Potential of domestic market for Vietnamese artistic works

The current numbers from professional galleries to prestigious auctions not only prove the value of Vietnamese artistic works but also affirm the potential of the domestic market. The value of domestic contemporary art is apparently worth exploiting.

Christie's auction house holds a talk about art at Quang San Art Museum

The 100th anniversary of the establishment of Indochina College of Fine Arts (now Vietnam University of Fine Arts) is going to be organized, auction house Le Auction House in Hanoi planned to organize an auction of Vietnamese Art 20th century in mid-March, attracting a large number of collectors. At the end of the auction, more than 200 works were bought proving the success of the auction.

During the auction, live collectors, authorized auctioneers and online auction systems combined with international online portals continuously posted leaps and bounds. Notably, many works have received a lot of attention and the bidding time lasts more than 5 minutes.

A unanimous collector revealed that many auctions of Indochina paintings were all organized abroad. This is the first time he participated with a domestic auction house. But this time, he saw professionalism and transparency in the auction organization, at least the value is not inflated.

Although it did not share the total revenue of this auction, representative of Le auction house Le Quang said that the success of this auction will help the painting market in 2024 be more vibrant, especially the domestic trading market. This May, the auction house will organize an exhibition with many rare works by artists of the Indochina College of Fine Arts through the ages.

Although the global economic crisis affected all fields, investors still poured money into the art market with confidence in the professionalism of the domestic market. Of course, everything will slow down when the economy is difficult, but that doesn't mean the painting transaction market won't have a breakthrough. If the auction is reputable and professional enough, not only domestic collectors but also foreign collectors may create a million-dollar record for Vietnamese paintings, said the unanimous collector.

More than a year into operation, Quang San Museum of Art in HCMC affirmed its role as a professional bridge. The museum in turn hosted talks about art with Ms. Sophie Maysonnave - Counselor for Cooperation and Culture, Director of the French Institute in Vietnam and Ms. Hoang Dieu Quynh - Head of Projects & Partners of the French Institute in Vietnam.

Some talks hosted by the museum witnessed the special appearance of Madame Sophie Maysonnave - Counselor for Cooperation and Culture, Director of the French Institute and Head Hoang Dieu Quynh of Projects & Partners of the French Institute in Vietnam.

Recently, the museum also cooperated with UK-based auction house Christie's to organize a talk on the topic ‘A Collector's Journey - A collector's journey’. This is also the first event that Christie's organized in Vietnam. According to art researcher Ngo Kim Khoi, Vietnamese art has good economic potential and value but the market operates professionally enough to attract international collectors and auction houses.

He added that Christie's auction house is not the first unit to organize such an event. France-based Millon auction house which once held the valuable imperial golden seal of the Nguyen Dynasty's Emperor Minh Mang recently established a representative office in Vietnam. In the market rules, value once again affirms the value of works and effectively exploits the potential for the cultural industry process. Moreover, in addition to the professional operation of the market, good mechanisms and policies are needed for further development.

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