Updated: 03/09/2013 01:43 | By Channel NewsAsia

21 rare European masterpieces in Singapore

SINGAPORE: Twenty—one rare masterpieces, worth some S$8.5 million, from European painters have made their way to Singapore. They include paintings from the Baroque and Renaissance period dated some 400 to 500 years ago.

The collection is the largest of its kind here and homegrown art retailer Emperor Fine Art is hoping to attract Asian investors.

Chief executive of Emperor Fine Art, Chng Hock Huat said: "The rich, especially the Asian rich, are really open to putting money in asset—backed investments. It’s nothing new to them, gold, jewellery, they’ve done it. As long as you can convince them that the immense value is there. The highest return for old masters is 5—6 per cent."

— CNA/ck