The Malaysian secondary art market saw 83 paintings sold for about RM3.5 million in total.
KUALA LUMPUR: The Malaysian secondary art market saw 83 paintings sold over the weekend for about RM3.5 million in total, with an oil painting of renowned local artist Abdul Latiff Mohidin fetching the highest bid at RM605,000, while Khazanah Nasional Bhd went home with the third most expensive bid of the day.
This is the second art auction of the year by Henry Butcher Art Auctioneers Sdn Bhd, with the auction in May fetching RM4.02 million for 86 paintings.
“The Malaysian art market has grown more active over the last few years and there is more interests from Singaporeans for Malaysian art pieces,” its director Lim Eng Choon told The Malaysian Reserve after the auction.
Abdul Latiff’s painting was sold to a private collector who paid more than double the estimate of between RM150,000 and RM250,000 while Khazanah paid RM264,000 for Ibrahim Hussein’s untitled piece dated 2001, estimated at RM180,000-RM280,000.
In May this year, Ibrahim’s “Red, Orange and Core” fetched the top price of RM797,500.
Apart from Khazanah, Bank Negara Malaysia was also present at the auction although it is unknown whether it had made any purchase.
As mentioned in The Malaysian Reserve before, Lim said that state institutions picking up work of art bodes well for local artists and the people as these institutions would preserve these paintings and display them to the public from time to time.