Singapore auctions show burgeoning art market

Carla Bianpoen, Contributor, Jakarta

Every April and September, there seems to be a mass exodus of art lovers from Indonesia to Singapore. Those are the times of the Singapore art previews, auctions and exhibitions, crammed into less than three days.

Three auctions in a row, a preview and an exhibition opening, all relative to Indonesia and the other Southeast Asian countries, was in fact a bit too much for this art connoisseur to take in.

But the packed Singapore spaces hosting the three auctions on the weekend of Oct. 8 to Oct. 9 testified to the extraordinary enthusiasm in the burgeoning art market. The Indonesian auction house, Borobudur -- for which this was the first auction in Singapore -- presented just 32 lots, but its exquisite choices fetched a total of S$6,332,040; Larasati, which had earlier hit the Singapore scene, sold 81 percent of its 106 lots at S$2.6 million and Sotheby's fetched S$11 million for 200 lots.

Borobudur had made it a point to bring its most exquisite masterpieces, all of which went for prices within the estimate of the catalog, but Rudolf Bonnet's The Balinese Men, 66.5 centimeters by 110.5 cm, pastel on paper, leapt from S$80 to S$220, well above its highest estimate of S$150, Le Pho's Motherhood, 72 cm by 52 cm, gouache and ink on silk laid down on paper, made S$280 rising above its highest estimate of S$180,000. Meanwhile, Roland Strasser's A Man Holding a Rooster fetched S$220, surpassing its highest estimate of S$150.

Most of Larasati auction house's 106 lots apparently targeted the new or moderately experienced buyer with prices considered affordable, some below S$10,000. At times a lull was noticeable in the enthusiasm of top collectors. But Affandi's Me and My Cigar -- 129 cm by 97 cm oil-on-canvas -- was a hit and went for S$340, far beyond the highest estimate of S$220. The last lot, Antonio Blanco's Tjempaka 88 cm by 66 cm oil on canvas, woke everyone up. Offered at S$30,000, it went for S$200,000, an astronomical price for a painting that had been lying in a dusty corner. Such surprises are typical of Larasati; the July 2005 auction in Jakarta presented a But Mochtar sculpture, which they had "found" in the same way: estimated to sell for between Rp 90 and Rp 120 million, it went for Rp 350 million.

The mood at Sotheby's anniversary auction in the Fullerton Ballroom was one of optimism as the auction house celebrates its 20th year in the region. In spite of the withdrawals of some works and rumors of more fakes, sales of the varied collection were dynamic, with some young upcoming painters fetching more than would otherwise be expected. There was, for instance, the work Rumah Rumah Cokelat, 150 cm by 200 cm, acrylic on canvas, just recently made by Rudi Mantovani (b. 1973), one of the so- called "Jendela" artists who has made a name with his finely finished sculptures and paintings. Offered at S$2,000, it fetched S$23,000! Other highlights included two paintings by Dutch-born painter Isaac Israels (1865-1934), i.e. The Performance, 100 cm by 75 cm oil on canvas and Man Playing Drum, 60 cm by 40 cm oil on canvas, which respectively opened at S$100,000 and S$40,000 and fetched S$280 and S$210. But it was the oil painting by Lee Man Fong (1913-1988) titled Balinese Life that fetched the highest price. Opening at S$300,000, it was sold for more than S$1 million.

Art can be very personal. Though technical quality and historical value are basic, it is the personal significance that often takes priority when it comes to purchasing a painting. The paintings by Isaac Israels, for instance, are technically perfect, according to Dutch art connoisseur and dealer R. Colauto. "But they are greatly undervalued here," he complained. Colauto predicts, however, five years from now Isaac Israels' works will fetch much higher prices.

While technical and commercial considerations are important, memories and personal ties are too. The buyer of Antonio Blanco's Tjempaka, for instance revealed that it was the memory of old times that had made him -- or rather his commissioner -- bid on the piece.

The buoyant auction trade and the steady emergence of new auction houses -- a new one called "Heritage" and another to begin sales in December called "Sidharta Auctions" -- mean that trading art is a lucrative activity. But with so many auction houses holding auctions twice a year, two of which have an added two in Singapore, there are fewer "masterpieces" to go around. This scarcity has led auction houses to look beyond the masterpieces, and upcoming contemporary works of fairly recent making are finding their way into auctions that traditionally only dealt with works that had "aged" in the course of time.

Many serious lovers of the arts worry that present trends of art hunting are diffusing the specific roles between galleries and auctions. They wonder how this will influence the market. Above all, they worry about the impact on artists, their creativity and the directions they take. Can auction houses make direct contact with the artists, or should they go through the art galleries, can recent works be offered in auctions, or should they bank on a period of thorough experience? Regardless, it seems that for most who return from the auctions in Singapore -- with or without a new piece for their collections -- the experience of enjoying some of the best art in the region is second to none.