PRESS PAGE
The Rise of The Sleeping Dragons: Powerful Showing of Southeast Asian Masters
Post Sale - Press Release
The Rise of The Sleeping Dragons: Powerful Showing of Southeast Asian Masters
- A sale that was specially designed to cater for those looking for the "next" icons of Southeast Asia.
- New auction record for Arie Smit: inch for inch, the most expensive to date.
- 90% sales by volume; 42 % above high estimate.
Singapore, July 2015 - Recession and tightening of the purse strings were far from the minds of around 100 registered bidders contesting at Larasati's auction in Singapore held at Singapore Marriott Tang Plaza Hotel. The boutique collection consisting only of 50 carefully selected lots witnessed heated, yet cheerful, competition between bidders in the room and on the telephone. 90% of the lots offered finally found new collectors with almost half going well above their high estimates. For some, prices just went through the roof.
Exceeding expectations, Southeast Asian masters brought home the depth of their resilience in hard times, with works fetching prices above the auction estimates and garnering strong interest from bidders. Widely regarded as pioneer in the art of a uniquely Indonesian decorative art, Widayat's work titled "Kicau Burung di Hutan" / Birds in the Forest (lot 38) was contested competitively by bidders on the telephone, against written bids and bidders in the room before finally hammered off at S$ 61,000 (203% above starting price). On the other hand, a leading artist in Vietnamese lacquer Nguyen Gia Tri gained a top-notch performance with his work titled "In the Garden" (lot 29) fetching S$134,200 (including premium), almost doubled its auction estimate. Adding another stroke of confidence to Southeast Asian art, "Nine Gibbons at Play" by pioneering artist of the Singapore-based Nanyang School and best known for his traditional ink and brush painting Chen Wen Hsi, sold for S$146,400, making it the most expensive lot of the sale.
Competition in the sale room reached its highest point when works by Arie Smit were contested. Two early works by the artist were sold way high above the pre-sale estimates. After rounds of intense bidding as auction goers watched with bated breath to see Arie Smit's "Village in the Bali at Night" (lot 40) close at S$ 29,280 (976% above the presale estimate), while his other oil, "Coastal View" (lot 11), raked in 26,840 (447% above starting price).
Another noteworthy performers of the sale were batik works by the Malaysian artist Chuah Thean Teng who is well acknowledged as Father of Batik Painting in Malaysia. His works titled "Mothers and Children" (lot 25) and "Durian Seller" (lot 27) gained much attention during the two-day preview at One East Artspace on Scotts Road, Singapore. Lot 25 fetched S$13,420 while lot 27 was sold for S$ 14,640.
Commenting on the noteworthy performances of Southeast Asian art at the auction, CEO of Larasati, Daniel Komala, said: ""The collection reflects, by and large, what we believe to be the underrated great artists of Southeast Asia who are destined to be the next "darlings" of the market. And the art enthusiasts have overwhelmingly given their approval. The results say it all""
The next auction held by Larasati Auctioneers will be in Bali (Indonesia) on 6 September at the ARMA Museum, Ubud, starting from 2pm (preview starts 4 September to 5 September from 11am to 7pm).
About Larasati
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
Email: c.e.metanfanuan@larasati.com