• Larasati Auctioneers’ total sales in Singapore this year was S$5.4 million, up from S$5.2 million netted in 2007


• Auction debutante, Indonesian artist, R. E. Hartanto set a record at the October 11 auction with his painting, “Post North Korea Nuclear Test #1” sold at S$28,800, almost twice above estimate


• Best performers at auction included works by Joel “Welbart” Bartolome, Le Pho and Ugy Sugiarto, which exceeded sale estimates

Singapore, October 13 2008 – Fears of a global recession did not dampen the spirits of over 200 art enthusiasts who attended the auction themed ‘Pictures of Asia - Modern and Contemporary Asian Art’ by Asian-based Larasati Auctioneers in Singapore on October 11 2008. Demand for Asian contemporary art remains strong as the auction house sold close to 70% of its 200 lots to achieve total sales of over S$2.1 million.

Top earners at the auction were I Nyoman Masriadi’s “Target” (lot 199), which was sold for S$156,000; Hendra Gunawan’s “Landscape” (lot 77), which fetched S$132,000; S. Sudjojono’s “TheSacred Temple” (lot 153), which was sold for S$114,000 and Lee Yong-Deok’s “Standing 0701″ (lot 180), which went for S$108,000; Yi Hwan Kwon’s “Family Ties – Boy & Girl” (lot 181), was sold for S$102,000. (All prices include premium)

Other best performers at the auction include:

• Joel “Welbart” Bartolome’s “Chequered Moon” (lot 27), which sold at S$7,800, more than 223% above estimate


• R. E. Hartanto’s “Post North Korea Nuclear Test #1” (lot 200), which fetched S$28,800, 186% above estimate


• Le Pho’s “After Lunch” (lot 78), which went for S$58,800, 168% above estimate


• Ugy Sugiarto’s “Could be You, Could be Me” (lot 198), which fetched S$14,400, 160% above estimate

Elaborating on the encouraging results of the auction, Mr. Daniel Komala, CEO of Larasati Auctioneers, said: “In spite of the financial meltdown and the recent plunge in the stock market, we managed to register a modest growth in Singapore this year over our takings in 2007. At last Saturday’s auction, we achieved record prices for some of the artworks and many lots attracted decent bids, within our sales estimates. Though consumers may be cutting back on spending or setting more stringent budgets on the type of things or artworks they buy, the attendance at our Singapore auction last Saturday was at an all-time high. This indicates clearly that the interest and demand in Asian and Southeast Asian contemporary art are still growing steadily.”

Testament to Larasati’s capabilities in discovering the future icons and unique treasures of the contemporary Asian art market, the auction debut of Indonesian artist, R. E. Hartanto’s proved a big hit with his painting, “Post North Korea Nuclear Test #1”, sold at almost twice above estimate. In addition, Larasati’s proven track record for reviving interest for the established names of Asian art was given another boost with Le Pho’s “After Lunch”, which fetched a good price above estimate.

Mr. Daniel Komala added: “While people are generally more cautious about spending, they are still investing in good artworks with sound investment value. Our role as an auction house is to provide consumers with valuable insights and expertise on investing in the future art icons with more upside than downside and boost market confidence and I believe our recent sale achieved that goal.”

To continue to provide the best Asian contemporary art experience, Larasati Auctioneers plans to expand its operations to Hong Kong later this year.