Singapore Arts Scene's Pretty Good
Actually, I think the Singapore arts scene's pretty good...while I think you should definitely try and read up a bit of history of perhaps New York and London's film/ art/ music scenes before drawing a comparison to Singapore, "Art" is also probably a little too broad -- perhaps you should focus on just music or film, or perhaps drama? That way you can make more accurate statements.
Also, I agree with Soft -- the Singapore arts scene's moving so quickly now! Many of the things which are (I believe) important for it to flourish, like increasing public interest, government support, growing acceptance and more importantly, increasing wealth, are present. Singapore is also an intellectual property hub with strong laws protecting copyrights -- such as music and digital mediums -- which have led to companies such as Pixar setting up base in Singapore. Art schools like SOTA and even NTU's fine arts faculties are springing up to churn out new generations of local artists and give them quality, socially respected educations. (Not that the polys haven't been doing a good job. Chen Zheyi, who recently won a Cannes Commendation for "Amah" was from NAP, after completing his O Levels in Chinese High). The new IRs may also give local artists (I'm just speculating) a platform for art as well, as with the IRs will come the need for entertainment, music, events etc.
So, as Soft says -- we ARE moving fast. I think we're living in a pretty exciting time for Singapore in terms of art, especially since the quality of our artists is improving. I'm pretty proud of it -- and believe that we are all proud of it