• Market for Balinese Paintings is better than Mid estimate. The Auction Result is pretty good with 60 out of 77 lots (78%) sold during the auction and 2 lots sold post-auction. The auction generated total revenue of Rp 3,018mn – slightly higher than total mid estimate of Rp2,708mn, but lower compared to the total High Estimate (HE) of Rp 3,054mn. This proves the market for Balinese painting performs better than its contemporary peers.
• The price performances for individual lots are not too rosy as 17 lots were unsold. Later post auction – 2 unsold lots were sold at very deep discount. 12 lots (16%) were sold at Low Estimate (LE), 27 lots (35%) were sold Within Estimate (WE) and 21 lots (27%) were sold at HE.
• Rare Pieces from Brahmin Artists command a Good Price. Pieces from four Brahmin artists with Ida Bagus name are highlights of the auction. The works by Njana, Tilem, Made, Rai were sold above HE.
• Market Breadth is Low. Out of approximately 150+ participants, we estimated about 30 winning bidders with Top 9 bidders account for more than 60% of the purchase.
• Top Performers Category – Balinese Old Masters, Tribute to Bonnet are two of the best performing categories (refer to Table 1).
• Worst Performer Category – Arie Smit & Young Artist – none of the lots were sold above the estimate and 3 lots were unsold. Indo European & Modern Painters also was anemic, and almost 50% of lots were unsold.
• Difficult for multiple buyers to buy below the estimate.
• Notable seller – 10 out 77 lots came from Songs of Ubud’s collection (arranged by Larasati), 2 statues of Jacob Vredenberg, Rungun’s from UK collector, IB Rai’s from US collector, Gelgel ex Agung Rai’s collection.
• Overall, a succesful auction with exquisite selection of rare pieces.