Is the Indochina painting market still attractive?

Many works did not sell as well as expected.

Notably, the painting Confidence was painted by Le Pho around 1941 - 1942 in ink and gouache on silk. This is the only Indochinese work listed in the 11.11 evening session for high-value lots.

The painting Confidence, size 51.5 x 46 cm by famous painter Le Pho, sold for 624,000 USD (15.6 billion VND).

The painting depicts two girls wearing silk scarves, green jade bracelets, and Le Mur dresses with contrasting red and black colors, opening letters and confiding in each other next to a royal-style pillow. The motif of two sisters is very common in Le Pho's best silk paintings, such as Harmony in Green: The Two Sisters, which is on permanent display at the National Gallery of Singapore.

The painting Tam Su was exhibited at Galerie Romanet, Paris (France) in the 1940s, accompanied by a certificate from the artist's son - Alain Le Kim - and was estimated to be worth 650,000 - 900,000 USD (about 16.2 - 22.5 billion VND). The work was hammered for 624,000 USD (15.6 billion VND).

The painting Girl Feeding Birds (Jeune Fille aux Oiseaux), size 44.9 x 30.3 cm by Le Pho sold for 280,000 USD (7 billion VND)

Other notable Indochinese works in the auction include: Young woman feeding birds (Jeune Fille aux Oiseaux) also by Le Pho, estimated at 230,000 - 385,000 USD (5.75 - 9.62 billion VND) sold for 280,000 USD (7 billion VND). The painting Sister teaching me to study (Deux Enfants à la Lecture) painted by Mai Trung Thu in 1941, estimated at 128,000 - 256,000 USD (3.2 - 6.4 billion VND) sold for 156,000 USD (3.9 billion VND).

However, not all works were sold below the expected ceiling price. Le Pho also had a painting called Summer (L'Été) with an estimated price of 45,000 - 70,000 USD (1.12 - 1.75 billion VND) sold for 100,000 USD (2.5 billion VND). Vu Cao Dam's painting Mother and Child (Maternité) with an estimated price of 51,000 - 77,000 USD (1.27 - 1.92 billion VND) had a final price of 128,000 USD (3.2 billion VND)...

The appeal of Indochina paintings remains very stable.

Sotheby's Vietnam CEO and curator Ace Le commented: "The Sotheby's session on November 11 and 12 introduced 13 Vietnamese paintings, of which 12 were sold, meaning the hammering rate was 92%. This is a relatively high number compared to other genres of paintings in the region and is also consistent with the past rate of Sotheby's paintings sold, proving that the attraction of Indochina paintings is still very stable.

The painting "Chi Thay Em Hoc" (Deux Enfants à la Lecture), size 43.4 x 28.8 cm, painted by Mai Trung Thu in 1941, sold for 156,000 USD (3.9 billion VND).

Among the Vietnamese paintings that were hammered during the session, 30% still exceeded the high estimate. Thus, the estimated price range of Sotheby's is relatively accurate compared to the market price. If we see the hammered price of a Le Pho painting of the same period, size and material decrease compared to 2-3 years ago, I think this is a necessary lull to filter the market from momentary and trend-based transactions. Many wise art collectors/investors are choosing this lull to open their wallets and buy good works at good prices."

According to Mr. Ace Le, the high-end art market belongs to the luxury segment, closely related to wealthy customers. After the major fluctuations in the domestic and international economy in the past 2 years after Covid-19, it is likely that from 2025 onwards, the Vietnamese painting market will begin to recover.

The group of famous painters from Indochina will still be in the group that set price records. But in 10-20 years, when there has been enough distance, the appearance of new names is a natural trend. There are many important painters who are no less important than the generation of Pho - Thu - Luu - Dam but have not received the attention they deserve, and their paintings will gradually appear in the coming time. We can mention the group of French painters who came to Indochina, or the group of painters from the Gia Dinh Painting School, which was established before the Indochina College of Fine Arts in the North.

The painting Mother and Child (Maternité), 92.5 x 73.5 cm in size by Vu Cao Dam, had a final price of 128,000 USD (3.2 billion VND).

Meanwhile, curator Ly Doi believes that Indochina paintings are influenced by the domestic context, so the low or high price sometimes needs to be viewed more broadly to reflect correctly. If we look back since 2010, Indochina paintings have continued to increase in price rapidly. At that time, paintings priced at around 100,000 - 200,000 USD (2.5 - 5 billion VND) were still quite rare, now paintings priced at half a million USD are very common, even many paintings exceeding 1 million USD. Also according to curator Ly Doi, in the near future, about 3 - 5 years from now, Vietnamese paintings priced at 5 - 7 million USD will appear.

"Recently, Indochina paintings were sold below the estimated ceiling price, possibly for two main reasons. First, not all paintings have high prices, because only about 10% of the works of each artist or of the entire fine arts will have high prices, 30% will have average prices, the rest will be average and low. If a painting goes to auction and is not in the top 10%, it will be difficult to sell for high prices.

Second, the saying "Vietnamese people prioritize using Vietnamese goods" is true for Indochina paintings, when currently, the decision on selling prices at international auctions has the shadow and very important role of Vietnamese people. Economic changes, for example, in the country, all have an impact on them. To successfully bid, at least 3-4 people need to bid for the same work for the price to increase, just 1-2 people are absent and the sale can be lower than the estimated price. Only a few Vietnamese collectors show up, most of them are anonymous for many reasons, including personal sensitivity," Mr. Ly Doi commented.

On November 26, 2024, Vente Prestige Hôtel Drouot (France) held a special art auction, attracting attention with 3 outstanding works by 2 famous artists, Le Pho and Mai Trung Thu, sold for higher than the expected ceiling price. The painting Two women by Le Pho, size: 47 x 31.5 cm, hammer price 190,000 euros (200,000 USD), after-tax price 259,000 USD (6.4 billion VND); Mother and child by Mai Trung Thu, size: 27x18 cm, after-tax price: 70,000 USD (1.75 billion VND); The painting Ao dai xanh by Mai Trung Thu, size: 29.8 x 17.7 cm, after-tax price: 65,500 USD (1.63 billion VND).

Source: https://thanhnien.vn/thi-truong-tranh-dong-duong-con-hap-dan-185241208222531911.htm