Marathon three auctions is sprint to end of art boom

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.