Salcedo Auctions’ Under the Tree: Wish List sale saw the historic bid of P39,712,000 for Félix Martínez’s grand opus, La Jota Manileña, setting a new world auction record for the 19th century Filipino artist.
“Buyers guided by our advice clearly recognized the significance of Martínez’s works and his import in a landscape dominated by his peers, Juan Luna y Novicio and Félix Resurrección Hidalgo. With this sale, we now hold the record for these three important Philippine 19th-century masters,” said Ramon “Richie” Lerma, Salcedo Auctions’ chairman and chief specialist.
The sale was a fitting finale to Salcedo Auctions’ standout 2025 season, marking the culmination of its 15th anniversary celebrations. The exceptional results from both the morning and afternoon auctions last November 29 reinforced Salcedo’s reputation as arbiter and barometer of the Philippine art market.
Guests of the live and online afternoon auctions witnessed the three strong bids that sent the price of the Martínez masterpiece soaring to P39,712,000.
Lerma opened the bidding at P28,000,000. Within seconds, a phone bid came, followed by an online contender who raised the bid to P29 million. Their succeeding bids brought the price to P32 million, followed by a brief pause.
Ronald Ventura’s ‘Waves’ went for P14,016,000.
Fernando Zóbel’s ‘Conde de Ibarra III’ sold for P8,176,000.
“I’m looking for 33,” Lerma said. “Rare, 1886, oil on canvas. Even the Prado only has a landscape. This one has both the landscape and tipos del país in one painting. It is museum grade.”
Just as Lerma prepared to bring the gavel down, an online bidder jumped in at P33 million, prompting applause from the room. But the phone bidder, apparently determined to acquire a highly significant art rediscovery, pushed forward with a final and winning offer of P34 million—the record achieved in under four minutes. The work, kept in a private European collection for decades before emerging in an auction in Stockholm, Sweden, has finally come home to its nation of origin.
“This is an indicator of both consignor and buyer confidence in Salcedo Auctions,” Lerma noted.
Ang Kiukok’s ‘Fish’ fetched P1,109,600.
Strong results across various sectors of the sale sustained the buoyant mood. Ronald Ventura fared impressively, with four works sold, including Waves which closed at P14,016,000—further cementing his reputation as one of the most sought-after contemporary Filipino artists.
José Joya’s ‘Blue Grotto’ went for P2,803,200.
Oscar Zalameda’s ‘Vendors’ went for P1,868,800.
The modernists demonstrated sustained appeal. Fernando Zóbel’s Conde de Ibarra III sold for P8,176,000; José Joya’s Blue Grotto achieved P2,803,200; and Oscar Zalameda’s Vendors and La Chasse closed at P1,868,800 and P1,109,600 respectively. Alfonso Ossorio’s Growing Head closed at P2,803,200, proving the continued demand for an artist whom Salcedo Auctions had championed long before his broader recognition in the Philippines.
Ferdinand Cacnio’s metal sculpture ‘Greater Heights Together’ sold for P1,985,000.
A Baliuag “magic” sectional table with archaic bone and wood inlays that sold for P233,600
Other categories saw competitive bidding. Ferdinand Cacnio’s metal sculptures Greater Heights Together and My One and Only sold for P1,985,000 and P1,868,800 respectively. Decorative arts and antiques also drew enthusiastic interest, including a Patrocinio de San José tableau that fetched P560,640; a Baliuag “magic” sectional table with archaic bone and wood inlays that sold for P233,600; and a life-sized sculpture of Our Lady of Guadalupe, which closed at ₱408,800 during the morning online Under the Tree: The Holiday Sale.
A Patrocinio de San José tableau fetched P560,640.
A life-sized form of Our Lady of Guadalupe, closed at ₱408,800.
The atmosphere last Saturday was made even more buoyant by the aroma of freshly brewed coffee from Café Salcedo, the auction house’s in-house café, which will continue serving its signature Art in a Cup blends through December 5.
“This is a joyous ending to a remarkable season,” Lerma said. “We are grateful to everyone who helped make our 15th anniversary year a success, and we look forward to the New Year with more premium events, significant institutional partnerships, exciting consignments and record-breaking sales.”
The auction was in partnership with Exclusive Bank Partner, UnionBank Elite, with the full results available on salcedoauctions.com to registered clients this week.
Consignments are now accepted for Salcedo’s first marquee sale in 2026, “The Well-Appointed Life” -set for March 14, 2026. For consignment offers, email info@salcedoauctions.com or SMS/Whatsapp +639175912191 | 9178946550 | 9171250307
