Cautious Bidding at Larasati Singapore: Old Masters and Established Artists Still Rule
Singapore, 19 January 2014 - Larasati's Modern and Contemporary Art auction on Saturday, 18 January 2014 demonstrated strong appreciation by regional as well as international collectors towards works by Southeast Asian masters and established artists. Well over 100 art enthusiasts packed the Orchard Room Grand Park Orchard Hotel Singapore, at the start of the sale that offered 96 lots which netted S$ 1,3 million in overall sales (including buyer's premium) with 75% lots sold.
The sale kicked off with a sell-out on traditional Balinese section. A work by Ida Bagus Made Togog titled "Barong Performance" ended this section with a convincing performance, fetching S$ 15,860 (176% above the starting price).
In the Japanese Contemporary Art section, a sculpture by Takashi Murakami "Project KO2 1/5, Miss KO2" was among the highlights of the collection. But it was Izumi Kato's "Untitled" that brought in the highest taking on the Japanese section, raking in S$ 20,740.
In the Prominent and Established Asian Modern Masters, the most outstanding performance was the work dated 1969 by Soedibio titled "Tjampuhan". Modestly offered at S$ 8,000 as the starting price, the saleroom witnessed fierce bidding between phone bidders and those on the floor before the hammer came down and the painting was finally sold for S$ 21,350 (267% above starting price).
On Contemporary Asian Art, "The Overseer's Gaze" by Filipino artist Rodel Tapaya stole the attention during the sale. Heavily contested among bidders, the work dated 2009 was sold for S$ 26,840 (224% above starting price). A small jewel by Masradi titled "Female Nude" was also among the stars of this section, doubling its starting price, the Masriadi was finally sold for S$ 51,240.
On Contemporary Realism, the cover lot by Chang Fee Ming, titled "The Knot" doubled its starting price and sold for S$ 61,000. The section had a perfect ending with a white-glove sale on 3 lots by Ronald Ventura. These early works by Ventura, titled "Anonymous", "The Shield & The Bridal Gown", and "Untitled Nude" were heavily contested and remarkably fetched S$ 20,740, S$ 31,720, and S$ 79,300 respectively.
Works by the Founding Fathers of Indonesian Modern Art displayed a convincing performance and underscored the fact that these modern masters still rule the art scene. "Mother and Child" by Hendra Gunawan was sold for S$ 231,800, which was well above the starting price and effectively became the most expensive Hendra sold over the 'art frenzy' week in Singapore. Affandi's "Nyeret" (Opium Smoker) and Sudjojono's "My Beautiful Daughter" brought in S$ 170,800 and S$ 61,000 respectively.
On Early 1900s Modern Painters in Indonesia, another sell-out section in the sale, the saleroom was overwhelmed by frenzy bidding on two works by Dullah. Exceeding expectations, "Hibiscus Bouquet" and "Sisters" by the artist were sold for S$ 6,710 (373% above starting price), and S$ 7,930 (294% above starting price) respectively. The Indonesian court painter during the Sukarno era had made a huge comeback to the auction scene by becoming the best performing artist of the whole sale.
Concluding the sale was the Artists on Bali section. Mangu Putra's "Rumahku di Desa" dated 2005 finally fetched S$ 14,640 (244% above starting price), while Paul Husner's work titled "Balinese Mountain Landscape of Jatiluwih" finally sold for S$ 18,300 (229% above starting price). Antonio Blanco's "Balinese Dancer" and Willem Gerard Hofker "Portrait of Made Toei" were among the highest takings of this section, fetching S$ 51,240 and S$ 67,100 respectively.
Commenting on the success of the sale, Mr Daniel Komala, President and CEO of Larasati's Auctioneers said : "Last year in January, our 33 lot boutique collection was specially designed for seasoned collectors. But this time we had decided to make the collection accessible to all, from beginners to senior collectors. I am glad to see that bidders were cautious and yet enthusiastic in bidding for lots they wish to acquire. At the end of the day, blue chip artists stood well and fetched respectable prices. And we achieved our pre-sale estimate target."
Since Larasati's first auction held on 30 April 2000 in Jakarta - Indonesia, the regional auction house's reputation has grown rapidly for auctioning rare and emerging Indonesian as well as other Asian works at record prices. In 2003, Larasati marked a milestone in its pursuit to become a major player in the Asian market, with its entry into Singapore and becoming the first Asian-based auction house that crossed national borders.
Focused on featuring significant works of art and treating them as a kind of museum art, Larasati's boutique collection platforms fine works by master artists from Indonesia, China, India, Korea, Singapore, Vietnam and the Philippines. Beyond just merely a matter of buying and selling art objects, Larasati is driven to enhance the appreciation and development of art in Asia.
For more information please contact:
Christin Elisabeth Metanfanuan