• 08-05-2018 | Vietnam’s art market grows, needs transparency

  • Within past 20 years, international art experts assessed that Vietnamese art was very promising, however, it must grow up one day.


    During the twelfth auction themed “Chon’s dawn” in the end of April, lacquer painting named Thac Bo (Waterfall) of artist Nguyen Huyen was proposed at $120,000. Collector Nguyen Phan Huy bought the painting as he offered $280,000 (VND6.4 billion). This is the highest price at a public auction in the local auction house while secret deals are believed to take place sometimes.


    In the trend of the painting price increase, some paintings of alive and passed-away artists have been sold at over US$1 million each, also bringing benefit to Vietnamese artists. For instance, on November 22, 2014, Christie’s in Hong Kong sold oil painting “ Nhin tu tren doi” (View from the Hilltop) of Vietnamese artist Le Pho at $844,697- highest at that time. This record broke the Nguyen Phan Chan’s painting named “ Nguoi ban trau cau” (La Vendeuse De Bétel ) at $409,393 in the same auction session.


    Several years later, on April 2, 2017, Sotheby auction house in Hong Kong sold “ Doi song gia dinh “ (Family Life) by Vietnamese artist Le Pho in the period 1937-1939 for US$1,172,080, setting a new record for Vietnam’s most expensive painting ever sold.


    It is expected that in the next few years contemporary Vietnamese artists will definitely able to sell their painting at US$ 1 million.


    Before 2000, representatives of famous auction houses in the world such as Sotheby’s and Christie’s arrived in the country, starting to look for information and promote trade.


    The government`s attention to the field is needed, said art researcher Nguyen Dinh Thanh. Therefore, Mr. Thanh proposed the Vietnamese government to issue regulations on transparency of the domestic art market, encouragement and protection of artists, anti- tax evasion…


    Source: VietNamNet