When Indonesia's Two Wealthiest Tycoons Battled Over an SBY Painting

A painting by the Chairman of the Democratic Party’s High Council and Indonesia’s sixth President, Susilo Bambang Yudhoyono (SBY), became the subject of a bidding war between two of Indonesia’s wealthiest individuals at an auction held during the party’s Lunar New Year celebration in Jakarta on Wednesday (18 February).

The two tycoons vying for SBY’s painting were Low Tuck Kwong and Hermanto Tanoko. Democratic Party Deputy Secretary-General Ossy Dermawan served as host for the auction of SBY’s painting, titled ‘Strong and Energetic Like a Fire Horse’.

Bidding for the Fire Horse painting opened at Rp200 million. The auction quickly intensified, rising from Rp300 million to Rp400 million, Rp500 million, and then Rp700 million. Shortly after, podcast host Deddy Corbuzier placed a bid of Rp1 billion for the 130 x 80 centimetre work.

Hermanto Tanoko, founder and owner of PT Avia Avian Tbk (Avian Brands), then bid Rp2 billion. Soon after, Low Tuck Kwong, ranked by Forbes as Indonesia’s second-richest person, placed a bid of Rp3 billion.

Low’s bid was submitted through Bayan Resources Director Alexander Ery Wibowo, who attended the Lunar New Year event in person. Hermanto then topped Low’s offer with a bid of Rp3.8 billion.

Low raised his bid to Rp4.8 billion. Hermanto immediately countered with Rp5 billion. The contest between Low and Hermanto was met with enthusiastic applause from the assembled guests. Low then offered Rp5.5 billion, followed by Hermanto at Rp6 billion. Low ultimately concluded the auction for SBY’s painting with a winning bid of Rp6.5 billion.

“Rp6.5 billion. All right. That’s Rp6.5 billion. I’ll count down. Once again, all these funds will be used for humanitarian aid for underprivileged communities, particularly Chinese-Indonesians. Rp6.5 billion from Dato Low of Bayan Resources. Three, two, one, we close. Congratulations, Dato Low,” said Ossy Dermawan.

According to Forbes data on Friday (20 February), Low Tuck Kwong is the second-wealthiest person in Indonesia. He is recorded as having assets of US$20.4 billion, or Rp345.52 trillion, derived from his coal mining business.

Meanwhile, Hermanto Tanoko is Indonesia’s 16th-wealthiest individual. He is recorded as having assets of US$3.7 billion, or Rp62.67 trillion, from his Avian paint business as well as property and manufacturing ventures.