With Southeast Asian art rapidly gaining international interest and recognition, it is not surprising that reputable auction houses like Sotheby’s are seeing increasing number of the final hammer prices doubling the auction house’s initial estimate. This phenomena signals the “coming of age” of Southeast Asian art; propelling it into the “next big thing”. While art has traditionally been bought solely for its artistic value, more art collectors are now keeping them for their investment value and potential as well.
New Asia Gallery is proud to work with our selection of top artists, whose prices is expected to appreciate considerably in the next few years as more global collectors and media start to take notice. Many of our artists have already found success in the various international auctions (Sotheby's, Christie's, Masterpiece etc).
“Sotheby's upcoming spring sales in Hong Kong will offer, on April 8, an unprecedented 49 Vietnamese paintings in one day, along with a special catalog…''We expect to fetch in excess of 11.6 million Hong Kong dollars and we are very positive that this sale, after moving to Hong Kong, will be stronger than ever,'' said Mok Kim Chuan, head of Southeast Asian paintings at Sotheby's… Collectors' appetites for Chinese contemporary art has abated slightly in recent auctions, while prices for Indonesian artists have jumped in the past year. That suggests rising young Vietnamese artists may soon come into their own as the auction houses and collectors keep trying to chase the next ''big thing.'' ''Vietnam is keenly watched and observed and anticipated,'' Keong said. (Ruoh-Ling Keong is a specialist in the Southeast Asian pictures department at Christie's Singapore.)"
- Excerpt from International Herald Tribune
March 2008
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“Vietnamese artists can now sell paintings for more than US$5,000 apiece making the local art market heat up compared to ten years ago when a painting sold for less than US$50… Sotheby’s and Christie’s auction houses have also recognized the value of Vietnamese art works and regularly sell paintings from contemporary and master Vietnamese artists. Post-Impressionist works by the Vietnamese artist Le Pho, who died in 2001, were now auctioning for around US$300,000.”
- Excerpt from Saigon Times
2007
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“One reason for the popularity of Vietnamese art when it emerged was the fact that many artists were highly skilled in techniques and influences left behind by the French colonists… In 2003, a bumper crop of Vietnamese modern masterpieces were auctioned off at Sotheby's here to record prices. Among them, Le Pho's (1907-2001) painting Mother And Child sold for $283,200.”
- Excerpt from The Straits Times
January 2007
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“The Chinese dragon wakes, mother India rises. Even little tiger Vietnam is finding its roar. Indian painter Maqbool Fida Husain, for example, marries myths with modernism in his oil canvases, one of which sold for $2 million in 2005. It is foreigners — particularly European, American, Japanese and Singaporean collectors — who are driving the modern Asian art boom.”
- Excerpt from TIME magazine
November 2007
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“On July 29, Larasati, a Jakarta-based auction house, sold Masriadi's "No More Games” for $45,000, four times the presale mid- estimate. On August 12, with the global credit crunch looking a lot worse, Borobudur, another Indonesian auctioneer, sold ``The Billiard Player'' by the same artist for $55,000. There's no denying that prices of Southeast Asian art, too, have risen rather steeply in the past few years. Three years ago, a young artist such as Masriadi would have fetched no more than $1,500. Even after the recent price appreciation, Southeast Asian art is still inexpensive compared with works by contemporary Chinese artists.”
- Excerpt from Bloomberg News
August 2007 |
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