Larasati Makes History as Asia’s First Auction House to Hold International Art Sale Outside The Region

Singapore, June 12 2008 – The passion for contemporary Southeast Asian art has hit Europe as the world’s first auction outside of Asia by an Asian-based auction house, Lasarati Auctioneers was held in Amsterdam last Monday, June 2 (local time in Amsterdam). Record bids were achieved at the auction, which featured a diverse collection of European artworks, Asian and Southeast Asian contemporary art paintings.

Close to 80% of the 22 lots of Asian and Southeast Asian artworks were sold out at the Amsterdam auction, most of them by up-and-coming artists from the region. Of this, 40% went to European collectors, proving that there is a growing interest in contemporary Asian and Southeast Asian art and increased support for work by new and emerging artists. Over 20% of total sales came from the Asian collection, which amounted to €120,000 as numerous lots were bidding at prices significantly above their estimates.

Top performing Asian artists at the auction include Indonesian Tommy Wondra whose artwork “Yearning for Answer 3 (no. 9) - Imbalance”, sold at €8,750, 219% above estimates; Vietnamese Dang Xuan Hoa’s “My Family” fetched €6,875, 172% over estimate; Indonesian Ugy Sugiarto’s “Mystery” sold for €9,375, 156% over estimate and Indonesian Saftari’s “Natural Room I” fetched €11,875, 148% over estimate. The auction set another ‘high’ for Ugy Sugiarto, after a series of record prices achieved at Larasati auctions in Singapore, confirming the artist’s status as a new rising star. A new price record was set for Dang Xuan Hoa’s new “Family” series with his painting, “My Family”. This represents a major milestone for the artist who is known for his self-portraits.

Highest bids went to Malaysian artists - Ahmad Zakii Anwar’s “Seated Figure 6”, at €13,750 and Chang Fee Ming’s “September 27th” at €13,750. (All prices include premium)

The auction that was organised jointly by Larasati & Amsterdam Auctioneers Glerum, attracted a good mix of international audience.

Daniel Komala, CEO of Larasati Auctioneers said, “More and more international art collectors are falling under the spell of the mystical charms of Asian art. I am very proud to say that we are breaking new ground here with Larasati’s inaugural show outside of Asia. Although this is the first international show for an Asian auction house, response has been very encouraging with most of the Asian artworks on display sold. Southeast Asian art, in particular, is growing in popularity and influence as the artworks by artists in this region exceeded sales estimates and secured very high bids.”

Mr Komala added: “The 22-lot collection of Asian contemporary artworks at the Amsterdam auction is reflective of the creative talents emerging in Asia. This time round, we chose to feature mostly up-and-coming rather than established artists. At Larasati, we believe in providing emerging artists from Asia the opportunity to showcase their work on a global stage and raise their profile both in their home country and internationally. Going by the sales figures of the artworks by these emerging talents, we are confident that they have what it takes to succeed in the international art market.”

To sustain and promote the interest in Asian contemporary art, Larasati plans to hold more auctions in Hong Kong and Singapore later this year.