As wealth and purchasing power grows in the region, the Swiss bank has become founding partner and lead sponsor of a new art fair launching later this year in Singapore.

Swiss giant UBS has signed up to support ART SG, a new international art fair due to kick off in Singapore this October. The event will feature a roster of established and experimental contemporary art from galleries based in Singapore and Southeast Asia as well as a global mix of entrants.

The goal is to bring around 70 galleries under one roof and provide an original mix of gallery presentations and programming. Directed by Shuyin Yang, the event will convene from 30 October to 1 November at Marina Bay Sands Expo and Convention Centre.

UBS expects to announce the first-year gallery list shortly and said that applicants are being reviewed by a select committee from Sean Kelly Gallery, Victoria Miro, TKG+, Sullivan & Strumpf, and Richard Koh Fine Art.

The inaugural event is an interesting reflection of how fast wealth is accumulating in Southeast Asia and the influence this is having on tastes for art and other symbols of luxury, especially when tastemakers have largely ruled the roost from Western enclaves in everything from contemporary fine art to wine and haute couture.

This publication will contiue to track the art market which acts as a barometer showing how wealth trends are shifting.

"Contemporary art is a key passion point for‎ many of our clients," said Johan Jervoe, chief marketing officer for UBS AG. "We work closely with our clients in this space and we are convinced that it is the right time to support the creation of this new fair, which will bring the best of the world's gallerists, artists and collectors to Singapore."