The market for contemporary Vietnamese paintings is bustling.

Many exhibitions and art auctions

The emergence of many art exhibitions and events is expanding opportunities for the public to access works of art. One of them is Quang San Art Museum - a private art museum built by businessman Nguyen Thieu Quang in Ho Chi Minh City. In addition to exhibitions by non-profit organizations, exhibitions by commercial galleries have also attracted public attention in recent times. These include the Thien Khai exhibition by artist Dinh Quan organized by Ben Thanh Art in June 2023; the Awakening exhibition celebrating the 14th anniversary of Craig Thomas Gallery (September 2023); or Galerie Quynh introducing the White Blank exhibition with a series of new works by Vietnamese-French artist Tran Nu Yen Khe (October 2023)... In June and July 2024, many exhibitions flourished: Tam Dien by a group of 3 young artists Mai Duc Trong, Nguyen Duc Duy, Dang Dinh Trung; Silk 3 ; and most recently Tran Hai Minh and his 38-year journey with painting at the Ho Chi Minh City Museum of Fine Arts; Hoang Hoa Mong by Tran Vinh Thinh...

Visitors to the exhibition Tran Hai Minh and his 38-year journey with painting at the Ho Chi Minh City Museum of Fine Arts

Previously, from April 27 to 30, 2024, at The World ArtSpace Art Center (21 Vo Truong Toan, Thao Dien Ward, Thu Duc City, Ho Chi Minh City), Ngoc Ha Art Collection Club and PI Auction House coordinated to organize the exhibition and auction of 198 works of art called A Round of Vietnam . In addition to paintings by famous artists such as Nguyen Gia Tri, Bui Xuan Phai, Pham Hau, etc., PI Auction House also sold paintings by many contemporary artists such as Cong Quoc Ha, Pham Luc, Nguyen Thanh Binh, Phan Thanh Minh, etc. with prices ranging from several hundred to several thousand USD/painting.

The market is gradually gaining ground.

Ms. Thuy Nga, co-founder of Alpha Art Station Gallery (Phu Nhuan District, Ho Chi Minh City), commented: "Although it cannot be compared to regional markets such as Singapore, Malaysia or Indonesia, the Vietnamese art market has now developed significantly. When material life is improved, collecting art becomes a public need. First, collectors should approach the works of contemporary artists. They should not risk buying expensive paintings by famous artists while they cannot determine whether they are real or fake, or of unknown origin."

One Round Vietnam Auction in Ho Chi Minh City April 2024

Mr. Ace Le, Managing Director of Sotheby's Vietnam Market, said that many contemporary Vietnamese artists are trading paintings from several thousand to even hundreds of thousands of USD in the primary market. According to Mr. Ace Le, currently most contemporary Vietnamese artworks have not appeared on the auction floor, although there are many primary transactions outside - mainly sold through galleries, independent brokers or directly from the artist's studio.

According to curator Ly Doi: "There are quite a few contemporary Vietnamese artists whose paintings sell for over 50,000 USD/painting. Currently, there are more than 100 artists nationwide selling paintings at this price, including artists selling paintings for several hundred thousand USD. Artists aged 60 - 70 years old include Hong Viet Dung, Bui Huu Hung, Dang Xuan Hoa, Pham An Hai, Le Kinh Tai, Tran Hai Minh... Tran Hai Minh is one of the few abstract artists who sell paintings at high prices: from 20,000 - 50,000 USD/painting depending on size. After the above artists are the generations of Bui Tien Tuan, Nguyen The Hung, Nguyen Khac Chinh, Vu Dinh Tuan... each earning over 2 billion VND/year. The number of Vietnamese artists earning over 1 billion VND/year from their paintings is currently about 200 people".

A work in the White Blank exhibition by French-Vietnamese artist Tran Nu Yen Khe

Ms. Thuy Nga said: "A newly emerging art investment group has a collector who is often mentioned because of his strong purchasing power, owns many abstract paintings, and collects many works by Tran Luu Hau, Tran Hai Minh and other Indochinese painters."

In addition, according to Ms. Thuy Nga, the excitement of the art market has led to the emergence of a group of investors tentatively called "social media art investment groups". They often update their paintings on their personal pages, hang works in their living and working spaces, and write books to share their business philosophy associated with art collecting. They buy to invest and also enjoy the works during that process, and are willing to transfer the works when someone offers a higher price. "The new art investment group, although they have not been in the market for long, has also made an impression because of the large number of works they own. They are often business owners, have their own consulting teams, often transact through galleries, buy paintings with invoices and account for them in the company's operating costs," said Ms. Thuy Nga.

Curator Ace Le believes that the goal of increasing the Vietnamese public's access to art is the most important. We need an infrastructure for art to create a solid foundation for a healthy and vibrant art market. That infrastructure first of all includes a policy and legal framework to protect the rights of the participants. Second is theeducation system, which needs to have a subject that approaches fine arts and art history for children; along with a widespread system of museums and galleries to bring art closer to the public.

Source: https://thanhnien.vn/soi-dong-thi-truong-tranh-viet-duong-dai-185240716213549071.htm