Hence the fair will introduce new initiatives in January, including an Indonesian pavilion to explore the country's diverse contemporary art scene.

Rudolf says Indonesia has risen to the third biggest Asian art market after China and India, and Indonesian artists seek wider access to the international stage.

The pavilion will feature an exhibition and a gallery section to showcase the country's important artists. Many of the works are on show outside Indonesia for the first time, some exclusively created for the fair. The Indonesian Visual Art Archive will manage a resource center, presenting publications, screenings and dialogues.

The fair also contributes to Singapore's ambition to become an Asian art hub, along with Hong Kong and Beijing.

The host country will present the curated exhibition, Singapore Platform, in the third year. It is the largest participant by country, with 18 galleries, followed by China and Japan.

He says the goal of Art Stage is not to position Singapore as a competitor with Hong Kong, which has two big advantages - tax-free and a gateway to the Chinese mainland.

"We see Art Stage as an event to complement other art fairs. We don't only sell square meters of booth to galleries. We hope to network different art scenes in Asia and new buyers," he says.

Sales nabbed at the 2012 fair include a Gerhard Richter abstract painting that fetched $1.52 million by Michael Schultz Gallery, which has venues in Berlin, Beijing and Seoul. The Gajah Gallery based in Singapore sold one painting by Indonesian artist Nyoman Masriadi for $350,000.

Rudolf anticipates an increase in sales for the approaching fair, but he also foresees the challenges from an unclear economic situation. He hopes the fair can prove itself a field of opportunities in the crisis.

linqi@chinadaily.com.cn