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."