The Star Online: Lifestyle: Arts & Fashion

Posted: 26 Jun 2011 02:13 AM PDT

Institutional buyers push up prices at art auction.

AS expected, Art Auction Malaysia 2011 last Sunday recorded outstanding sales figures and set new national records for many local artists, especially Abdul Latiff Mohidin and Chang Fee Ming.

At the hammered price of RM520,000, Latiff's well-publicised Pago-Pago Forms – the top pick of the 104 lots – drew loud applause from the packed room of well over 200 people at the White Box, MAP@Publika, in Kuala Lumpur.

The 1968 oil on canvas (88x68.8cm) attracted furious bidding among a dozen parties, with a starting price of RM250,000. But that soon dwindled to a handful of tenacious bidders when it went over the RM390,000 mark. This seems to be the threshold figure that separates most individual collectors from institutional buyers and those with staying power.

It was a nail-biting finish when the figure crossed the half-a-million-ringgit mark, and then hit the final price – a record for the artist in any sale.

It is widely believed that a Malaysian public institution bought the art work.

Apparently, another public institution from Singapore also bought other works at the auction via the telephone. This development will likely fuel future sales but, as expected, representatives of Henry Butcher Art Auctioneers declined comment.

Earlier, Chang Fee Ming's 1996 Rezeki had set collectors' and artists' pulses racing when – halfway through the auction – it sold for RM120,000, an astonishing price for a medium-sized (56cmx76cm) watercolour work.

Another achievement was the high prices set by two oil paintings by the late Datuk M. Hoessein Enas. Silat (1991; 76x102cm) and Morning Mist 5 (1992; 121x90cm) – both considered by top artists and collectors to be less accomplished in composition and execution than Hoessein's best works – fetched RM115,000 and RM180,000, respectively.

The estimates were RM90,000 to RM130,000 for the latter. In fact, the Malay gentleman who won the battle for this provocative painting of a sarong-clad Malay girl with armpit hair, was focused only on buying Morning Mist 5. After he won the bid, he jumped out of his seat and walked to end of the room to kiss a Datin friend goodbye on both cheeks.

Other remarkable prices achieved at the second Henry Butcher art auction included:

* RM155,000 for Datuk Chuah Thean Teng's Feeding Durian (1988; 90x87cm, batik). The top estimate was RM120,000.

* RM40,000 for Tan Choon Ghee's Harbour Scene (1962; 20x29cm, watercolour on rice paper). Top estimate: RM5,000

* RM36,000 for Abdullah Ariff's Marketplace (circa 1955; 37x55cm, watercolour on paper). Top estimate: RM30,000.

For many who gathered at the auction but did not bid, their focus was probably the prices achieved by contemporary works, especially by the "stars" of the art scene.

While Datuk Syed Ahmad Jamal's 1985 Gunung Ledang Series (Cherryvale) achieved RM170,000, his current prices for major works now sell for over RM200,000 privately. This sale concluded the auction.

Generally, the prices set at this year's auction for the majority of the works are more realistic and believable, unlike those set last year. Many of the works sold then were considered of minor importance by serious art collectors.

Surprisingly, Datuk Ibrahim Hussein's acrylic painting, Rise Above It (2008; 81x81cm) failed to attract any bid, even with a starting price of RM120,000 – RM30,000 below the low estimate. The late artist's Sweet Dream (1973; 62x100cm) attracted one bid at RM170,000. It was below the reserved price and the bid was rejected.

However, four of his minor works from 1975 – Spaces And Forms I, II, II and IV – sold between RM10,500 and RM18,000 each.

Major works by Ibrahim, considered one of Malaysia's most iconic artists, have been privately transacted at over RM1mil each. In fact, at last year's inaugural Henry Butcher auction, his The Dream (1969) fetched a national record price of RM500,500, inclusive of the 10% buyer's premium.

Among other well-known local artists whose major works did not attract any bids were Jalaini "Jai" Abu Hassan, Awang Damit Ahmad, Cheah Yew Saik, Juhari Said, Hamir Soib, Anuar Rashid and Fatimah Chik.

But Jai's minor works sold between RM9,500 and RM16,000, while Hamir's joint work with Indonesian artist Yaksa Agus Widodo sold for RM4,000.

Hotly contested by the bidders were minor works by Ahmad Zakii Anwar, the darling of top art collectors, pioneer artist Khaw Sia, and the late watercolourist Tan Choon Ghee. The winning bids drew applause.

Kudos to Henry Butcher and the people at White Box. Except for minor problems, like seating arrangements, the four-hour event was relatively well organised.

Although certain guests complained about British auctioneer John Rounce's pronunciation of the artists' names – Chuah Siew Teng became Chuah Thean Teng, and Shanmughalingam's name was mangled – he showed a sense of humour in handling the plodding moments when phone bidders could not make up their minds.

Officially, the auction netted total sales of RM3,147,710, including the 10% buyer's premium. On average, most of the works sold ranged from RM4,000 to about RM30,000 each. Last year, sales totalled RM1.6mil (including the 10% premium and post-auction sales), with 51 of the 62 works sold during the August event.

This time round, 12 of the 104 lots were initially unsold. But the auction house included the subsequent sale of works by Cheah Yew Saik (Glorious Morning II, RM22,000), Hamir Soib (Breathing Hole, RM17,000), Eston Tan (Music Of The Night, RM11,000) and Ibrahim Hussein (Sweet Dream, RM192,500) in the tally.

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Kredit: www.thestar.com.my

Ahad, 26 Jun 2011