The
Autumn 2009 auction of Southeast Asian Modern and Contemporary Art held
on Nov 30, 2009 saw upbeat results with total sales of HK$33.5 million
(US$4.3million) and strong selling rates of 95% sold by value, 78% sold by lot.
Impressive prices across the board were driven by Asian private collectors,
with 64% of the lots selling above their high estimate. These results - a 64%
increase over the Spring 2009 season total - mark a resounding vote of
confidence for the category's modern masters and the rebound of the Southeast
Asian contemporary art market.
Indonesian
modern art led the way triumphantly, with two works by Lee Man Fong, Man
with horses and Doves, seeing passionate bidders driving the prices
of both works to multiple times their estimates. Strong offerings from Affandi
and Hendra Gunawan were received favourably by the market as well. Following on
the committed bidding for these works were noteworthy prices registered for
modern art from Thailand, Malaysia, Singapore, Vietnam and the Philippines,
demonstrating the depth and appeal of a truly Southeast Asian modern art
market.
First-rate contemporary works
maintained their lustre with discerning buyers from well beyond Asia competing
for quality works. Indonesian I Nyoman Masriadi's Master Yoga recorded
the notable price of HK$3.62 million (US$467,000) - the highest paid for the
artist at auction anywhere this year. Also of note in the contemporary section
were the impressive results for Geraldine Javier, Handiwirman Saputra, Gede
Mahendra Yasa, as well as encouraging results for emerging and
first-time-at-auction artists such as Sugiyo Dwiarso.
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