new level for the work of I Nyoman Masriadi (lot 534), which sold for HK$2,887,500 (US$370,668), against a pre-sale estimate of HK$150/200,000, which was also an auction record for a Contemporary Southeast Asian artist. Five out of the top ten prices in the sale were for the works of Contemporary artists, a trend which conforms to other parts of the current art market. There was an extremely low unsold rate.”
An Important Collection of Vietnamese Paintings Featuring The Philip Ng Collection
Mok Kim Chuan, Head of Sotheby’s Southeast Asian Paintings department, said: “Today we set a record for a sale of Vietnamese art, with records also set for four artists and a record for lacquer painting as well. There was strong interest in lacquer painting, a particular specialty of Vietnamese painters. Buying came from traditional Southeast Asian centres, but we also saw new Hong Kong buyers who were responding to the opportunity of the new selling venue as well as European buyers.”
* The Modern and Contemporary Southeast Asian Paintings sale was previously held in Singapore for twelve years.
** Estimates do not include buyer’s premium.