Sale of Southeast Asian Modern and Contemporary Art Realizes HK$44.5 Million

HONG KONG.- Christie’s Hong Kong Spring 2010 sale of Southeast Asian Modern and Contemporary Art marks a 33% increase over the Fall 09 sale total. More than 10 records were set for both established and emerging artists from both the modern and contemporary sections, including the top lot, Italian painter-traveler Romualdo Locatelli’s Bali picture, “Young Balinese Girl with Hibiscus”, which broke all previous records, selling for HK$6.02million (US$773,000). The extremely rare and early Fernando Cueto Amorsolo painting, “Lavenderas”, sold for a resounding HK$3.38million (US$434,000), a new world auction record for the artist.

Fernando Cueto Amorsolo (The Philippines 1892-1972), "Lavenderas", sold for US$ 433,992 establishing a new record for the artist at auction

Keong Ruoh-Ling, Head of Department, Southeast Asian Modern and Contemporary Art, said, ‘This Spring sale demonstrates clear strength and depth in the Southeast Asian contemporary art market, with new auction records achieved by private and institutional buyers for the works of Indonesian artist Handiwirman Saputra and Filipino Geraldine Javier. An electrifying atmosphere in a packed salesroom witnessed passionate bidding for Javier’s Ella amo’ apasionadamente y fue correspondida (For she loved fiercely, and she is well-loved). The painting sold for HK$1.46million, nearly ten times its estimate. Indonesian I Nyoman Masriadi cements his place as the top contemporary artist, with all four works of the artist in the sale’s Top Ten. Bidding was also competitive on key modern works, resulting in two new auction records and strong prices on Indonesian, Filipino and Vietnamese works.

Thirteen lots recorded over HK$1million in the end, pointing to a clear appreciation of modern masterworks alongside invigorated bidding for quality contemporary lots from a broad Asian demographic. Compared to the sale total a year ago, this sale marks a 118% improvement and a full recovery of the Southeast Asian modern and contemporary art market. We look forward to an even stronger autumn 2010 season.”

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