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Contemporary art trends and news from Asia and beyond

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Posts Tagged ‘Larasati’

New auction houses with new strategies open in Singapore art market

Posted by artradar on October 28, 2009


ASIAN ART MARKET TRENDS

Usually, to be a part of the bubbling Asian art market scene, buyers need to associate themselves with industry leaders Christie’s and Sotheby’s for lack of other options. In South East Asia, however, there’s a new way for collectors to discover their contemporary art. According to a recent article by the New York Times, a host of new and smaller auction houses—such as Borobudur, 33 Auction, and Larasati in Singapore—have successfully emerged to “fill in the gaps” of the market, which means they are opening their doors to a broader range of the market, from high-end collectors to first time buyers. So far, sales suggest this may be the right strategy to entice new buyers:

“Last week, sales by two auction houses in Singapore, Borobudur and 33 Auction, brought in a combined $10 million, with the larger sale, by Borobudur, easily beating its pre-sale estimate. Later this month another Singapore auctioneer, Larasati, will offer 160 lots of Asian modern and contemporary art with an estimated value of 2 million Singapore dollars, or $1.4 million.”

A.C. Andre Tananma, "Run Away" 2008. Part of Larasati's Asian Modern and Contemporary Art auction in Singapore on October 25th, 2009.

A.C. Andre Tananma, "Run Away" 2008. Part of Larasati's Asian Modern and Contemporary Art Auction, Singapore, 25 October 2009.

Many of the new auctions houses have developed as off springs from established galleries, such as 33 Auction (Singapore), Maestro Auction House (Jakarta, Singapore) and Kingsley Art Auction (Beijing), as a way of broadening their offerings to current clients, while also becoming accessible to new ones:

“Like everything else, the art market is not immune from the global recession and consequently sales at most galleries have been down for the past 12 months,” said Valentine Willie of Valentine Willie Fine Art, which has galleries in Singapore and Kuala Lumpur, and has in the past helped Borobudur curate its auctions. “Auctions may seem a good way of clearing gallery stock and they offer the possibility for collectors of bargain hunting, especially after the boom of two years ago.”New and smaller auction houses would naturally try to fill in the gaps with more adventurous offerings and lower entry price points because, “the industry leaders, Christie’s and Sotheby’s have a somewhat limited and conservative offering of Southeast Asian art,” Mr. Willie added.”

Some auction houses are targeting the middle class crowd in particular, a demographic rarely cornered by larger and more established auction houses like Christie’s or Sotheby’s. To entice the middle class market, Singapore’s Ziani Fine Art Auction House tactic was to award cash prizes, serve wine, and even offer whiskey tastings at their September 20 debut auction:

“‘When you launch a new business you need to attract new people,” said Frank Veyder, a banker and partner in Ziani, before the auction. “We are very conscious there is a risk that people might think it’s just a fly-by-night, gimmicky house, but we’re holding this auction in a five-star location and we’re offering quality art.

“The pieces are not of the level you would see at Christie’s or Sotheby’s, but we’re not trying to play in that space,” Mr. Veyder added. “Our marketing is targeting to a wider, middle-class crowd.”‘

Though it can be said that the competition between auction houses is good for business, there are some auctioneers that are concerned that the market may have a hard time absorbing everything on offer.  Daniel Komala, chief executive of Larasati Auctioneers, explains:

“‘The art market has bottomed out; in fact, it’s fair to say that it has picked up some speed of late,” Mr. Komala said. “Having said that, the real capacity to absorb, over all, especially in Singapore, is only going to increase by 20-30 percent maximum from its rock bottom level. So, it’s wishful thinking to expect that the market will double up in capacity compared to how it performed six months ago.”

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Posted in Auctions, Business of art, Events, Market watch, Overviews, Recession, Singapore | Tagged: , , , , , , , , , , , , , , , , , | Leave a Comment »

Cheaper works sell at Larasati, Borobodur auctions and art fair Singapore – Bloomberg

Posted by artradar on October 18, 2008


MARKET WATCH

Two Singapore auctions of Asian art at the weekend missed estimates as a slump in global financial markets kept many buyers away.

Borobodur Auction Pte’s two-day sale of Chinese and Southeast Asian art totaled S$11 million ($7.5 million), compared with a presale estimate of S$18 million, according to John Andreas, the company’s founder. Rival Larasati Auctioneers’ Oct. 11 sale tallied S$2.1 million, less than the S$2.5 million predicted. The auction houses released results today.

The day before the auctions began, Singapore announced its economy had slipped into a recession and the MSCI Asia Pacific stocks index fell 6.9 percent, capping its worst week since the measure was created in 1987.

Sales of Chinese contemporary art were weakest, with only about 40 percent of lots finding buyers, Andreas said. Works by top Chinese artists have risen tenfold or more in the past decade, making them the most expensive in Asia.

“The financial crisis does not affect the Southeast Asian art as much, but for the Chinese artists it is very bad,” said Andreas. “For the artists that have not gone up so high, the demand is still strong.”

Borobodur’s top lot from its Oct. 12 Southeast Asian sale was Agus Suwage’s “Cleaning the Mirror: Homage to Marina Abramovic,” which sold for S$444,000, including fees. The highest price in the company’s Asian art auction the day before was Chinese artist Wang Guangyi’s “Rolex,” which fetched S$504,000, including commission. Yue Minjun’s “Life Pose,” which had the top presale estimate of as much as S$500,000, didn’t sell. Three quarters of the Southeast Asian lots sold against 57 percent of the Asian session.

Masriadi’s Target

Larasati’s top lot was I Nyoman Masriadi’s “The Target,” a picture of a woman, face and arms painted red, with hands clasped like a gun. The 1.9 meter-wide, acrylic-on-canvas sold for S$156,000, with fees, compared with the S$150,000 presale estimate, the company said. A third of the lots offered didn’t find buyers.

A week earlier at Sotheby’s auction in Hong Kong, Masriadi broke the record for a Southeast Asian contemporary work, when his picture “The Man From Bantul (The Final Round)” sold for HK$7.8 million ($1 million).

The weekend auctions took place during the four-day ArtSingapore fair, Southeast Asia’s biggest, which ended yesterday. The event drew 110 galleries from 16 countries, with a special emphasis on art from India and South Korea. About S$80 million of art was offered, the organizer said.

Stallholders at the sale echoed the mood at the auctions, with sub-S$20,000 works from South and Southeast Asia more popular with buyers than higher-priced Chinese works.

Cheaper Lots Sell

“It went very well under the circumstances,” said Chen Shen Po, director of ArtSingapore. “Last year, everyone was selling S$50,000, S$100,000, S$200,000 works. This year it was more the S$20,000-to-S$30,000 range.”

She said the sale total was probably about the same as 2007, declining to give specifics.

“Given the circumstances coming into the fair, our expectations were quite low,” said Adam Chu of Shanghai-based Hwa’s Gallery, which showed works by Chinese artists such as He Juan and Guo Rui. “This was the least-attended of the five fairs we’ve been to this year.”

Chu said the gallery sold 20 works at the SHContemporary show in Shanghai in September. In Singapore it sold none.

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Posted in Auctions, Chinese, Fairs, Indonesian, Market watch, Recession, Singapore, Southeast Asian | Tagged: , , , , , , , , , , , , | Leave a Comment »

Larasati is Asia’s first auction house to hold sale outside Asia

Posted by artradar on June 30, 2008


AMSTERDAM MARKET WATCH Larasati makes history as Asia’s first auction house to hold an international art sale outside the region.

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 June 2 2008 featuring 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.

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).

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.”

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

Source: www.larasati.com

 

Posted in Indonesian, Malaysian, Market watch, Vietnamese | Tagged: , , , , , , , | Leave a Comment »

Benefit art auction for new contemporary art museum in Hong Kong opening fall 2008

Posted by artradar on June 12, 2008


 

CHINA On 29 June 2008 a fund-raising auction will be held to raise capital to build and operate a new contemporary art museum in Causeway Bay, Hong Kong. Indonesian auctioneers Larasati will put 35 lots donated by Hong Kong gallerists and Chinese and overseas artists under the hammer at the gala dinner sale in the JW Marriott hotel. Executive director of the Moca China museums group envisions that the museum due to open in fall 2008 “could eventually be considered to be one of the finest museums of contemporary art in the world”. Highlights include a piece from the highly sought after emerging artist Shen Hua’s “Manual Workers Series” and a C-Print by the Preview 19th to 28th June 2008. 

More details www.mocachina.org

 

 

 

 

Posted in Chinese, Indonesian, Painting, Sculpture | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »