LARASATI ACHIEVES WORLD RECORD PRICES FOR ARTWORKS AT INDONESIAN AUCTION
- Total sales including premium at US$1.16 million, marking close to 10% growth from last Indonesian auction in March
- World record prices for established Indonesian artists, Ahmad Sadali’s ‘Bidang Hitam dengan Kumpulan Bongkah Emas’ (Gold in Black Space) and Alit Sembodo’s ‘Merebut Bola Naga’ (Chasing the Dragon Ball)
Jakarta, Indonesia, August 22, 2008 – Over 250 art enthusiasts from Asia and Europe attended the auction themed ‘Pictures of Indonesia - Modern and Contemporary Indonesian Art’ by Asian-based Larasati Auctioneers in Jakarta on August 3 2008. The auction was a success with 86% of its 165 lots sold to achieve total sales of US$1.16 million, about 10% higher than the company’s last auction in Indonesia in March this year.
Reflecting a renewed interest in established Indonesian artists, 80% of the artworks that hammered off at record prices at the auction were by iconic masters of Indonesian art. They included:
- Achmad Sadali’s ‘Bidang Hitam dengan Kumpulan Bongkah Emas’ (Gold in Black Space), which sold at IDR613,600,000 (US$ 68,178), close to 900% above estimate
- Alit Sembodo’s ‘Merebut Bola Naga’ (Chasing the Dragon Ball) which fetched IDR1,000,000,000 (US$111,111), 670% above estimate
- Widayat’s ‘Ayam Jago’ (Rooster), which went for IDR 224,200,000 (US$24,911), 350% above estimate
- Sapto Sugiyo Utomo’s ‘Partai Peduli Rakyat Kecil’ (Party of the Small People) which was sold for IDR135,700,000 (US$15,078), 300% above estimate
- Tisna Sanjaya’s ‘Opera Orba’ (Opera of the Old Regime), which fetched IDR64,900,000 (US$7,211), 290% above estimate
Other top earners at the auction were Hendra Gunawan’s ‘Chicken Seller’, which sold for IDR942,500,000 (US$104,722); Itji Tarmizi’s ‘Greeting the Sunrise’, which fetched IDR 649,000,000 (US$72,111) and Affandi’s ‘Nelayan di Tepi Pantai’ (Fisherman by the Shore), which went for IDR542,800,000 (US$60,311). (All prices include premium)
Mr. Daniel Komala, President and Director of Larasati Auctioneers said, “The interest in Asian and Southeast Asian contemporary art has been increasing steadily. At this auction, I am very heartened to see a renewed interest among collectors in the works of iconic Indonesian artists. Our bidders are not only growing in numbers but are also coming from around the region and Europe. Response has also been very encouraging with two of the artworks setting world price records, while many others exceeded sales estimates.”
A highlight of the auction was ‘Endless IV’, a magnificent installation piece by Yani Maryani Sastranegara, which raised eyebrows at the two-day preview and was sold for IDR118,000,000 (US$13,111).
Elaborating on the rationale of including an installation piece at the auction, Mr. Komala added:” We are always looking at new ways to bring the best artworks and fresh perspectives to enhance the Asian contemporary art experience for our customers. Putting up an installation artwork for sale at this auction is a first for any auction house in Southeast Asia, we hope to be able to inspire and provide a unique experience to everyone that visits our auctions.”
To continue to provide the best Asian contemporary art experience, Larasati Auctioneers plans to hold an auction in Singapore on 12 October 2008 at the Raffles Hotel.