Art in the Southeast Asian market – Record selling prices
April 2011
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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Articles
Anthony Smith has been invited by Art Antiques Design to share his expertise about art in a series of articles:
- "Limited edition" Giclee prints: It's an oxymoron (May 2014)
- The Aboriginal art market in Australia: a personal perspective (October 2013)
- So why mention all this? (April 2013)
- Why Asian Art? Part 4 (June 2012)
- Why Asian Art? Part 3 (April 2012)
- Why Asian Art? Part 2 (March 2012)
- Why Asian Art? Part 1 (February 2012)
- True "collectors" buy what they like (February 2012)