Sotheby’s Hong Kong presents results of autumn sale of Southeast Asian paintings

ART AUCTION RESULTS SOTHEBY’S HONG KONG PRESS RELEASE

We present you with the latest press release from Sotheby’s Hong Kong on their autumn sale of modern and contemporary Southeast Asian paintings:

SOTHEBY’S HONG KONG

MODERN AND CONTEMPORARY SOUTHEAST ASIAN PAINTINGS 2010 AUTUMN SALE

TOTALS HK$78 MILLION / US$10 MILLION

(high estimate: HK$45 million / US$5.7 million*)

THE HIGHEST TOTAL FOR A VARIOUS-OWNER SALE

IN THIS CATEGORY AT SOTHEBY’S HONG KONG

************

ACHIEVING NUMEROUS ARTIST RECORDS AT AUCTION

“FATHER OF INDONESIAN MODERNISM” –

S.SUDJOJONO’S A NEW DAWN SOLD FOR AN IMPRESSIVE

HK$10.7 MILLION / US$1.4 MILLION

OVER 4 TIMES THE HIGH ESTIMATE

FILIPINO ARTIST RONALD VENTURA ’S NATURAL-LIES FETCHED

HK$2.5 MILLION / US$326,000

9 TIMES THE HIGH ESTIMATE

Other artist records were set for works by Indonesian artists including

Gede Mahendra Yasa, Ay Tjoe Christine, Samsul Arifin, Hendra Gunawan and Filipino artist Andres Barrioquinto, among others

Following the tremendous success of the Spring sale, Sotheby’s Autumn sale of Modern and Contemporary Southeast Asian Paintings today commanded a stunning total of HK$78 million / US$10 million (high estimate: HK$45 million / US$5.7 million*), the highest sale total for a various owners sale in this category at Sotheby’s Hong Kong.  Today’s sale provoked active participation in the room and over the phone.  There was particularly strong interest in top-end Southeast Asian contemporary paintings, which led to two auction records set for two artists – S. Sudjojono , Father of Indonesian Modernism, and Filipino artist Ronald Ventura.

MOK Kim Chuan, Sotheby’s Head of Southeast Asian Paintings, commented: “Top end Contemporary works fetched strong prices today with many pieces bringing multiples of their pre-sale high estimates.  Among Modern works, the supreme highlight was the S. Sudjojono, a museum-quality example of the artist’s work which spurred a fierce bidding battle among nine bidders before selling for HK$10.7 million, a price which was four times the top estimate and set a record for the artist at auction.  These results confirm the strategy of using conservative estimates to attract competition and let the market set the price level.”

The sale of 20^th Century Chinese Art and Contemporary Asian Art continue in the evening.

Attached please find the relevant press releases, top-ten list as well as an image of the saleroom for your use.  Should you need further information, please do not hesitate to contact Sotheby’s Hong Kong Press Office on +852 2868 6755 /Winnie.tang@sothebys.com.

* Estimates do not include buyer’s premium

Regards,

Sotheby’s Hong Kong Press

KN/KCE

Related Topics: Southeast Asian art, market watch – auctions, business of art, collectors

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