Auction house Sotheby’s will hold its first auction in Singapore in 15 years amid a growing collector base in the city state, which has become an increasingly popular destination for expats, family offices and wealthy tycoons.

The auction of modern and contemporary art will take place on Aug. 28, according to a press release from the company. Demand from collectors in Singapore and Southeast Asia has grown “exponentially,” the firm said.

Art sales have strengthened this year as investors turned to physical assets amid global economic woes. Sotheby’s recent spring sale series in Hong Kong totaled $496 million, the second-highest total in the company’s history for sales in Asia.

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