Salcedo Auctions chairman and chief specialist Richie Lerma brings his hammer down on a new world record for a Jose Joya painting.
Last Saturday, June 14, collectors gathered at Salcedo Auctions for its second marquee event on its 15th anniversary, the Finer Pursuits: Important Philippine Art & Rare Collectibles sale.
With the auction house’s chairman and chief specialist, Richie Lerma, presiding over the bidding, records were made again, solidifying Salcedo Auctions’ dominance as the country’s premier auction house and the barometer of the Philippine art market.
The postwar modernists ruled this edition, with three vanguards of the movement pushing prices to new heights. One of the most exciting segments was the battle for National Artist Jose Joya’s Flight from 1962. A flurry of offers pushed the P7,000,000 opening price past the P10,000,000 mark straightaway, as bids were fielded from the floor, by phone, and online. Lerma’s gavel went down to a new world record based on size, with Flight selling at P37,376,000—an increase of over 400 percent its published estimate.
Vicente Manansala’s untitled work from 1965 sold for P12,848,000.
The bidding for Vicente Manansala’s work was just as heated, setting a new world record based on size for the National Artist, whose 1965 Untitled painting of carabaos sold for P12,848,000. Also setting a new auction standard was Fernando Zobel’s 1959 Erenos from his Saeta series, which fetched a final price of P28,032,000.
It was notable how in this latest auction, the estate pieces well exceeded their published prices. Except for one collage, all the lots from a distinguished Filipino statesman were sold beyond their estimates, with two breaking world records.
There was also tight bidding for the paintings from designer Auggie Cordero’s estate, with all three lots soaring almost 300 percent over their published estimates.
A new auction standard was set by Fernando Zobel’s 1959 ‘Erenos’ from his ‘Saeta’ series, which fetched a final price of P28,032,000.
That these important estate collections came to Salcedo and achieved such results underscores the trust the auction house has earned through the years. “Salcedo Auctions doesn’t resort to empty posturing,” notes Lerma. “We are firm and resolute in our commitment to professionalism, expertise, and price truth as arguably the leading voice in the Philippine art market. Our verifiable and sterling results speak for themselves.”
Lerma invites collectors and consignors to be part of the auction house’s history-making events. Salcedo Auctions continues its year-long 15th anniversary celebration with its keenly awaited The Well-Appointed Life, set for Saturday, September 26, 2025.
The full sale results will be published at salcedoauctions.com this week. Inquiries may be sent to info@salcedoauctions.com or tel. no. (+63917) 591-2191. It was presented in association with Exclusive Bank Partner UnionBank Elite. For weekly updates, follow @salcedoauctions on Instagram and Facebook.
