Marathon three auctions is sprint to end of art boom

By Amir Sidharta

SINGAPORE (JP): Amid the currency crisis and the haze, a new series of auctions of Southeast Asian paintings was held in Singapore at the end of last month.

Sotheby's commenced the auction season on Saturday, Sept. 27, followed by Christie's the next day, and Glerum on Monday.

Sotheby's offered 261 paintings, Christie's 318 and Glerum 361, for a record 940 items in an auction season. About 170, 115 and 260 works in the respective auctions were Indonesian in theme.

This auction season may well be considered a marathon. Even the grandest of previous events had at most two auction houses, lasted two days and offered fewer than 400 paintings.

Although most of the paintings were mediocre -- also true of the most recent auctions held earlier this year -- a few pieces were outstanding. Sotheby's and Christie's observed political correctness by featuring works of the Indonesian modern painting pioneer, S. Sudjojono, on their catalog covers.

Sotheby's chose a difficult but expressive late work, Boyong Putri (The Abduction of Sita), while Christie's opted for the sweet, idyllic Pura Kembar, typical of the artist in the 1970s.

Sotheby's had featured Indonesian painter Hendra Gunawan as early as October 1996, and Lee Man Fong in March this year. But it should still be commended for opting for Sudjojono over two Walter Spies works in the sale. It issued a special catalog for the Spies paintings.

Christie's had never featured the work of an Asian painter in the Singapore sales. In the most recent auctions in October 1996 and last March, it featured Spies, the Russian-born German whose works have been highlights of the sales.

Also notable was that the houses had a similar selection of artworks. These included the "musts" by Affandi, Basuki Abdullah, Bonnet, Dooijewaard, Hendra Gunawan, Hofker, Le Mayeur, Lee Man Fong, Theo Meier and Strasser. They also shared a sound selection of art by Isaac Israels, and works by Sudjojono were in all the sales.

Auction "regulars" Raden Saleh and Adolfs were in two of the sales, along with works by Sudjana Kerton. There were also relatively rare pieces by Dutch Modernist Piet Ouburg and Mexican author-painter Miguel Covarrubias.

The rise in exchange rates due to the currency crisis increased the rupiah equivalent by approximately 15-20 percent. The resulting slump in the stock market had cut the "on-paper" wealth of prospective buyers by an average 25-30 percent.

It was predictable that people would be much more selective than in the past and primarily focused on the best pieces. But this auction season also offered a prime opportunity for many collectors to acquire pieces at relatively low prices, especially compared to prices in previous auctions.

Sotheby's

Sotheby's held its auction at the Regent Singapore. Whereas previously the entire expanse of the ballroom was made available, only half of the area was used this time, making the room seem very crowded even though attendance was relatively low.

This did enable Singapore auctioneer Quek Chin Yeow a sound command of his audience, and he performed much better than his ill-fated debut earlier this year. He sold the Spies -- strategically placed at "lucky" lot number 88 -- at a hammer price of S$850,000.

The most surprising development occurred just before that sale, when two bidders, one English and the other American, fought for a mediocre painting of a Balinese Legong dancer by Dullah. Estimated at S$20,000-$25,000, it sold for S$78,000 to the Englishwoman.

But prices tended to remain closer to the lower end of estimates. Sotheby's sold 132 paintings, or 50.5 percent of lots, for revenue of S$3.7 million.

Although attendance at Christie's was considerably higher due to more aggressive marketing and networking efforts, the sale was by no means as exciting as previous ones. Highlights were sales of Le Mayeur's Balinese Women by a Lily Pond for S$220,000 to a young Indonesian collector, and Isaac Israels' lovely Gamelan Player for S$170,000. Even so, both sold only slightly above the estimates.

The surprise was the sale of the Sudjojono cover piece for a record S$110,000, well over five times its estimate of S$15,000- $20,000. Although a total 58.5 percent of lots, or 186 pieces, were sold, it was for a disappointing S$3.4 million.

Glerum

Glerum, living dangerously with a seemingly ill-timed auction on Monday, was successful in maintaining a captive audience.

The auctioneer managed this by offering the most interesting paintings this season, including nearly 60 modern Indonesian paintings of a foreign diplomat stationed in Jakarta in the 1960s, the private collection of Dr. Schlager, a close friend of painter Theo Meier, and seven fine works by Israels.

Glerum was assured that those who stayed on for the sale were the "die-hards". It is not easy to remain for three consecutive days for auctions, and many chose to attend only two days.

Sale results of some of the pieces reflected the seriousness of the group. A strong portrait of R. M. Djodjana by Israels fetched a surprising S$220,000, while another painting of a gamelan orchestra by the same painter reached the astronomical S$300,000.

This was surprising as neither of the two works seemed as impressive as the Israels in the Christie's sale. The piece at Christie's did have several small defects, rumored to have been sustained during shipment.

The collection of the diplomat did not sell at the expected prices, probably due to their poor condition. A wonderful Hendra, Women on the Beach, sold for S$170,000, a little above the estimate. The other paintings mainly sold under the estimates. A wonderful Srihadi, Sunset at Sanur Beach, an unusual piece measuring 65 x 237 cm, mustered just S$19,000.

The greatest surprise was the sale of Lee Man Fong's Man with a Cockerel and a Child, which fetched a staggering S$240,000. Many thought this the most ludicrous purchase of the auction season.

Glerum boasted sales of S$4.2 million, making him the "winner" of the marathon. Some observers were skeptical of Glerum's claims, and suspected that some unsold items were declared sold by the use of "bought-in" numbers.

But Glerum publicly announced the results of the sale, and so vendors will use these as the basis of the auction.

If it were true that purchasers of particular lots were fictitious, Glerum would be accountable for the purchase of the paintings. In any case, Glerum is not a public company and the owner does not have to answer to the general public.

Identifying the winners and losers is perhaps irrelevant. What is more interesting is that the marathon of auctions suggested the auction houses were sprinting to the end of the Indonesian art boom. Judging from sales, the market remains relatively sound, although definitely not as strong as before. Surprisingly, in this period when austerity is wise, some buyers are still bent on making outrageous purchases.

With prices falling, vendors will be more reluctant to offer their paintings at auctions. But heirs of several collectors of Indonesian art residing in Europe may consider that this is the time to sell, before boom prices level out to lower rational levels.

Future auctions may signal the last large waves of Indonesian art from Europe which is fresh to the market. Thereafter, Singapore auctions will be venues where Indonesian collectors will trade paintings collected primarily through previous auctions. Auction houses will have to start to deal in contemporary Indonesian art.

The scenario for future auctions? Expect to see buyers bidding less aggressively, less emotionally and more rationally, and prices set at more reasonable levels.