallery" and is choosing to "focus on what it has taught me and the new opportunities ahead." The affected employees have pledged to assist the liquidation process where appropriate and help ensure that clients and artists are reunited with their works as smoothly as possible, with several reaching out personally to clients they had worked with closely.
