The First Art Newspaper on the Net Established in 1996 United States Saturday, November 1, 2014


Southeast Asian Art Leads Recovery in Asian Market: Auctioneer
Tsang Chi Fan, Christie's vice president and senior specialist of Chinese ceramics and works of its art department, holds an octagonal inlaid mother-of-pearl lacquer box during a press preview in Hong Kong Thursday, Oct. 22, 2009. The box is estimated over US$2,600,000 and will be auction on Dec. 1. AP Photo/Vincent Yu.

By: Sugita Katyal

SINGAPORE (REUTERS).- Southeast Asian art is leading a recovery in the Asian market, taking some of the spotlight from China, after the global economic downturn sent art prices plummeting globally, said a leading auctioneer.

"The global financial crisis caused a big plunge in the market, especially at the top end. On the other hand, the market has seen new green shoots in other regions in Asia. Southeast Asia is one," Daniel Komala, CEO of Larasati Auctioneers, told Reuters ahead of Larasati's October 25 auction in Singapore.

"Southeast Asian and most Asian contemporary artists had been living in the shadow of Chinese artists. The financial tsunami was a blessing in disguise for them. Only when the financial tsunami came did people say 'Let's look elsewhere'."

Larasati, which held its first auction in Singapore in the middle of the SARS respiratory disease crisis in 2003, has always specialized in Asian art.

For several years, auction rooms in London, New York and Hong Kong had crackled with fierce interest in Asian art, especially Chinese contemporary art, as prices broke record after record.

But then the financial crisis seemed to catch up with this red-hot market, with bidders failing to buy top-flight paintings last year at a Sotheby's auction in Hong Kong, a twice-yearly barometer of market sentiment among the world's top collectors.

But all that seems to be changing, with Southeast Asian artists leading the recovery. At a recent Sotheby's auction in Hong Kong, Indonesian artist Lee Man Fong's "Magnificent Horses," a grand depiction of seven horses perched on a misty hill top, went under the hammer for HK$8.2 million, three times the top estimate.

On the other hand, a painting by Chinese contemporary artist Zhang Xiaogang reached HK$8.5 million. At the market's peak last year, buyers offered much more for top lots.

"The contemporary art market is very prone to bubble growth. Consequently, those at the top of the pillar will get hit more hard," Komala said.

"Chinese artists suffered mostly because they are the top end. But those at the lower end suffered less because price correction kicked in."

Komala said he expected the Asian market to rebound sooner rather than later.

"I'm confident because a survey showed that close to 30 percent of global wealth is held in Asia-Pacific. The Asia-Pacific is home to 20 percent of the world's millionaires," he said.

"Sooner rather than later this will have a positive impact for the overall market ... At the moment, the market has picked Southeast Asia for a jumpstart because Southeast Asia was underestimated.

"Overall, with the exception of a few artists, Southeast Asian modern and contemporary artists have been underrated, and hence their works have been undervalued."

(Editing by Belinda Goldsmith)


Southeast Asian Art | Daniel Komala | Larasati Auctioneers |




Today's News

October 24, 2009

Norman Foster Receives Prince of Asturias Award for the Arts at Ceremony in Spain

Basquiat, Warhol, Koons and Judd to Highlight Christie's Sale

Leading Center for French Impressionism Outside of Paris to be Created

Regen Projects Presents an Exhibition of Works by New York Artist Marilyn Minter

Trek Lime Bike Wins the 2009 People's Design Award

Nelson-Atkins Museum Announces Unprecedented Gift of American Indian Art

Louvre Offers Visitors a Dense and Luminous Work by Joseph Kosuth

Magnum Gallery to Open in Saint Germain des Prés in Paris

National Portrait Gallery Announces Portrait Competition 2009 Awards

Southeast Asian Art Leads Recovery in Asian Market: Auctioneer

New Series of Photographs by Roger Ballen at Gagosian

Faggionato Fine Art Presents an Exhibition of the Californian Artist Wayne Thiebaud

Tony Oursler Shows His Immersive Media Installations at Kunsthaus Bregenz

Royal Museums of Fine Arts Once More Explores the World of Paul Delvaux

Valérie Favre Exhibits Her Visions at Kunstmuseum Lucerne

Booming Business and Record Crowds at International Fine Art & Antique Dealers Show

National Gallery Creates Pieces of Sound Art for New Gallery Audio Tour

Winner of the 2005 Turner Prize, Simon Starling, will Give a Lecture at Vassar College

Lucite Handbags from the Caryn Scheidt Collection on View in Memphis

Ryan Trecartin Named Recipient of World's Largest Juried Individual Fine Art Prize

Most Popular Last Seven Days



1.- Image of a Christ without a beard, short hair and wearing a toga unearthed in Spain

2.- Giant mosaic unearthed in mysterious tomb in Amphipolis in northern Macedonia

3.- Bonhams sale of 18th century French decorative arts to benefit Fine Arts Museums of San Francisco

4.- Paris flustered by erection of 'sex-toy' sculpture; Paul McCarthy slapped by a passer-by

5.- High art or vile pornography? Marquis de Sade explored in Orsay museum exhibition

6.- 'Cubism: The Leonard A. Lauder Collection' opens at the Metropolitan Museum of Art

7.- Greek culture minister says Elgin Marbles return a matter of 'global heritage'

8.- Vandals deflate Paris 'sex-toy' sculpture by American artist Paul McCarthy after outrage

9.- Exhibition at National Gallery in London explores Rembrandt's final years of painting

10.- 'Hans Memling: A Flemish Renaissance' opens at the Scuderie del Quirinale in Rome



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
produces:

ignaciovillarreal.org theavemaria.org juncodelavega.org facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site