Chong Huai Seng is one of Singapore’s most respected collectors. He and his daughter Ning Chong, a first mover in art investment advisory, speak with LUX Leaders and Philanthropists Editor Samantha Welsh about the future of art as an investment of passion

When international banker Chong Huai Seng started buying art in the 1980s, he could not have imagined growing a collection that would catalyse a forum for South East Asia’s prominent collectors, artists and experts; nor that in co-founding a gallery The Culture Story with his daughter, Ning Chong, she herself would see a gap for a specialist art investment advisory and would go on to found the Family Office for Art (FOfA). Father and daughter share their approach and insights into dealing with passion assets such as art

When did your collecting journey start?

Mr Huai Seng Chong: My collecting journey started in the mid 80’s when I was a stock broker and I used to travel to London frequently for business trips. I loved traipsing around Mayfair, dipping in and out of galleries. I started buying British sculpture and Russian paintings, very unusual because most people start buying art from their own country. I was merely responding to what I like, my daughter likes to call it “retail therapy” at a time before the internet, and all you had, was to trust your instinct and sensibilities.

Nina Chong: About seven years ago, I introduced some governance to my father’s art collection, cataloguing and art collection management and to assess the strengths of the collection and where we should focus our future acquisitions. With that, we are able to identify themes within the collection, and Dad always enjoys selecting and curating the pieces which we put up in our private gallery The Culture Story. Personally I started my own collection a mere two – three years ago. I realised I had a point of view, which was different from my father’s and there were certain artists and themes which resonated more strongly with me, as a new mother, as an entrepreneur.

Mr Huai Seng Chong and his daughter Ms Ning Chong are two of Singapore’s most respected collectors.

How did you decide a career as an art professional was for you?

CHS: Art collecting started as a hobby for me, almost forty years ago! I never thought this is something I would continue to do, and now this hobby has turned into a business venture between me and my daughter. This is something we did not plan to do, but I’m happy that we are on this adventure together.

NC: When I was young, I was surrounded by works of art and as a family we used to follow my Dad to visit galleries on the weekend. It was only after graduation, when I didn’t want to pursue banking or finance that my father nudged me to consider the art world. I did my own research, including a few internships in London before I decided that I would commit and pursue a career in the arts. It took me a long time to get to where I am, looking back it has been very rewarding to work in different areas such as art fairs, auction house, galleries to government policy work, it has given me a very comprehensive overview of the art ecosystem.

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What was the vision behind The Culture Story?

CHS: We started The Culture Story in June 2017 as a private gallery, like Gertrude Stein salon’s setting in her Paris apartment in the 1920s where artists, poets, writers, thinkers would get together and make merry. For us, we wanted to create a cosy environment where we can share works from our family collection, and encourage other collectors to collaborate with us. By organising exhibitions and hosting talks with artists, collectors and art world professionals, The Culture Story aims to promote greater understanding and discourse around art and foster connoisseurship.

How has the mission and collection evolved?

CHS: We are still very much following the mission we set out for The Culture Story at the beginning. The Singapore art scene has matured significantly and we are at a stage where other art collectors are open to collaborate with us. They are happy to share work(s) from their private collection, especially when they encounter feedback from members of the public, students or other art collectors and professionals.

“Collecting Bodies: a short story about art and nudity in Asia” with works on loan from 10 art collectors

NC: We try to focus on a few themes amongst our family collection. Recently, we have loaned some of our works to museums for various exhibitions. One in particular is an early Kim Lim sculpture which is currently on view at the Hepworth Wakefield Museum in Yorkshire, United Kingdom. Later this year, the entire exhibition will travel to the National Gallery Singapore for her long-await retrospective exhibition.

We also loaned paintings by Futura and Timothy Curtis to Art Science Museum in Singapore for an exhibition called Sneakertopia, which celebrated everything related to the rise of street culture and pop art, and the phenomena of sneaker culture.

Kim Lim at Hepworth: the first major museum exhibition of Lim’s work since 1999, offering unparalleled insight into the artist’s life and work.

Futura and Timothy Curtis at the Art Science Museum

Where has your acquisition strategy been particularly effective in nurturing innovative artists?

CHS: I like to support Singapore’s young and emerging artists. There is one artist in particular Hilmi Johandi whom I spotted almost fifteen years ago at the Affordable Art Fair in Singapore in 2011, today he is represented by OTA Fine Art, one of Japan’s leading contemporary art galleries who also represents Yayoi Kusama. I commissioned Hilmi to create a family portrait for us. Since then I support his practice by buying a work from every new series.

Hilmi Johandi works primarily with painting and explores interventions with new media that are associated within the domain of framing, fragmentation and compression

What is it about the Asian art market and intergenerational wealth transfer that created demand for the Family Office for Art (FOFA)?

NC: The South East Asian art market is still a young one, over the two decades we have seen significant progress with the emergence of galleries, art fairs, biennales, dealers and private museums etc.

Two years ago, I identified a gap in the industry, and I felt there were many things I could offer and help other collectors, the same way I used my skills and experience to maintain my father’s art collection. Most wealthy families have their financial assets and businesses handled by their private banker or family office, more often than not, the soft assets such as art and collectibles are overlooked or neglected. However these “passion assets” are very much part of the principle’s estate and his/her legacy. I’ve been studying this space for some time and I’ve learnt that with a proper system in place, it is a significant step towards protecting and enhancing the art collection’s commercial and cultural value.

At FOFA, we understand that dealing with passion assets such as art can be emotional and sentimental, and more often than not, it would require some degree of family involvement. These types of discussions and conversations are not unfamiliar to us and may take a long time to materialise, so our approach is to take a long term view and invest in these relationships.

Read more: Yulia Iosilzon’s groundbreaking new show in London

Based in Singapore, we are well-positioned to meet and serve Asian collectors in the region. Over the next decade and even in present times, it has been said that there will be unprecedented levels of wealth transfer in Asia. Given our first mover advantage and as we continue to grow and widen our international network, FOFA is ready to help families look after and manage their passions or alternative assets such as fine art and collectibles.

Photograph by David Taggart

Jeff Koons is the world’s most expensive living artist, creating works that reflect modern life in their interplay with kitsch, materials and art history. Koons chats to Millie Walton about communication, how art brings the sublime into the everyday and pink inflatable rabbits

Jeff Koons is making me sweat. He’s ten minutes late to our Zoom meeting, and at this stage, I’m unsure whether he’s forgotten, or I’m unwittingly engaged in some kind of power play.

Something I realised in preparing for this interview is that almost everyone has something to say about either Jeff Koons as a person or his work. One of my favourite anecdotes goes something like this: “My friend went to a house party and had sex beneath a Jeff Koons, and said it was the way they’d like to die someday.” When I heard it, I thought that’s probably exactly the type of story an artist who is famed for making explicit artworks of himself and his ex-wife Ilona Staller (who was also a porn star known as La Cicciolina) and shiny balloon sculptures would love to retell to fawning art collectors at swanky gallery openings in New York. It’s hard not to make assumptions about one of the world’s most famous and controversial artists.

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Jeff Koons, Balloon Dog (Red) (1994–2000). © Jeff Koons, photo: Mike Bruce, Gate Studios, London/Courtesy the Royal Academy of Arts, London

A young, attractive woman (one of Koons’s studio assistants, perhaps) enters the screen to test the audio and camera, before he finally sits down, checks his ‘earpods’ are in place and gives me a Hollywood smile. At 66 years old, with gleaming white teeth, a full head of hair, barely any visible wrinkles and the glow of health, Koons could pass for early forties. He speaks precisely and slowly, maintaining eye contact and frequently dropping my name into the conversation, which has the destabilising effect of making everything he says seem both deeply profound and strangely orchestrated. “Millie,” he says mysteriously at one point. “What’s really interesting and beautiful about art is that what’s relevant and new is really quite ancient.”

Jeff Koons, Michael Jackson and Bubbles (1988). © Jeff Koons. Photo Tom Powel Imaging

Rising to prominence in the mid-1980s in New York, alongside Jean-Michel Basquiat, Richard Prince and Keith Haring, Koons has long advocated the idea of ‘accessible’ art. He takes everyday objects and pop icons as his subjects, often rendering them at a huge scale to disrupt cultural hierarchies and unsettle the viewer’s sense of perception. Of the making of Michael Jackson and Bubbles (1988), for example, a white and gold porcelain sculpture of the musician and his monkey, the artist says, “I was really trying to make a connection with Renaissance sculpture and to show that something we can acquire in a gift shop can have this important meaning to us in life, and as much relevance to excite and stimulate us as the Pietà.”

Read more: Sophie Neuendorf on new wave collecting

Over the years, critics haven’t been so open-minded. His work has been variously labelled as “vacuous”, “crude” and “lazy”, but this has only increased his popularity. In 2019, Rabbit (1986), a metre-tall stainless-steel copy of a plastic inflatable bunny, sold for more than $91 million at Christie’s, breaking the record for a work by a living artist sold at auction set in 2018 by David Hockney’s 1972 painting Portrait of an Artist (Pool with Two Figures), a record previously held by Koons himself. That might seem like an eye-watering price, but his work is highly technical and expensive to produce, which has, in the past, led to delays in completion and major lawsuits. In 2018, billionaire financier Steven Tananbaum sued Gagosian over the delayed delivery of three of the artist’s sculptures. Then, earlier this year, the artist shocked the art world by announcing his decision to drop both Gagosian and David Zwirner and to be represented worldwide exclusively by Pace Gallery, stating, “The most important thing to me is the production of my work and to see these artworks realised”.

Jeff Koons, Rabbit (1986). © Jeff Koons. Photo Tom Powel Imaging

The desirability of his work comes not just from the promise of drama and luxury. There’s also an appealing sense of playfulness, nostalgia and recognition to be found in his vibrant colours and simple visual language that recalls a childlike innocence. “When we’re young, we’re more curious. We absorb tremendous amounts of information very quickly because we’re open,” he says. “Eventually, people start shutting down and making all of these judgements. I try to open myself up to everything.”

Koons is a ‘conceptual’ artist: a visionary, rather than a maker. He has multiple studios and a team of more than fifty people producing the ideas that he dreams up. It’s an approach to art-making that allows him to “have feelings and sensations, but not to be dependent on the hand”. It also allows him to pursue “Duchampian ideas” by taking a more “objective” viewpoint. Whether one can truly detach oneself from one’s own thoughts is debatable, but what’s important is the intention behind the work and, for Koons, that often comes from a personal experience or encounter with a material, colour or form. As a younger artist, for example, he recalls buying a pink inflatable rabbit and a yellow and green inflatable flower which he placed on mirrors propped up against the wall. “The colour, the reflection and this association was so intense, I had to go have a couple of beers to really come down from the excitement,” he says.

Koons photographed in his Manhattan studio in 2021 with a work in progress. Photograph by David Taggart

His focus now is more on being in dialogue with the viewer than himself. “There’s joy in sharing the human potential with others, instead of just with the self,” he says. This idea of exchange is perhaps most evident in the artist’s ‘Gazing Ball’ series (2012–) in which he places a blue, mirrored, hand-blown glass gazing ball within a classical piece of art, such as Leonardo’s Mona Lisa. The ball reflects the surroundings and the viewer, literally drawing them into the work of art. For Koons, the object relates to his childhood in York, Pennsylvania where he recalls seeing gazing balls in people’s gardens. “I’ve always loved the generosity of [the gazing ball], but also that it’s a lawn ornament. It’s something that can be looked at in a very profound way and at the same time it’s frivolous,” he says.

Read more: How Durjoy Rahman’s art foundation supports cultural collaboration

Gazing Ball (da Vinci Mona Lisa) (2015). © Jeff Koons. Photo Tom Powel Imaging

The same could be said for many of Koons’s sculptures, which, at the very least, teach us that outward appearances can both charm and deceive. The reason he so often works with stainless steel is that it’s both highly durable – “A kind of a proletarian material; if people wanted to melt [the works] down to make spoons, forks, pots and pans, they could,” he says – and shiny in appearance. One of the artist’s most iconic pieces, Balloon Dog, explicitly plays with these material qualities by suggesting the bulging soft surface and lightness of a balloon while harnessing the sculptural strength of the metal. “Only the surface has a visual luxury, and when I say a visual luxury, I’m speaking about the excitement of stimulation, reflection, abstraction and change,” he explains. “That’s the type of luxury that my works are interested in.”

Jeff Koons, Seated Ballerina (2017) at the Rockefeller Center, New York. © Jeff Koons. Photo Tom Powel Imaging

Has the material worth of his work changed the way he feels about his practice, and art in general? “I love art, I love the idea of how it can really better the lives of people as an educational tool. It informs us, not only of our history, but of all the human disciplines, how we can incorporate them, fit them into our lives. It’s always a dialogue about becoming,” he says. “If the market, at some point, became interested in me, I’d like to believe it was because I was able to communicate some of those ideas to people, and that they found relevance in the belief of this type of transcendence.”

Find out more: jeffkoons.com

This article was originally published in the Autumn/Winter 2021 issue.

Gerhard Vormwald, Thomas mit Messlatte, 1980, Gelatin silver print photography, 30cm x 30cm Courtesy Prince House Gallery

photo basel is Switzerland’s first and only international art fair dedicated to photography, showcasing works from both contemporary and classic photographers. Galleries from around the world come together for five days in June, during Art Basel, to showcase their artists. Ahead of this year’s fair, founder Sven Eisenhut speaks to Kitty Harris about the rising popularity of photography as a collectible, the future of the market and the contemporary photographers to watch out for

Sven Eisenhut. Courtesy photo basel

LUX: What’s the birth story of photo basel?
Sven Eisenhut: A couple of business partners and myself had the idea in early 2014. We realised that at Art Basel there were only a handful of “real photo galleries” left. And since we are all from Basel and regular fair and museums goers, it was a no brainer.

LUX: How does the circle of experts work?
Sven Eisenhut: We implemented two circles of experts: one consists of galleries, their main focus being to support photo basel’s long term strategy. Alongside this we have the second circle of experts, where curators and collectors select the participating galleries for photo basel so to avoid bias.

LUX: What is the importance of a photography fair today?
Sven Eisenhut: With photo basel, we have the chance to narrow down to one specific medium. We can truly highlight photography in all its shapes and forms, from contemporary to vintage. By occupying this niche, we make sure to attract targeted collectors and photography enthusiasts.

LUX: How does photo basel differ from other photography fairs?
Sven Eisenhut: We are the only true photography fair in the German speaking world – and the only one in Basel during Art Basel fair. We are a boutique fair which guarantees that only the finest galleries and their artists will get selected. We see ourselves as hosts to our gallerists but also to our collectors, we are really dedicated in both respects.

photo basel 2018, Volkshaus Basel, 12 – 17 June 2018

LUX: How do you select who will present at the fair?
Sven Eisenhut: The selection is conducted according to a wide range of criteria which includes the quality and the originality of the submitted proposals, the clarity and rigor of the booth concept, the way it fosters an overall diversity of historical and contemporary expressions as well as the relevance of the proposed art works.

In addition we care if a gallery works sustainably and whether they have a long term interest in the success of their represented artists.

LUX: What’s the key to curating a great booth at an art fair?
Sven Eisenhut: Mainly not to overhang it – it is difficult to find the right balance – especially because as a gallery you spend a lot of money on an art fair, so you want to make sure to bring “all you’ve got” – but it’s best to have quality over quantity. We encourage our gallerists to exhibit solo shows – although we are aware of the risks.

LUX: How does the photography market compare to the contemporary art market?
Sven Eisenhut: Photography is on the rise – but compared to the prices seen in the contemporary art market it is very affordable. For around 10,000 Euros you can get some amazing pieces by world renowned museum quality artists.

Antanas Sutkus, Toys, 1971, Photography, 46.90 x 46.90 cm, Courtesy Gallery STP

LUX: Why do you think we’ve seen an increased interest in photography as a collectible?
Sven Eisenhut: Since the majority of us carry smartphones with cameras – we all became photographers to some extent. This also implies that many more people are now emotionally attached to the medium. Photography can still be the starting medium for any art collection – it is accessible and affordable.

LUX: How do you know when a photograph is exceptional in an age where everyone is a photographer if they have a smart phone?
Sven Eisenhut: You know when you know it – there is so much more to a successful artist than just “the talent to take images” – today you need to be skilled on so many levels in order to be sustainably successful as an artist. Train your eyes, you will learn it as you see it.

LUX: What trends are we currently seeing in photography?
Sven Eisenhut: We see a trend towards unique pieces. Those can be Polaroid works or artists that paint over their photos or even stitch over them.

Gerhard Vormwald, Uschi an der Decke, 1975, Courtesy Prince House Gallery

LUX: Which contemporary photographers are ones to watch?
Sven Eisenhut: Right now I’m really interested in Peter Klare, Elene Usdin, Iris Hutegger, Paolo Ventura.

LUX: How do you think the market will change in future?
Sven Eisenhut: It will become faster, we will see many more galleries close and many more alternative spaces pop up. The distinction of the terms “galleries and dealers” will blend. I doubt that digitalisation will change a lot in terms of online sales etc. We need to stay focused on what defines us and why and then take it from there.

LUX: What do you think of the idea of art as secondhand?
Sven Eisenhut: Photography is a medium that can be replicated, that is why it is so important for artists to produce a low number of editions and prints. Most galleries we work with are in total control of their artists work and their editions. From time to time, you’ll see prints reappear in the auction houses. Interestingly, the fine art photography industry is not competing against auction houses and this is due to the ability of making editions. Some of the older Masters don’t even have limited editions, they have open editions and those prints can still be very expensive.

photo basel 2018 runs from 12 – 17 June at Volkshaus Basel. For more information visit: photo-basel.com