Before this aution, Viet Art View had some discussions with some friends. They all have the same opinion about the current situation. In the context that the global economy as well as Việt Nam is experiencing many declines, it is difficult for bidders when auction houses set a high starting price.
After the auction, this is absolutely correct. There are many unsold lots. The famous painter Mai Trung Thứ has two unsold lots 201 and 202. The starting price of 2 lots is the same from 550.000–750.000 HKD. This shows that auction houses should have a calmer view to negotiate with owners who bring paintings to auction.
MAI TRUNG THỨ (1906-1980). Mère et enfant au kumquat (Mother and Child with Kumquat). 1969. Silk. 26.8 × 26.8 cm. Sold for: HKD 882,000, equivalent 2.7 billion VND.
LÊ PHỔ (1907-2001). Oiseau et pivoines (Bird and Peonies). 1936. Silk. 59×72cm. Sold for: HKD 4,536,000, equivalent 14 billion VND.
A representative of a large European auction house said that it is difficult for them to have a low starting price. Because if so, the person with the painting will be able to bring it to another auction house or they will put the painting away and wait for the market to improve before bringing it to auction. As such, it will be difficult for the auction house to have paintings for auction, let alone bring on the block rare paintings.
Their thoughts above are certainly correct. Today, there are still a few large, reputable auction houses that set high starting prices and the artworks are still sold.
Why?
- Firstly, they have a long-standing reputation
- Second, their paintings brought to the block often have quality in terms of artistic value, visual value and historical value.
- Third, they have a good historical material system, clear, complete and transparent for each work put on the block.
- Fourth, if the artwork is unsold, due to their reputation, they can still convince customers to buy (when the auction is completed) after a while.
Back to the current price of Vietnamese artists’ paintings at auction, when it’s too high, there’s no reduction of starting price, some other comparable artists in another Asian country will be set at several times lower.
For example, a well-known and long-time art collector and dealer in Hà Nội said that in the auction on May 29, 2023, he bought the painting Barong-Dragon by Affandi (1907-1990), an Indonesian artist for 4.91 billion VND. When Viet Art View asked him, with that amount of money he could comfortably buy one or two works of Vietnamese artists in the auction, why didn’t he buy them? He answered very honestly, at that price, you can buy Vietnamese paintings at any time because it is always at that price and tends to go up. But with this Dragon painting by Affandi, a few years ago he would have to buy it for 11-12 billion VND. Not only that, according to him, Indonesia’s economy will surely recover faster than Việt Nam. They also have stronger art flows. And most importantly, he also likes Affandi’s intense, full of personality visual style.
AFFANDI (1907-1990). Barong – Dragon. 1972. Oil on canvas. 97,5×168cm. Sold for: HKD 1,638,000 equivalent 4.91 billion VND.
Another collector, a dear friend of Viet Art View, who regularly visits the auctions by flying to see them, said “the starting price is so expensive, it is not reasonable at this time.” Everything is not favorable, the price should also operate according to the law of economic cycle.
Each collector, each judgment has the own way of understanding and calculating. Each one has their own math problem.
This is a time of brainstorming for both the seller – the auction house – the buyer.
No matter what the market is, Viet Art View still reviews regularly, to dear art lovers some pictures of beautiful works with high prices in the auction.
LÊ PHỔ (1907-2001). Sur la terrasse (On the Terrace). 1970. Oil on canvas. 146×97,5cm. Sold for: HKD 2,520,000 equivalent 7.6 billion VND.
ZAO WOU-KI (ZHAO WUJI, 1920-2013). Roses. 1953. Oil. 55×46cm. Sold for: HKD 22,760,000 equivalent 68.2 billion VND.
SANYU (CHANG YU, 1895–1966). Kitten Clambering up a Chair; & Nude (double-sided). 1930. Oil on masonite, original frame of the artist (front); oil on paper on masonite (back). 50,7×33,4cm. Sold for: HKD 20,945,000 equivalent 62.8 billion VND.
Written by Viet Art View
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