Art Radar Asia

Contemporary art trends and news from Asia and beyond

  • Photobucket
  • About Art Radar Asia

    Art Radar Asia News conducts original research and scans global news sources to bring you selected topical stories about the taste-changing, news-making and the up and coming in Asian contemporary art.
  • Advertisements

Posts Tagged ‘Geraldine Javier’

Luck for Sothebys at Southeast Asian auction 2009 in Hong Kong

Posted by artradar on April 7, 2009


SOUTHEAST ASIAN ART AUCTION

Summary:

  • 138 lots, 106 sold, sell through rate 77%
  • Cheapest lots (under US$15,000) were overlooked in favour of more expensive works by better known artists
  • 95 contemporary, remainder modern
  • Thin attendance
  • Prices slashed by Sothebys – estimates drop more than 50%
  • Sale dominated by Indonesian works
  • Ronald Ventura and I Nyoman Masriadi drew surprisingly frenzied bidding
  • I Nyoman Masriadi achieved the highest prices, albeit much lower than in 2008, 3 of his works appeared in the top 10 for the sale. His not dissimilar sale-topping works (Negotiation 2009 and The Final Round 2008) showed more than 75% drop between Spring 2009 and Autumn 2008.
I Nyoman Masriadi Negosiasi

I Nyoman Masriadi Negosiasi

Empty seats

Half the seats were empty at the start of the thinly attended the 138 lot auction of modern and contemporary Southeast Asian art which kick-started the Sotheby’s series of 2009 Spring sales in Hong Kong. As the 18 or so grim-faced Sotheby’s staff at the telephone bank surveyed the 60 or more empty seats, there was a gluey air of tension.

The first 12 lots of the 95 contemporary works on sale, most at estimates of well under US$15,000, saw gentle bidding but thanks to much coaxing by veteran auctioneer Quek Chin Yeow, all but two ( works by Indonesian artists Eko Nugroho and Dikdik Sayahdikumullah) scraped the estimates and sales were achieved.

The room relaxed and bidding picked up for the next 20 or so lots (13-33) with particular interest shown in:

  • Rodel Tapaya (b 1980) Donsadat and the Magic Dog which sold over estimate for HK$90,000 (excl premium) after a tussle between 2 phone bidders and the room
  • M Irfan (b 1972) The Artifact of Magic which attracted 4 bidders and achieved a price of HK$235,000 (excl premium) against a top estimate of HK$180,000.
  • Yunizar (b 1971) Texs III sold at HK$210,000 against its higher estimate of HK$180,000.

In a dramatic twist this was followed by a run of half a dozen passes and barely-made sales. The first lot called My God offered by  heavyweight Agus Suwage (b.1959 Indonesia) almost fell victim to the new twitchiness but just scraped by to achieve its lower estimate of HK$220,000.

Catalogue-featured lots

Lot 40, the first of the 5 catalogue-featured lots, Lost Notes by Rudi Mantofani, a stunning sculpture of two guitars curved to form a circle, more than met expectations by achieving a price one third higher than estimate. In a testament perhaps to the power of deeper catalogue marketing, the other featured works also did well:

  • lot 58 I Nyoman Masriadi‘s (b 1973 Indonesia) painting Negotiation – this acrylic featuring two cowboys facing off,  turned out to be the star lot  and achieved the highest price in the sale when 4 phone and 2 room bidders pushed the price up to  HK$1.4m against a top estimate of $800,000. However this was a mighty fall of over 75% compared with the price achieved for a similar work The Final Round autumn 2008. Negotiation  fetched just HK$1.7m (US$217,000) including premium, less than a quarter of the US$1 million price tag for the Boxers.
  • lot 67 FX Harsono (b 1949) Tracing the Past achieved its estimate at HK$175,000

Handiwirman Saputra, Soap, Aluminium, 20x100cms

Handiwirman Saputra, Soap, Aluminium, 20x100cms

  • lot 75 Handiwirman Supatra‘s pink-painted aluminium sculpture Soap achieved a price (HK$300,000) double its top estimate. Originally conceived as a commissioned group of works for Novotel Hotel in Indonesia this was Supatra’s first large-scale sculpture project. Aside from the artist’s one-off, there are 4 versions of the work each in a unique colour.
  • lot 88 Ronald Ventura‘s (b 1973) Oh Boy painting – this lot saw the most exciting bidding . The fast-paced overlapping bids keeping the ever-ebullient auctioneer Chin Yeow on his toes and prompted a happy quip about there being ‘no recession’ now.
Ronald Ventura Oh Boy

Ronald Ventura Oh Boy

Lucky 88 for Ronald Ventura

8 is a lucky number in China and it was certainly lucky for Sotheby’s because the lot marked a turning point. After a poor 12 lot run (lots 76-87) in which there were 6 passes and the remainder just meeting the lower estimates, Ronald Ventura‘s lot 88 galvanised the room with its spray gun pre-recession-style bidding from more than a dozen bidders. The remainder of the contemporary artworks in the sale – lots 89-95 – all sold well despite having some of the highest prices in the sale (all over HK$100,000). Ahmad Zakii Anwar Silent City 8 (8 again!) sold at estimate despite a previous pass for a work located earlier in the sale. The other 6 lots by heavyweight artists – Geraldine Javier, Handiwirman Saputra, I Nyoman Masriadi and Yunizar with prices considerably higher than most of the works earlier in the sale (estimates in the HK$100,000 to HK$400,000 range) – all sold with comfortable margins over estimates.

No upsets

Other lots which drew notable interest included lot 13 Jumaldi Alfi‘s painting The Falls which saw goood bidding and achieved a price of HK$270,000 against estimate HK$230,000 and  lot 75 M Irfan‘s (b 1972) Maneuver. 3 room bidders pushed up the price to HK$130,000 against its top estimate of HK$90,000.

There were no major upsets but some passes were surprising including lot 19, an untitled work by Handiwirman Saputra, lot 46 Putu Sutawijaya‘s untitled painting and lot 50 Dadang Christanto‘s work Pilgrim Project 2. Agus Suwage had 2 works in the sale, both did sell but only just.

Happy faces

The auctioneers were clearly happy and entertained the room with  jaunty banter. When Kevin Ching, CEO of Asia – known for tongue in cheek bawdiness – placed a bid on Vasan Sitthiket‘s ‘American Wet Dream’, the irrepressible auctioneer Chin Yeow who jokingly refused to refer to the painting by name because it ‘is too rude’, cheekily teased his colleague saying “Not a surprise from Kevin Ching”. “What do you mean?” deadpanned Ching right back.

And happy they deserve to be. Although this sale had one of the lower sell-through rates of the Sothebys 2009 Spring sales due to an excess of cheaper works by lesser known artists, the strategy of presenting predominantly Indonesian works by preferred artists was clearly aimed to please and did please an established clientele: a small number of deep-pocketed Indonesian collectors of Chinese origin and other hard core collectors. And what might the future hold?  Maybe deeper catalogue marketing, fewer works by lesser known artists and perhaps we will see a few more 8s sprinkled amongst the lot numbers next autumn.

Notes:

  • prices exclude buyers’ premium.
  • Exchange rate HK$7.7 = US$1.
  • All artists named are Indonesian except Ronald Ventura and Geraldine Javier from the Philippines

Related links: Bloomberg’s report

Related posts:

Subscribe to Art Radar Asia for news about Southeast Asian markets

Advertisements

Posted in Auctions, China, Filipino, Hong Kong, Indonesian, Market watch | Tagged: , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Indonesian, Filipino prices rise at Sotheby’s despite meltdown

Posted by artradar on October 13, 2008


I Nyoman Masriadi The Final Round

I Nyoman Masriadi The Final Round

 

AUCTION SOUTH EAST ASIAN ART 2008

Sotheby’s autumn sales in Hong Kong were grim apart from the South East Asian sale which provided some much needed relief. The success of the sale prompted an ebullient quip from Sotheby’s entertaining auctioneer Chin Yeow : “Is there a financial meltdown out there because I am not feeling it. The banks should ask our bidders if they need money!”

The sale included Malaysian, Filipino, Singaporean and Vietnamese art but was dominated by Indonesian works. Bidding was thin for Vietnamese lots and these attracted interest mainly from Paris. In contrast the Filipino and in particular the Indonesian lots attracted fierce bidding wars from bidders on all continents.

The works which attracted most interest included those by I Nyoman Masriadi, Agus Suwage, Rudy Mantofani and FX Harsano.

Two Indonesian markets: modern/colonial and contemporary/popular

Information about Indonesian art is notoriously difficult to come by. Helen Spanjaard, a Dutch art academic specialising in Indonesian art (one of only two in the world who speak English she says), explains that there are two distinct markets for Indonesian works – the colonial/Dutch influenced body of works eg Affandi and the new generation mostly born in the seventies.

“There is established buying support for the colonial works mostly from Chinese Indonesian collectors who compete with one another to drive up prices”. There is a second much more international market for the seventies generation artists. Dr Spanjaard notes that those works which are particularly popular are reminiscent of Chinese pop art or refer to popular cultural influences such as cartoons, superheros, flat stylisation, fantasy.

This was certainly borne out in the sale. Indonesian artist I Nyoman Masriadi’s The Man From Bantul (The Final Round), 2000, lot 838, an impressive triptych of a fight painted in a flat stylised manner sold for HK$7,820,000 (US$1,000,725) after lively bidding, five times its high estimate of HK$1-1.5 million.

A number of other works by Masriadi fetched impressive prices  including Petualanganku Berakhir Setelah Ketemu Ibumu (My Adventure Ended After I Met Your Mother), which sold for HK$2,900,000 (US$371,113) (lot 895, est. HK$250/350,000), and Too Small, which achieved HK$1,820,000 (US$232,905) (lot 808, est. HK$250/350,000), both bringing many times their high estimates. These works featured flat images with cartoon-style poses and speech bubbles.

Sotheby’s again set a record for the work of Rudi Mantofani (b. 1973) following the record price achieved
in its series of spring 2008 sales last season. Pohon-Pohon Langit (Sky Trees) sold for HK$3,020,000
(US$386,469), bringing almost eight times its high estimate (lot 868, est. HK$280,000 – $380,000). Mantofani is known for his surreal fantasy landscapes in which for example trees are clouds and shadows are holes.

Artist records were also broken for Dipo Andy and Jumaldi Alfi. More abstract contemporary works and by for example Yunizar, Putu Satawijaya and the moderns also attracted interest but to a lesser extent.

Filipino artists

Filipino artists who did well in this sale included Geraldine Javier, Ronald Ventura, Annie Cabigting, Yasmin Sison and Lirio Salvador.

Why is South East Asian art so popular now?

Some commentators note that there is a structural issue which is affecting the art market. Today’s buyers are more speculative than at any time in the history of art buying and that the interest in South East Asian works is coming from former buyers of Chinese art who are looking for the next hot trend. Others note that the sale was a success because prices of South East Asian art are relatively cheap compared with other markets.

See:

Subscribe to Art Radar Asia

Posted in Auctions, Cartoon, Collectors, Critic, Filipino, Hong Kong, Individual, Indonesian, Malaysian, Market watch, Pop Art, Professionals, Recession, Singaporean, Southeast Asian, Vietnamese | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Pop goes bubble for Chinese Indian artists – Businessweek

Posted by artradar on October 8, 2008


SOTHEBYS HONG KONG AUTUMN AUCTIONS
While much of Hong Kong hunkered down just hours before the arrival of a typhoon on Oct. 4, the start of Sotheby’s three-day auction of modern and contemporary Asian art was buffeted by the financial storm on Wall Street. Of the 47 works that went under the hammer, more than 40% were unsold. What’s more, earnings for Sotheby’s (BID), including the auctioneer’s commission known as the “buyer’s premium,” were a paltry $15 million, accounting for just 41% of the auction house’s estimated takings for the night. Among the biggest upsets was the unsold work by India’s hot-selling artist Subodh Gupta, Untitled, which had an estimated price of $1.55 million to $2.05 million. Another big surprise: Chinese cynical realist painter Liu Wei’s triptych, The Revolutionary Family Series, failed to find a bidder willing to meet the $1.55 million suggested minimum.

As the weather deteriorated on Sunday morning, so did events in the auction hall. Only 39 out of 110 paintings from the 20th Century Chinese Art Sale found buyers, while 71 had to be packed up and shipped back to their sellers. By the afternoon session, the usual buzz at Hong Kong’s contemporary Chinese art auctions was sorely absent. At one point during the sale, the auctioneer mistook a woman covering her mouth to stifle a yawn for her wishing to bid, prompting a valiant attempt to inject some levity into the proceedings as he asked if “anyone else is yawning in the room.”

Yawns gave way to disbelief a little later when two works by white-hot Chinese artist Zhang Xiaogang went unsold. That’s a huge reversal for the Beijing-based artist, whose paintings have routinely fetched millions of dollars, well in excess of auction estimates. (His painting Bloodline: Big Family No. 1 was one of the few top lots that sold on Saturday, though the $2.97 million price was below the expected maximum.) Yue Minjun and Zeng Fanzhi, two others among the hottest-selling Chinese contemporary artists, did manage to sell, although well within the estimates.

Wall Street Fallout
You connect the dots: Wall Street goes into meltdown, and Sotheby’s auction bombs in Hong Kong. Kevin Ching, Sotheby’s CEO for Asia, tries to be optimistic about whether the two are connected. “I hope there is no immediate direct correlation between the financial market and the art market,” he says, pointing to the widely successful auction of enfant terrible Damien Hirst’s works in London within days of the collapse of Lehman Brothers. The problem with some of the Hong Kong auction, he adds, stems from overly ambitious owners trying for unreasonably high prices. “When we have [sellers] who want aggressive estimates over and above what [the] market can accept, they would have to occasionally accept the consequences, and I think that’s what happened here [Saturday] night,” Ching explains.

Still, others in Asia’s art business are certain the fallout from Wall Street is already hurting Chinese and Indian markets. In both countries, newly wealthy investment bankers and hedge fund managers helped inflate bubbles in works by local artists. For instance, in the last four years a booming Indian economy and buoyant stock market encouraged many private banks to offer fee-based services to assist clients in building portfolios of artworks sourced from galleries, auctions, and even direct sales. Fund managers say that investment bankers with their hefty bonuses helped inflate art prices by 30% to 60% above their real value, according to a gallery owner in Mumbai.

Bright Spots
Now with Wall Street in turmoil, most of the bankers who were regulars at art shows and auctions have moved out, says avid art collector Harsh Goenka, chairman of India’s diversified RPG Enterprises, which has interests in tires, power, and retail. He claims that in the last few years, around 60% to 70% of art sold in auctions and shows in India went to the new breed of investor rather than art connoisseurs. “They looked at art as a brand and made money by trading in it,” says Goenka. In the past few months, he says, painters and art dealers have been calling him up to offer their unsold works at a 30% to 40% discount.

The picture isn’t all grim, though. The mood was positively ebullient at Sotheby’s Hong Kong on Oct. 6 as buyers crammed the room for the auction of Southeast Asian contemporary paintings. Sotheby’s employees manned the phones to handle enthusiastic overseas bidding. For instance, Indonesian painter I Nyoman Masriadi had already set a personal record on the first day of the Sotheby’s auction when his huge canvas featuring Batman and Superman sitting on adjacent toilets sold for $620,000. He then surpassed that with a painting of boxers that seems part Botero, part Léger; it fetched a high $833,000. A bit later, during furious bidding for yet another Masriadi, the auctioneer exclaimed “This is really, really fun.” The room broke into applause when the work finally sold for a very respectable $307,000.

The reason for this sea change in sentiment? The prices were far more affordable than the works from China and India on sale during the weekend, and collectors seem to have finally cottoned onto the notion that Indonesian, Vietnamese, and Filipino artists represent opportunities for collectors to own great art. One work by up-and-coming Filipino painter Geraldine Javier sold for $32,000, more than three times the high estimate. An intimate portrait of a woman and child by Vietnamese painter Mai Trung Thu also sold for triple the estimate, fetching $23,000.

Link to

Subscribe to Art Radar Asia for latest art news

Posted in China, Chinese, Emerging artists, Filipino, Hong Kong, Indian, Indonesian, Painting, Southeast Asian, Vietnamese | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Larger sites for art dealers in new art district Pasong Tamo, Philippines

Posted by artradar on July 2, 2008


PHILIPPINES GALLERY SHOW to August 2008

While Manila’s Finale Art File gallery will be closing two of its venues – Makati LaO and Megamall – by September, it will be opening a new warehouse space in the quickly developing new art gulch of Pasong Tamo on the edges of Makati.

It will join Slab, also opening in September, and Silverlens, the first along this strip of larger sites.

Finale will open with a series of three ‘young contemporaries’ exhibitions. Leading up to this, Finale will be showing three artists hot off last month’s Southeast Asian auction market: Geraldine Javier with the new Sampaloc Cave Paintings until 7 July, followed by Nonia Garcia 9 to 21 July, and Wire Tuazon in August. www.finaleartfile.com

Source: http://www.artmonthly.org.au/artnotes.asp?area=Asia

For more posts on art districts in Asia

https://artradarasia.wordpress.com/2008/06/01/caochangdi-as-alternative-art-district-in-beijing/

Posted in Art districts, Filipino | Tagged: , , , , , , , , , , , , , , | Leave a Comment »