The Marriott Hotel, Singapore, 21 October 2007 - Attended by 200 art enthusiasts, LARASATI hammered off over 83% of the 172 lots offered at her 10th sale in Singapore on Sunday, 21 October 2007, realizing total sales of SGD 3,4 million.
More than 70 works surpassed their presale ‘HIGH’ estimates, often doubling, tripling or even quadrupling expectations. The sale also established new auction record prices for many works of art, including a new world record for China’s Gong Lilong that also marked LARASATI’s largest taking for the day. The artist’s stunning oil on canvas titled “The Duet” (lot 168) was sold for SGD 212,400; breaking the record he achieved at LARASATI’s Singapore sale in April 2007.
Indonesia’s Nyoman Masriadi once again proved that his recent sky-rocketing prices realized in various international auctions are no fluke. All Masriadi’s works at LARASATI either doubled or tripled their high estimates. His masterpiece titled “Mobster Culture” (lot 172) was among the top performers at the sale, pulling in SGD 177,000.
Indonesia’s Pintor Sirait entered a new era of his artistic career when his breathtaking sculpture in the shape of an F1 car named “Desire” (lot 142) fetched SGD 112,100, making it the most valuable piece by Pintor that ever sold in the market.
A magnificent work by Korean renowned sculptor Yi Hwan-Kwon titled “Windy Day” (lot 125) also created one of the most intense competitions. This exquisite sculpture finally raked in SGD 64,900; quadrupling its presale estimate and setting a new auction record for the artist for a work of that particular size.
Other highlights included 2 extraordinary pieces by China’s modern realist painters Zhao Kailin and Luo Zhongli. Zhao’s “Courtyard” (lot 115) fetched SGD 106,200 while Luo’s “A Tibetan Girl Of A-Pa” (lot 116) pulled in SGD 200,600.
“The growth in the Asian modern and contemporary art market will continue. Southeast Asian artists are making up ground fast. Collectors have started to realize that there are many potential Southeast Asian artists whose works are priced at a fraction of their Chinese counterparts, despite the fact that they are on par in terms of quality.
LARASATI’s 10th Singapore sale shows that the strong market is here to stay. This is our best sales in recent years”, says Daniel Komala (President Director - LARASATI Auctioneers).