Southeast Asian art is increasingly attracting critical acclaim but it's lacking a vital element crucial for a healthy market, two of America's most prominent art collectors have warned.
Marc and Livia Straus, founders of the Marc Straus Gallery in New York, told CNBC that private patrons in emerging nations must do more to support local artists.
"In places like Indonesia, there has to be a real understanding by society of the value of art, both by the government and people of wealth," Marc Straus said on the sidelines of Art Stage Singapore, Southeast Asia's annual flagship art fair.
"You do need private patronage. Indonesia has to do that. When they recognize the value of young people who become artists, they'll have a richer society for everybody."
Named one of America's top 100 collectors by Art & Antiques Magazine, the couple started buying contemporary art in the 1960s and are well known for cultivating the careers of prominent artists, including Native American painter and sculptor Jeffrey Gibson. Their world-class collection has been featured in global museums, such as the Museum of Modern Art in New York and the Tate Gallery in London.