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Home / News / Art in the Southeast Asian market – Record selling prices (April 2011)

Art in the Southeast Asian market – Record selling prices

April 2011


After Shower by Asian artist Utomo S (Indonesia)
After Shower,
by Asian artist Utomo S (Indonesia)
oil on canvas, 100cm x 80cm

As we have been saying for years now, the Southeast Asian market is going from strength to strength.

Sotheby's Modern and Contemporary Southeast Asian Paintings sale on Monday 4 April 2011 in Hong Kong tripled pre-sale estimate.

A new world record for contemporary Southeast Asian painting at auction was set for Filipino artist Ronald Ventura when his "Grayground" sold for HK$US 8.4 million ($US 1.1 million), 24 times its estimate!

Sotheby's Head of Southeast Asian Paintings, Kim Chuan, said, "today's total of HK$US 108 million set a record for a sale of Southeast Asian Paintings at Sotheby's, established numerous artist records, and proves that quality pieces fresh to the market continue to be coveted. Our strong results both for established names and for younger artists making their first appearance at auction demonstrate a market in a healthy state of expansion." (our emphasis)

Hendra Gunawan's Penari Ular (Snake Dancer) set a record for the artist selling for HK$US 16.3 million ($US 2 million).

Keeping pace with this trend, asart's new gallery in Indonesia will be sourcing new and outstanding works by established as well as up and coming artists.

One such artist is Utomo S, whose recent work Shower we have just acquired for sale.

In the coming days we will also introduce a new series, She, by Vichit Nongnual, whose work we feel is seriously undervalued.

Please feel free to contact us for any further information.

Kind regards,
Anthony Smith and the asart team

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