Indonesian Master Leads the Way at S'pore Art Auction

Asian auction house Larasati's sale last Saturday exceeded pre-sales estimates, with

Indonesian master Hendra Gunawan's work leading the way and reflecting recovering sentiment

in the Asian art market.

Although a significantly smaller auction of 90 lots went under the hammer, about 75 percent

of the lots sold at prices above estimates.
More than 100 people attended the event, and S$1.8 million in sales were generated. In August

last year, Larasati sold 135 lots for almost $2 million.

Commenting on the result, Larasati's chief executive officer Daniel Komala, said: "With Asia

bouncing back strongly from the recession, the art market is bullish. There is a strong

appetite for good art."

Art by established names drew the most interest at this auction.

Among the most keenly bidded artworks were paintings by the late Indonesian artist Hendra

Gunawan, paintings by Dutch-born Balinese artist Arie Smit, Singapore pioneer artist Lee Man

Fong and limited edition prints by Japanese pop artist Takashi Murakami.

Bidding for their works was intense. Gunawan's 1983 oil on canvas Gembala Kerbau (Buffalo

Cowboy) emerged as the top lot selling for S$288,000, way above its estimate of S$60,000.

Painted in his distinct style with generous applications of paint, it saw highly contested

bids between phone bidders and buyers on the sale floor.

At S$169,200, Smit's Balinese Village And Farm Lands was the most expensive painting sold at

any auction by the artist to date. Its pre-sales estimate was S$35,000.

Lee Man Fong's Satay Seller, the last lot on offer, ended the auction on a high note selling

for S$220,800, up from its estimate of $$35,000. The biggest surprise turned out to be

Murakami's limited- edition prints.

With 300 of these available in the market, the five Murakami works on offer had an initial

estimate ranging from S$1,700 to S$2,500 each. Eager bidders quickly pushed the prices up.

Eventually, the three print series titled Kansei Korin Gold; With Reference, I Lay Myself

Before You - Korin - Chrysanthemum; and Warhol, Silver sold for $$12,600, five times above

the starting bid.

Art collector Martha Gunawan, 58, flew in from Jakarta for the auction. Even though she was

outbidded for the Murakami work, she said it was a worthwhile trip. "I had some excellent

buys but am disappointed that I missed out on some great pieces. There was just too much

competition this year," she said.

She said she likes to attend auctions in Singapore as they often feature works which are hard

to find in the market.

"Auctions like this one by Larasati are also a good platform to spot market trends. As a

collector, I tend to focus on works by masters. I feel many contemporary art works are over-

priced, while some works by old masters such as Gunawan are still under-valued," she said.

Set up in 2000, Larasati has been holding biannual auctions in Singapore since 2003. This

year, its smaller collection seems to have resonated with buyers. Said  Komala: "It is a

testament to a strong demand and growing interest for quality Asian art. We had this in mind

when putting together this collection focusing on rare works by distinguished artists."