MCH Group, the owner of Art Basel, is launching a new art fair in Singapore starting next year to take advantage of the growing wealth in Asia, which is minting millionaires faster than any other region in the world.

The new expo, called ART SG, will hold its inaugural event in November 2019 with about 80 galleries from Singapore, Southeast Asia and globally at the Sands Expo and Convention Centre at Marina Bay Sands, the company said on Friday.

Will Grand Basel Miami Beach be an Art Basel for car collectors?

The decision to set up shop in Singapore is part of a broader initiative by the Basel, Switzerland-based group to expand its position in the art market by building a portfolio of regional art fairs. The city state already hosts an annual show in January called Art Stage Singapore, which targets the same group of buyers as ART SG.

“Singapore is an important and very dynamic art location and requires a fair serving the Southeast Asian region at an international standard,” Frank Lasry, managing director of MCH Design and Regional Art Fairs said.

MCH bought a majority stake in India Art Fair in 2016, and last year took a 25.1 per cent holding in art.fair International GmbH, the Cologne-based organiser of Art Dusseldorf, according to the company’s website. It runs Art Basel, Art Basel Miami Beach and Art Basel Hong Kong, which are major stops on the global art fair circuit.

Global sales of art reached US$63.7 billion last year, up 12 per cent from 2016, according to a report by Art Basel and UBS Group AG. Dealers said they made 46 per cent of their sales at art fairs.

“There is a huge potential market in Asia that is rapidly developing and there is also demand for stronger representation from art from the region,” says Magnus Renfrew, co-founder and fair director of Taipei Dangdai, which is launching Taiwan’s own regional fair in January.

8 high-profile galleries to check out at Art Basel Hong Kong 2018

MCH is partnering with Tim Etchells and Angus Montgomery Arts, with each party holding an equal share in the venture. Etchells and Angus founded ART HK in 2008, which MCH later bought and renamed Art Basel Hong Kong.

Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram and Twitter