200 join auction on frozen banks' paintings

200 join auction on frozen banks' paintings

JAKARTA (JP): About 200 people packed the auditorium of Plaza
Mandiri in South Jakarta on Saturday participating in an auction
of over 145 paintings and dozens of other art works seized by the
government from 20 closed-down banks.

The crowd included businessmen, expatriates and art gallery
owners.

Running from 10 a.m. to 3 p.m., the auction organized by PT
Balindo at closing had recorded Rp 1.2 billion (US$152,000),
which is about half of the expected total.

Kapal Kusamba (Kusamba Boat), a 1980 masterpiece of the late
Affandi, one of the country's celebrated painters, recorded the
highest price in the bidding at Rp 94 million.

The bidding opened at Rp 80 million, and the oil painting was
bought by an unidentified businessman in his 40s.

The same buyer also spent another Rp 50 million on three other
paintings: Gadis Kelambu Hitam (Girl in Black Curtain) by Pupuk
DP, Pantai (Beach) by Nasjah Djamin and Panen (Harvest).

The event organizer did not identify the buyer, for ethical
reasons.

Two paintings by noted Balinese painter Nyoman Gunarsa -- both
entitled Penari (dancers) -- were sold for Rp 48 million and Rp
20 million respectively.

Some of the goods were sold for two or three times the opening
prices.

A miniature replica of the Dewarutji vessel, for example, was
sold for Rp 10 million after being initially priced at Rp 3
million.

The organizers did not reveal the names of the 20 banks the
items were originally from.

Balindo's managing director Gunawan said the opening prices of
the 145 paintings ranged between Rp 1.75 million and Rp 80
million.

"Some of them were even sold below the opening price, while
the other were sold above it. It depends on the buyers," Gunawan
said.

A German art collector who owns a painting gallery in South
Jakarta said that the paintings generally were sold below
expected prices, saying that the price of the Affandis painting
could reach Rp 110 million.

"But most of the buyers have a low appreciation of art. They,
for example, just bought Gunarsa's paintings for the status," the
man, who asked for anonymity, told The Jakarta Post.

Another painting collector, M. Sihombing, also shared the
view, saying that 80 percent of the buyers had no knowledge of
art.

"They might be educated people, but know nothing about art,"
Sihombing said.

He said he hoped the auction reflected the recovery of
Indonesia's economy.

He said the buyers are probably businesspeople, and could be
just buying the items as investments.

"Before the economic crisis, Affandi's Kapal Kusamba could
have the price of between Rp 400 million and Rp 500 million," he
said.

Besides the works of Affandi and Gunarsa, other paintings by
well known painters such as Sri Hady, Made Wianta and Jeihan S
were also sold during the auction.

Last year, the government liquidated dozens of privately owned
banks for violating banking regulations. The banks' properties,
such as vehicles, paintings and office equipment, have been
seized and auctioned. (jun)