Dino-mite treasures: inside Singapore’s ‘Fort Knox’ storing playthings of ultra-rich

Stored in a climate-controlled environment within what is commonly known as the “Fort Knox of Singapore” rests the skull of a triceratops which once roamed the earth 66 million years ago.

The jagged edges of its frill and horns are largely intact, and according to its owner, Chaw Wei Yang, 26, it is one of the most complete triceratops skull fossils ever found.

Chaw, who runs Fine Art Storage Services (FASS) located inside Le Freeport, formerly known as Singapore Freeport, along with his partners, acquired the option to the fossil while it was still in the ground in Montana, United States. It was dug up just a few months ago.

“I love dinosaurs, and I’m not the only one. It’s a very universal thing – we grew up with dinosaurs, and that kind of segues to why I got into collecting them because for dinosaurs, the appeal is universal. For art, it can be very subjective,” Chaw said. He did not disclose how much he paid for the option and excavation.

In July, a Tyrannosaurus rex skeleton called Gus from South Dakota became the world’s most expensive fossil sold at auction, after fetching a record US$50.13 million. At 11.6 metres (38 feet) in length with a skull measuring 137cm (54 inches), Gus is one of the largest T. rexes ever found, according to Sotheby’s.

Natural history artefacts such as fossils and meteorites are becoming increasingly popular among the latest generation of fine art collectors as the lines between the art world and palaeontology blur, according to Art News in May.

The childhood fascination with dinosaurs appeared to be colliding with a new generation of wealth, the outlet reported, quoting experts as saying that the buyers are younger collectors who grew up during the explosion of dinosaur culture in the 1980s and 1990s, when Jurassic Park and natural history museums made it into popular culture.

Chaw’s own fascination began as a child when his mother bought him a mosasaurus tooth from the Singapore Science Centre. “Something unique about this generation is that we grew up with a lot of pop culture and media, and the world has become so connected so people start to find different communities that resonate with them,” he said. “Dinosaurs just speak to the inner child in all of us.”

He is aware of the naysayers who point out that these fossils should be left to be studied by scientists and displayed in museums but argue that there is a symbiotic relationship between private collectors who fund excavations and lovers of palaeontology.

“It’s in the best interest of both parties. For the individuals who dig it up, if they find something unique, special or scientifically significant, they will work with museums and universities to get it studied,” Chaw said. “Obviously, there may be people who are a little bit more money centric, but most of the people that I’ve met and work with, they are all passionate people first.”

Chaw has contacted museums to loan them his fossil but most major institutions already house triceratops fossils in their permanent collections.

Quiet luxury

The triceratops fossil was on display at the FASS space over the course of F1 week in Singapore alongside meteorites, megalodon teeth and fluorides that are millions of years old.

In the lead-up to Sunday’s race, high net worth individuals flocked to the city state to attend meetings, incentives, conferences and exhibitions such as the Milken Institute Asia Summit and Token2049.

It was the perfect time for FASS to show off its one stop service of storing, shipping, insuring and installing fine art and collectibles tax-free. Chaw was unwilling to disclose the exact value of the pieces that FASS handles, but said that it extended into the billions of dollars.

Because of the high value of items in storage, its rooms are humidity- and temperature-controlled and fitted with gas suspension systems instead of water sprinklers in the event of a fire.

Singapore’s appeal as a politically stable safe haven was another draw, he said. “When you’re storing such important or meaningful things, to a collector, you just want to have the best. You want it to be safe, and you want everything to be stored in the best conditions. It’s basically for peace of mind.”

Following a S$3 billion (US$2.3 billion) money laundering case involving 10 foreign nationals in 2023, Singapore tightened its asset recovery strategy. This included introducing laws that allowed authorities to petition courts to sell seized assets even before conviction, such as fine art, antiques, investment-grade wine, vessels, exotic livestock like fish and reptiles, and racehorses.

Some of the confiscated items from the 2023 case – including jewellery, designer bags and watches – were stored inside a bulletproof, maximum-security vault at Le Freeport before their auction this year.

FASS also connects collectors wanting to acquire pieces from each other. But the laws had little impact on sales since strict know-your-client checks were already performed before the unravelling of the case in 2023, Chaw said.

“There’s very high-profile people that we’ve turned down before, just because they don’t pass the … checks,” he said. “We’re in Singapore and what people appreciate about us is that we are by the law.”

For a select few, FASS puts on private exhibitions, displaying their best pieces, some of which are on sale. Saying that discretion was a priority for his clients, Chaw was unable to disclose the identities of the ultra-high-net-worth individuals and celebrities he hosted this year or how much was transacted during the week.

“We bring out the best in class. This year was more natural history focused, last year was maybe more art focused, maybe next year we could do wine and watches. We try to bring in something unique and significant every year,” Chaw said.

This year, his triceratops was a highlight of the exhibition. And while he admitted there was interest in the fossil over the week, he has no intention of parting with the object of his inner child’s desires just yet.