Wed, 31 Mar 1999

Liquidated banks' artwork on sale

JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA) is auctioning 731 paintings and another 71 artworks seized from several liquidated banks.

A preview will be open to the public from March 31 through April 2 at Balindo showrooms, Jl. Metro Pondok Indah Kav IIBA, South Jakarta. The auction, also open to the public, will take place from April 3 to April 4.

About 308 paintings and 26 other artworks are on sale at the auction.

Non-painting works up for sale include sculptures and weavings from Ende, East Nusa Tenggara, Kalimantan and Palembang and Lampung in South Sumatra.

Committee officials say the value of the art ranges from several million rupiah to as high as Rp 50 million.

Collectors and art observers said they were surprised by the opening prices set for the auction.

"The price is 60 percent to 70 percent of the market price," said G. Gunawan, the managing director of Balindo, the auction company organizing the event.

IBRA expects the art sales to generate Rp 1.5 billion.

Gunawan said the artworks were formerly the property of Bank Umum Nasional, Modern Bank, Hokindo Bank, Bank Sentris, Bank Subentra, Bank Dagang Negara Indonesia and Bank Pelita.

"The most pricey artworks came from Bank Umum Nasional."

The auction will showcase famous artists such as Affandi, Bagong Kussudiardjo, Sunaryo, Nyoman Gunarsa, Popo Iskandar, Nyoman Marsa, Srihadi Sudarsono, Lie Tjoen Tjay and L. Mintardja. (pan)