Art on the block to pay banks' debt

JAKARTA (JP): More than 165 pieces of art, including 144 paintings, valued at an estimated Rp 3 billion (US$400,000), confiscated from 38 liquidated banks, will be auctioned at Plaza Mandiri in South Jakarta on Sept. 4, it was announced Friday.

Deputy Chairman of the Indonesian Bank Restructuring Agency (IBRA) Eko Budi Santoso opened an exhibition of the art on Friday, which is being jointly held by IBRA and Balindo, a private auction house.

"We are hoping for a return of Rp 3 billion from the event," Eko said. During the past two years IBRA has auctioned assets of liquidated banks to repay their debts to the government. This event will be the 25th auction held so far.

IBRA has raised Rp 192 billion through the sale of banks' paintings, cars, and pieces of furniture. This amount has gone towards the total sales so far of Rp 8.5 trillion of all bank assets. The final target from asset sales, including buildings and shares, is Rp 17 trillion by March 2000.

"Looking at market trend, we are convinced we will reach the target on time," Eko said, adding that in all auctions so far, the income IBRA received usually exceeded the set target.

The paintings being auctioned are works of some well-known painters like Affandi, Soedjono Abdullah, Nyoman Gunarsa and Sutopo. The Affandi painting is titled of Kapal Kusamba or "Kusamba Ship" -- this appears to be the most sought-after item.

Other items are traditional weapons and musical instruments like keris and rebab as well as antique urns and statues.

"In a previous auction, one of Affandi's paintings sold for around Rp 150 million," an IBRA official said, expressing his hope that the forthcoming auction could generate at least as much revenue if not more.

The items will be exhibited until Sept. 3 at Plaza Mandiri's auditorium. The auction will then take place on Sept. 4.(04)