HONG KONG.- On the third day of Sotheby’s Hong Kong Spring Sale Series, the sale of Modern and Contemporary Southeast Asian Paintings fetched a promising total of HK$96 million / US$12.3 million, surpassing the pre-sale high estimate (HK$70 million / US$9 million), and achieving the Second Highest Sale Total For A Various-Owner Sale Of This Category At Sotheby’s Hong Kong.

MOK Kim Chuan, Sotheby’s Head of Southeast Asian Paintings, said, “Following on from the truly record results we enjoyed in 2011 for Southeast Asian Art, today’s buoyant sale soared above its high estimate by 37% to achieve a total of HK$96 million / US$12.3 million. There was strength exhibited all over the market with records set for Indonesian Bandung School painters Ahmad Sadali (lot 345 - HK$2.9 million; est: HK$180/250,000) and But Mochtar (lot 356 - HK$2.5 million; est: HK$200/300,000), both of whom had multiple bidders competing. There were records as well for Contemporary works such as our cover lot by Ay Tjoe Christine (lot 238 - HK$2.4 million; est: HK$240/350,000), and for Vietnamese Modern artist Le Pho (lot 278 - HK$2.9 million; est: HK$600/800,000). In addition, bidders for the influential European Academic artist Romualdo Locatelli’s Portrait of Fu Ku Ko (lot 326; est: HK$1.2/1.8 million) disregarded the pre-sale estimate to pay HK$4.82 million.

As in previous seasons, bidding today came from all over Asia with determined interest from new markets in the Greater China region.”

A) Modern & Contemporary Southeast Asian Paintings Spring Sale 2012
World Auction Records for Artists:


• Ahmad Sadali’s Abstract Orange
Sold for HK$2.9 m / US$371,795 (Est: HK$180,000 – 250,000)


• But Mochtar’s Mother and Child
Sold for HK$2.5 m / US$325,641 (Est: HK$200,000 – 300,000)


• Le Pho’s Le Rideau Mauve (The Purple Curtain)
Sold for HK$2.9 m / US$371,795 (Est: HK$600,000 – 800,000)


• Ay Tjoe Christine’s Langit-Langit Merah (Red Ceiling)
Sold for HK$2.4 m / US$310,256 (Est: HK$240,000 – 350,000)

B) World Records of Modern and Contemporary Southeast Asian Paintings Held by Sotheby’s Hong Kong

Modern Painting
• Lee Man Fong’s Bali Life
Sold for HK$25.3 million / US$3.2 million (Sotheby’s Hong Kong, April 2010)
*WORLD RECORD FOR ANY SOUTHEAST ASIAN PAINTING AT AUCTION
*WORLD RECORD FOR THE ARTIST AT AUCTION

Contemporary Painting
• Ronald Ventura’s Grayground
Price: HK$8.4 million / US$1.1 million (Sotheby’s Hong Kong, April 2011)
*WORLD RECORD FOR ANY CONTEMPORARY ASIAN PAINTING AT AUCTION
*WORLD RECORD FOR THE ARTIST AT AUCTION

The sale of Fine Chinese Paintings and Magnificent Jewels and Jadeite will be held tomorrow at 10am and 2pm respectively at the Hong Kong Convention and Exhibition Centre.

* Estimates do not include buyer’s premium