Is the market for Indochinese paintings still attractive?

Many works did not sell as well as expected.

Of particular note is the painting "Confidence," painted by Le Pho around 1941-1942 using ink and pigments on silk. This is the only Indochinese artwork included in the November 11th evening session reserved for high-value lots.

The painting "Confidence," measuring 51.5 x 46 cm, by the renowned artist Le Pho, sold for $624,000 (15.6 billion VND).

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

The painting "Confessions" 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 between $650,000 and $900,000 (approximately 16.2 - 22.5 billion VND). The work was hammered down to $624,000 (15.6 billion VND).

Le Pho's painting "Girl Feeding Birds" (Jeune Fille aux Oiseaux), measuring 44.9 x 30.3 cm, sold for $280,000 (7 billion VND).

Other notable Indochinese works in the auction included: "Girl Feeding Birds" (Jeune Fille aux Oiseaux), also by Le Pho, estimated at $230,000 - $385,000 (5.75 - 9.62 billion VND), sold for $280,000 (7 billion VND). "Sister Teaching Her Younger Siblings" (Deux Enfants à la Lecture), painted by Mai Trung Thu in 1941, estimated at $128,000 - $256,000 (3.2 - 6.4 billion VND), sold for a final price of $156,000 (3.9 billion VND).

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

The appeal of Indochinese paintings remains very strong.

Ace Lê, CEO of Sotheby's Vietnam and curator, commented: "The Sotheby's auction on November 11th and 12th featured 13 Vietnamese paintings, with 12 sold, meaning a hammer-action rate of 92%. This is a relatively high number compared to other painting categories in the region and is consistent with Sotheby's past sales figures, demonstrating the continued strong appeal of Indochinese art."

The painting "Sister Teaches Her Younger Siblings" (Deux Enfants à la Lecture), measuring 43.4 x 28.8 cm, painted by Mai Trung Thứ in 1941, sold for $156,000 (3.9 billion VND).

Of the lots of Vietnamese paintings auctioned, 30% still exceeded the high estimate. Thus, Sotheby's estimated price range is relatively accurate compared to market prices. If we see the auction price of a Le Pho painting of the same period, size, and material decrease compared to 2-3 years ago, I believe this is a necessary lull to filter the market from opportunistic and trend-driven transactions. Many shrewd art collectors/investors are choosing this lull to open their wallets and buy good works at good prices."

According to Ace Le, the high-end art market belongs to the luxury segment, closely related to wealthy customers. After the major economic fluctuations domestically and internationally in the past two years following Covid-19, it will probably be from 2025 onwards that the Vietnamese art market will begin to recover.

The group of Indochinese masters will continue to set price records. But in 10-20 years, with enough time to reflect, the emergence of new names is inevitable. There are many other masters no less important than the generation of Pho, Thu, Luu, and Dam who have not received the attention they deserve, and their paintings will gradually come to light in the future. These include the group of French painters who came to Indochina, or the group of painters from the Gia Dinh School of Painting, which was established even before the Indochina College of Fine Arts in the North.

Vũ Cao Đàm's painting "Mother and Child" (Maternité), measuring 92.5 x 73.5 cm, ultimately sold for $128,000 (3.2 billion VND).

Meanwhile, curator Ly Doi argues that Indochinese paintings are influenced by the domestic context, so whether the price is low or high sometimes requires a broader perspective to accurately reflect the situation. Looking back since 2010, Indochinese paintings have seen a dramatic increase in price. At that time, paintings priced at around $100,000 - $200,000 (2.5 - 5 billion VND) were quite rare; now, paintings worth half a million USD are commonplace, and many even exceed $1 million USD. According to curator Ly Doi, in the not-too-distant future, within 3-5 years, Vietnamese paintings priced at $5-7 million USD will appear.

"Recently, Indochinese paintings sold for less than the estimated ceiling price, possibly due to two main reasons. Firstly, not every painting fetches a high price, as only about 10% of the works by each artist or the entire art scene will command a high price, 30% will be moderately priced, and the rest will be average or low-priced. If a painting goes up for auction and doesn't fall into the top 10%, it's difficult for it to sell for a high price."

Secondly, the saying "Vietnamese people prioritize using Vietnamese goods" is true for Indochinese paintings as well, because nowadays, the decision-making power of Vietnamese people at international auctions is very significant. Economic changes, for example, domestically, all have an impact on them. To successfully bid on an artwork, at least 3-4 people need to bid for it to reach a high price; the absence of just 1-2 bidders can result in a lower price than estimated. Only a few Vietnamese collectors are publicly identified; most remain anonymous for various 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 three outstanding works by two renowned painters, Le Pho and Mai Trung Thu, which sold above the expected ceiling price. Le Pho's "Two Women," measuring 47 x 31.5 cm, fetched a hammer price of 190,000 euros (200,000 USD), with a final price after tax of 259,000 USD (6.4 billion VND); Mai Trung Thu's "Mother and Child," measuring 27 x 18 cm, sold for 70,000 USD (1.75 billion VND) after tax; and Mai Trung Thu's "Blue Ao Dai," measuring 29.8 x 17.7 cm, sold for 65,500 USD (1.63 billion VND) after tax.

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