Larasati Auctioneers

• In spite of swine flu fears, over 200 showed up, over 70% of lots by Larasati Auctioneers snapped up under an hour
• Strong demand for Asian art from Asian collectors; Asian market is important in challenging economic times
  

SINGAPORE, May 18, 2009 — Seasoned collectors in the third largest art auction market, Hong Kong, are buying into the future art icons by Larasati Auctioneers, as its segment in the 146-lots Asian Auction Week recorded 73% sales. The boutique collection featured for the first time, a Singaporean female artist, in an international fine art auction. Jane Lee’s The Little Red Painting, went to a Singaporean buyer at HK$33,040, following a dramatic bid that ended when a contesting phone-bidder lost the connection.

Asian Auction Week (AAW in short) is a first-time collaboration in Hong Kong by four of Asia’s leading auctioneers, K Auction from Korea, Kingsley Art auction from Taiwan, Larasati Auctioneers from Singapore, and Shinwa Art Auction from Japan. Featuring the best of East and West established and emerging art icons, more than 200 attended the AAW at the Grand Ballroom, Conrad Hong Kong, on May 15, with HK$18.5 million in sales (including premiums), with 77% of the 146 lots sold, mostly to Asian collectors. The boutique collection of emerging Asian art icons attracted fierce bids from collectors and investors as they bought up lots by up-and-coming Asian artists and established masters such as Suja, I Wayan who went under the hammer at HKD44,840 (128% above starting price) and Bui Xuan Phai at HKD70,800 (177% above starting price) respectively. Other top performers presented by Larasati included:

• Lot 175, Arie Smit’s “Heaven on Earth” went for HK$377,600, more than 150% above starting price
• Lot 169, Li Chen’s “Clear Soul” fetched HK$354,000, 154% above starting price
• Lot 173, Bui Xuan Phai’s “Hang Be Street, Hanoi” went for HK$70,800, more than 200% above starting price
• Lot 154, Agus Suwage’s “Mind Game” which was hammered off for HK$ 306,800, more than 120% above starting price
• Lot 162, Yoon Byungrock’s Autumn’s fragrance” which fetched HK$188,800, more than 130% above starting price
• Lot 165, Yi Hwan-Kwon’s “Windy day” which fetched HK$188,800, more than 150% above starting price

Thrilled by the response, Daniel Komala, CEO of Larasati Auctioneers, said: “The turn-out and sale results of the lots offered by Larasati at AAW have exceeded our expectations. Further, the hammer prices were testament to our ability to discover budding Asian art icons suitable for this economic climate. The old masters held their ground with some noteworthy bids on Affandi’s Self Portrait at HKD554,600 and Arie Smit’s Heaven on Earth, at HKD377,600 while contemporary artists like Masriadi and Suwaga excelled under the hammer at HKD 708,000 and HKD 306,800 respectively for their works.” The highlight of the auction belonged to Lee Dongi’s “Smoking”, whose price of $224,200 (including premium) exceeded the mid estimate by 182%. Southeast Asian old masters also did very well and Bui Xuan Phai’s “Hang Be Street Hanoi” and Affandi’s “Self Portrait” were sold for $70,800 and $554,600 respectively (inclusive of premiums), at 171% and 140% above their mid estimates. Hiroto Kitagawa’s “Miruko Hayakawa” was highly sought after and after several rounds of active bidding, sold at $118,000 (including premium), 136% above the mid estimate. Komala, who is also the spokesperson of the four partners behind the Asian Auction Week, added: “Buying a good piece of art at today’s market prices, which are about 30-40% lower, is an opportunity for everyone to indulge in a little bit of affordable luxury. We are heartened by the results of AAW and hope that it sends a very strong message to the art market that demand and consumer sentiment are picking up. More importantly, AAW is a joint effort by four Asian-based auction houses and is a window to the best Asian art selected by Asian auctioneers with insider expertise, insights and connections.” The collaborative effort by four of Asia’s leading auction houses aims to re-define the art auction landscape in Hong Kong and complement the existing offerings from international auction houses with the introduction of rising art stars from Asia. Key names to look out for include Aiko Nakagawa and Nawa Kohei from Japan, Lee Soujoung and Park Eunyong from Korea, Michelle Hwang and Li Chen from Taiwan, F.X. Harsono from Indonesia, and Ahmad Zakii Anwar from Malaysia.
For more details please see www.asianauctionweek.com

ABOUT THE AUCTIONEERS

Shinwa Art Auction (Japan)
Since its founding in 1989, Shinwa Art Auction holds about 30 auctions a year and cultivated a reputation in wide variety of areas, including Japanese paintings, ceramics, impressionist and modern art, jewellery & watches, European decorative art, wine and coin. In 2004, the company was listed on the stock exchange and is now the only publicly traded auction house in Japan and in 2006, Shinwa held its first contemporary art auction and since then has helped ignite a renewed interest in Japanese contemporary art. According to a 2007 survey, Shinwa is the largest auction house in Japan in terms of annual volume of sales with 31.1% market share. Shinwa explores the contemporary art field in depth by presenting works by artists who are already highly valued internationally as well as emerging ones. Shinwa Art Auction continues to demonstrate innovation and offer selection that truly represents the real and ongoing Japanese art scene.

K Auction (Korea)
Korea Premier Auction(K Auction), which is an auction house based in Korea, was established in 2005. Ever since the first auction held on Nov 2005, K Auction is running nearly 9 auctions a year. The company has grown to be one of the leading auction houses in Korea in merely 3 years, showing an average annual growth of 300% by 2007. On June 2008, a work of Vincent Van Gogh, Lying Cow was hammered at 2,950,000,000 KRW(USD 2,950,000), which was the first work of the artist officially introduced to Korea. The price has hit the record of the most expensive international art work in the Korean art market. K Auction offers a wide range of services such as online auction, art loan, educational programs about art and art market as well as fine art auction. The office is located in Chungdam-Dong, Seoul. Kingsley’s Art Auction (Taiwan)
Since its establishment in February 2007, Kingsley’s Art Auction has been propelling Chinese cultural art onto the international stage. Artwork offered by Kingsley, consisting mostly of oil paintings and sculptures, include Taiwan local, Taiwan contemporary, and Chinese contemporary artwork. The artistic character of many of these works is a result of the unique political and ethnic experience of Taiwanese artists, and the popularity of such artwork in the European market renders them as sound investments for art collectors.  Kingsley also uses the internet as a medium to build the bridge between Western and Oriental culture, and present the artwork to buyers all over the world. With over twenty years of managing the local art market, Kingsley presents a strength that is amplified by Taiwan contemporary and local artists to the world.
Larasati Auctioneers (Singapore)
Since Larasati’s first auction in Jakarta, Indonesia in 2000, the Asian-based auction house’s reputation has successfully extended its presence to six countries in the region, including Singapore, Korea, Taiwan, Japan and Indonesia. It recently opened an office in Hong Kong, the third-biggest auction market after New York and London. It also has an international sales room in Amsterdam. With a network of Asian-based art experts boasting keen insights and expertise into the modern and contemporary Asian art market, Larasati has an excellent track record for discovering future art icons of the East and auctioning their artworks at record prices. Beyond merely buying and selling art objects, Larasati believes in enhancing the appreciation and development of art in Asia, as well as providing emerging artists from Asia the opportunity to showcase their work on a global stage and raise their profile both in their home country and internationally.

Demand and sales for Asian art remains strong, modest prices added pull for buyers

• Record attendance at ‘Pictures of Asia’ auction, with 300 bidders and art aficionados, Larasati’s 13th auction netted S$1.62 million in sales for 70% of lots
• Highlight of the auction belonged to Indonesian Hendra Gunawan’s “Fish Vendor” which saw highly contested bids and a price exceeding its starting bid by about S$150,000
• Rising popularity of Singaporean artworks on show, including Singapore artist Andre Tan’s “Talk of Heroes” auctioning off at close to twice its estimate  and Indonesian comical artworks sold out

Singapore, March 23 2009 – It certainly did not feel like recession time at Larasati’s 13th Singapore auction held yesterday at the Tanjong Pagar Distripark, widely regarded as an upcoming arts and lifestyle enclave. In spite of the uncertainty shrouding the economy, buyers’ spirits were not dampened as bidding drama was in the air with lots by budding, unknown Asian artists and established masters attracting numerous offers, making Larasati’s thirteenth auction one of its most exciting and competitive to date. The auction also recorded an all-time high attendance of 300 bidders and art enthusiasts and netted S$1.62 million in sales (including premium), with 70% of the 165 lots auctioned were sold, including works by up-and-coming Singapore artists.

On the good showing and results of the auction, Daniel Komala, CEO of Larasati Auctioneers, said, “This sale certainly proves that this is a good time, if not the best time to buy and invest in art as prices are nearing and for some, has hit rock-bottom. In spite of the downturn, many of our lots did reasonably well and about 70% of our lots were sold. The modestly-priced boutique collection of quality works, which we offered to bidders, was snapped up, reflecting our commitment to meet the needs and wants of buyers and instil confidence in the market in these times.”

Mr Komala elaborated, “With prices down up to 40 per cent from the market highs of 2008, more new buyers are entering the market. We see many new faces as well as experienced collectors at this March sale. Experienced art buyers also took this chance to expand and sharpen their collection with refreshing works by emerging artists and works with substance by established masters at very fair prices, like Hendra Gunawan’s colourful Fish Vendor which created quite a stir at the auction hall as bidders competed for the most expensive lot of the day which hammered off at close to S$300,000. ”

To provide collectors and art lovers a unique preview and auction experience, Larasati held its first sale of 2009 at the burgeoning arts venue, Tanjong Pagar Distripark. The art warehouse was converted into an art fair venue, with spacious white walls similar to a Manhatten art loft experience. Art talks were also held prior to the auction to bring together speakers from the art community with diverse viewpoints and gave collectors a rare opportunity to interact with art critic, curator, gallery owner and artist and ask questions related to art appreciation.

Sameer Aurora, an avid collector who picked up a couple of works by emerging artists including “Guitar Girl” by Indonesian artist Terra Bajraghosa, found the art talk especially productive, “This was a good platform to talk to some of the field’s experts and get their opinion on emerging trends in Indonesian contemporary art, the underlying social factors, and appreciate the thoughts and inspirations behind comic art.”

Indonesian Modern and Contemporary Art proved to be the most popular among bidders, with several lots facing stiff competition among buyers and attracting decent bids. True to Larasati’s forte at identifying the art icons of tomorrow, emerging preferences and art trends, almost all artworks in the comical category, which Larasati predicted would do well, went successfully under the hammer. It was also a good day for Singapore art as 80% of the lots on offer were taken, with promising Singapore artist, Andre Tan achieving a record price of almost twice above estimate for his work, “Talk of Heroes”.

“As predicted, comical, humorous art is the next big thing! Amidst the financial market’s doom and gloom, people are going for the lighter side of life. Jackson Hong’s “Bowl in Case of Emergency”, or the incredibly colourful “Indonesian Army” by Beatrix Hendriani Kaswara are examples of good art, which is both fun and thought-provoking and experienced some fierce competition from our bidders. At the same time, we are very heartened to see Singapore artists doing well at our auction. We were the first auction house to profile Andre Tan’s works to an international audience and we are very happy that he did well in this auction,” added Mr Komala.

The 165-lot auction featured a diverse range of works spanning classical to comical themes by Asian and Southeast Asian emerging and established artists from countries including Indonesia, Philippines, Vietnam, Korea, Japan, Malaysia and Singapore.  ‘Star’ performers included:   J. Aradithya Pramuhenra’s “Lost in Journey”, a collection of four charcoal drawings, four figurines and a video, which commanded S$15,000, 198% above estimate

• Arie Smit’s “In front of the Temple” was highly sought after, going through several rounds of counter-offers before closing at S$15,600, 195% higher than the estimate
• Isur Suroso’s “Everybody Wants to Let Loose” went under the hammer for S$8,600, more than two times its estimate
• Another highly contended piece was Bob “Sick” Yudhita Agung’s “I’m Married (The Great Marriage)” which fetched S$3,600, 240% above its estimate

(All prices include premium)

• 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.

• Total sales including premium at US$1.16 million, marking close to 10% growth from last Indonesian auction in March

• World record prices for established Indonesian artists, Ahmad Sadali’s ‘Bidang Hitam dengan Kumpulan Bongkah Emas’ (Gold in Black Space) and Alit Sembodo’s ‘Merebut Bola Naga’ (Chasing the Dragon Ball)

• Achmad Sadali’s ‘Bidang Hitam dengan Kumpulan Bongkah Emas’ (Gold in Black Space), which sold at IDR613,600,000 (US$ 68,178), close to 900% above estimate

• Alit Sembodo’s ‘Merebut Bola Naga’ (Chasing the Dragon Ball) which fetched IDR1,000,000,000 (US$111,111), 670% above estimate

• Widayat’s ‘Ayam Jago’ (Rooster), which went for IDR 224,200,000 (US$24,911), 350% above estimate

• Sapto Sugiyo Utomo’s ‘Partai Peduli Rakyat Kecil’ (Party of the Small People) which was sold for IDR135,700,000 (US$15,078), 300% above estimate

• Tisna Sanjaya’s ‘Opera Orba’ (Opera of the Old Regime), which fetched IDR64,900,000 (US$7,211), 290% above estimate

Courtesy if SUNDAYTIMES - 22 June 2008 - Page 21

Record prices at Larasati’s 5th anniversary auction in Singapore

• New sales records achieved including Ugy Sugiarto’s ‘Apelay Boy’ at $20,400, 583% above estimates, and Masriadi’s ‘Me and My Coke’ at $240,000, 533% above estimates
• New price records for a variety of Asian contemporary artists including Ugy Sugiarto, Lydia Velasco, Lim Wasim and Cho Jung Wha.
• New registered bidders record from last SG auction with 50% from across the globe – 45% increase in Singaporean bidders

Singapore, April 16 2008 – Larasati Auctioneers reports new track records set at its fifth anniversary auction last Sunday, April 13 2008 – ‘Pictures of Asia’. At the one-day auction that offered a boutique collection of 214 lots, LARASATI hammered off record prices for a variety of Asian contemporary artists from Indonesia, Philippines, China, Korea and India, and noted a new record number of 252 registered bidders from across the globe.

At its 11th sale in Singapore, many lots went over five times their estimates, and hammer prices were on par with those achieved in Hong Kong only a few days before. Some works even hit higher prices.

Top performing artists and their artworks include Ugy Sugiarto’s “Apelay Boy” at 583% above estimates, Sapto Sugiyo Utomo’s “Elegy of Carton Houses” (549%), I Nyoman Masriadi’s “Me and My Coke” (533%), Lydia Velasco’s “Spring” (440%), Lim Wasim’s “Girls on the banks of a river” (366%), Roland Strasser’s “Seated Balinese Woman” (357%), Lee Man Fong’s “Rooster and Hen” (352%), Theo Meier’s “Dewi Sri” (349%), Alit Sembodo’s “Knock Out!” (343%), Agus Suwage’s “Pandora Box” (273%) and Cho Jung Wha’s “Spring” (240%).

Top five highest sales went to Luo Brothers’ “Welcome the World’s Famous Brand” at S$276,000 including premium, Masriadi’s “Me and My Coke” (S$240,000), Agus Suwage’s “Pandora Box” (S$150,000), Lee Man Fong’s “Rooster and Hen” (S$132,000), and Putu Sutawijaya’s “Parade of Masks” (S$93,600).

Holding the keen foresight that Korean contemporary art will be the big thing after the Chinese and Indian art, Larasati offered 19 Korean lots this time, more than double the number of Korean lots compared to its last auction in October last year in Singapore. Korean artists featured at the auction include Choi So-Young, Yi Hwan Kwon, Ahn Sung Ha, Kim Tschang-Yeul, and Yoon Byung Rock.

Daniel Komala, CEO of Larasati Auctioneers said, “We have followed Korean contemporary art closely since 2004, and are confident that Korean art is on the up as the unique style, quality and material adopted by their artists have garnered them strong regional appeal. We specially selected the 19 pieces offered to not only give our buyers an overall flavour of what Korean contemporary art is but also likely its future icons. This auction is probably one of most complete Korean contemporary art offered in art auctions. The positive response to the Korean pieces at the auction reinforces our belief that this is a good time to buy Korean art.”

Cho Jung Wha achieved her highest record price to-date at S$62,400 for “Spring”, 240% above estimates. Choi So-Young’s “The Landscape in Busan” also achieved one of the highest sales in the auction going for S$90,000. Korean art has already proven over the past two years to fetch record prices with October Yi Hwan Kwon’s “Windy Day” fetching a world record price for the table-top size of S$65,000.

The forward-looking Asian-based auction house achieved total sales of S$3.3M including premium and sold 87% of the 214 lots offered.

In this auction, Larasati received a leap in registered bidders from all the world including Europe, US, Japan, Korea, Hong Kong, Taiwan, Indonesia, Thailand, Malaysia, The Philippines and Singapore. This auction also saw a significant rise in the number of local bidders, with 65% of buyers being Singaporean.

Mr. Komala said, “The 214-lot collection was painstakingly selected from over 1000 pieces to represent one of the best in class, while appealing to buyers of various levels. We are delighted with the response. The records achieved from this and our past auctions send a clear signal that there is a growing global interest in Asian contemporary art. One of our record bids at this auction is Masriadi’s “Me and My Coke” which was snapped up by a new buyer in Monaco for S$240,000. This reinforces Larasati’s confidence that now is the time to buy Asian contemporary art, especially rising new stars like Korean art.”

Recognising the rise in global interest in Asian contemporary art, Larasati plans to hold an auction in Amsterdam on 2nd June this year.

Courtesy of TIME magazine - 14 Jan 2008 - Page 49

The Marriott Hotel, Singapore, 21 October 2007 - Attended by 200 art enthusiasts, LARASATI hammered off over 83% of the 172 lots offered at her 10th sale in Singapore on Sunday, 21 October 2007, realizing total sales of SGD 3,4 million.

More than 70 works surpassed their presale ‘HIGH’ estimates, often doubling, tripling or even quadrupling expectations. The sale also established new auction record prices for many works of art, including a new world record for China’s Gong Lilong that also marked LARASATI’s largest taking for the day. The artist’s stunning oil on canvas titled “The Duet” (lot 168) was sold for SGD 212,400; breaking the record he achieved at LARASATI’s Singapore sale in April 2007.

Indonesia’s Nyoman Masriadi once again proved that his recent sky-rocketing prices realized in various international auctions are no fluke. All Masriadi’s works at LARASATI either doubled or tripled their high estimates. His masterpiece titled “Mobster Culture” (lot 172) was among the top performers at the sale, pulling in SGD 177,000.

Indonesia’s Pintor Sirait entered a new era of his artistic career when his breathtaking sculpture in the shape of an F1 car named “Desire” (lot 142) fetched SGD 112,100, making it the most valuable piece by Pintor that ever sold in the market.

A magnificent work by Korean renowned sculptor Yi Hwan-Kwon titled “Windy Day” (lot 125) also created one of the most intense competitions. This exquisite sculpture finally raked in SGD 64,900; quadrupling its presale estimate and setting a new auction record for the artist for a work of that particular size.

Other highlights included 2 extraordinary pieces by China’s modern realist painters Zhao Kailin and Luo Zhongli. Zhao’s “Courtyard” (lot 115) fetched SGD 106,200 while Luo’s “A Tibetan Girl Of A-Pa” (lot 116) pulled in SGD 200,600.

“The growth in the Asian modern and contemporary art market will continue. Southeast Asian artists are making up ground fast. Collectors have started to realize that there are many potential Southeast Asian artists whose works are priced at a fraction of their Chinese counterparts, despite the fact that they are on par in terms of quality.

LARASATI’s 10th Singapore sale shows that the strong market is here to stay. This is our best sales in recent years”, says Daniel Komala (President Director - LARASATI Auctioneers).

Courtesy of BCA Prioritas - No. 16 - Page 16