Expensive art sells amid crises

Expensive art sells amid crises

SINGAPORE (AP): Despite riots in Indonesia and a worsening economic slowdown across the region, Singaporean and Indonesian collectors are spending lavish amounts on art.

An auction organized by Sotheby's netted S$2.85 million (US$1.73 million) in sales Saturday, including a record price for a painting by Dutch artist Le Mayeur, The Sunday Times reported.

About 100 Indonesian art collectors joined roughly 200 Singaporeans and Europeans at the auction, during which 123 paintings were sold from among 196 put on the block, the newspaper said.

"I'm totally stunned by the results," said Sotheby's Asia director, Quek Chin Yeow. "With the difficult conditions, I think we did very well today."