Duplex auction
On April 20, Millon Auction House will hold a special auction called Vietnamese Art . Accordingly, this auction will combine the online "duplex" format simultaneously in both Vietnam and France. The implementation of this auction is based on a comprehensive cooperation agreement between Millon Auction House France and Blue Indochine Company (which will later become Millon Vietnam). In addition, Lac Viet Joint Stock Auction Company will advise, provide asset auction services and all legal issues for Millon Vietnam's auction activities.
Mr. Alexandre Millon, Chairman of Millon Auction House, said that 80% of the buyers of Vietnamese artworks at this auction house are Vietnamese.
Mr. Alexandre Millon, Chairman of Millon Auction House, said: "On April 20, there will be an auction, which is also the first time a duplex auction will take place in both France and Vietnam. This means we will have valuable lots in France and in Vietnam. The auction will take place simultaneously at two locations, our representative office in Vietnam. This is also the first time a European art auction house has opened an office in Vietnam."
Mr. Alexandre Millon also shared that Vietnam and France have a deep historical relationship and the art market contributes to revealing this historical relationship. "In this relationship, auctions are a great bridge of exchange, so that the public knows about Vietnamese works of art. They can be kept in France or in Vietnam. Through the auction, we can also introduce jewelry and European designs, helping to enrich the relationship. Auctions bring the best prices for both sellers and buyers and the works in this auction are a treasure, we have many works by famous artists on display," he said.
According to Mr. Alexandre Millon, the Vietnamese Art Auction will be conducted strictly according to the law on public auction management in France, but with a Vietnamese partner, with legal status in Vietnam. "The purpose is to promote cultural cooperation between France and Vietnam, as well as promote the Vietnamese art market, which is part of this cooperative relationship. For example, we will be able to receive Vietnamese collectors in Hanoi and provide them with all the guarantees and information they need, and at the same time introduce the works in France," he said.
Waiting for amendment of Property Auction Law
Thus, it can be seen that, although there is an auction "bridge" in Vietnam, this auction is completely conducted according to French auction laws. Auctioneer Do Thi Hong Hanh, General Director of Lac Viet Joint Stock Auction Company, said: "Currently, the duplex session that Millon opened is just an online bridge. We have an auctioneer in France running it and we are in the online environment, following the French time frame. It is completely an auction conducted by French people. Instead of Vietnamese people having to go to France to attend, they can just sit here online."
A work believed to be by the famous painter Vu Cao Dam will be auctioned in a duplex on April 20.
According to Ms. Hanh: "In the near future, Vietnam is also amending the Law on Property Auction. Currently, we are only participating as a bridge to call for customers to participate in auctions with France. Later, when Vietnam's law is amended to allow Vietnamese auction houses to participate in art auctions with international auction houses, then we will officially cooperate and lead the auction here. But at present, we cannot do that. We understand that we are following French law. When Millon auctions off works, buyers must also go through tax payment procedures there, and when bringing them back to Vietnam, they must also go through import and export procedures according to regulations."
Although current Vietnamese law does not allow a Millon auction to be held entirely in Vietnam, this auction house still highly values the Vietnamese market. Mr. Alexandre Millon personally had an interesting experience with this market when he auctioned a painting of King Ham Nghi in 2010. "Of course I remember being pleasantly surprised by the very good price for this work in France at that time. Since then I have been particularly interested in Vietnamese painting and Vietnamese art in general, realizing that a part of the history of our two countries (France and Vietnam) is closely linked and many cultural exchange activities have taken place continuously," he said.
Mr. Alexandre Millon also said that for nearly 7 years, Millon has organized auctions exclusively for Vietnamese art in Paris. "Our experience shows that about 80% of buyers are Vietnamese collectors, while most of the sellers are Europeans. Most of the objects and works of art that were previously circulated have returned to enrich Vietnamese collections, especially thanks to public auctions," he said. In addition, auctions with public information can also allow the repatriation of Vietnamese treasures, such as the recent case of the Emperor's Seal.
Mr. ALEXANDRE MILLON, Chairman of Millon Auction House
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