Salcedo Auctions chairman and chief specialist Richie Lerma just seconds
before closing the sale of National Artist Ang Kiukok’s ‘Rosary Queen’ at
PhP 10,512,000 (after fees).
Led by Philippine masters of abstraction, Salcedo Auctions’ Under the Tree: The Wish List sale concluded its 2024 auction season this week with the record-breaking bids for the works of two National Artists Ang Kiukok and Jose Joya, and of Lao Lianben and Romulo Olazo.
With Salcedo Auctions chairman and chief specialist Richie Lerma at the helm, the sale opened at a brisk pace. The first few lots drew winning offers from collectors bidding online, by phone, or on the floor. They led up to the standout moments featuring the the significant works by the vanguards of modern Philippine art. The frenzied bids between an online buyer and a buyer on the floor started with Ramon Estella’s fresh-to-auction piece, Enamorata. It sold for PhP 876,000 (inclusive of 16.8% buyer’s premium), well above its presale high estimate of PhP550,000.
Then came the tight bidding for National Artist Jose Joya’s two works: Endaya sold for PhP2,569,600, while May Festival for PhP 3,036,800. “The sale of May Festival in particular gives us so much joy as it raises much needed funds for indigent patients at Asian Hospital and Medical Center,” Lerma says. “Truly a worthwhile cause and one that we are incredibly proud to support in this season of giving.”
Romulo Olazo’s rare, early work, ‘Untitled #97’ from his Diaphanous
Series, fetched PhP 8,760,000.
In an impressive winning streak, Romulo Olazo’s six works all sold, including the PhP 8,760,000 for a rare work (Untitled #97) from the artist’s Diaphanous series.
Kiukok’s all four paintings sold, including two untitled still lifes of fruits and a fish, way beyond their high estimates at PhP 2,336,000 each.
Ang Kiukok enjoyed a triumphant run—four of the National Artist’s oil on canvas works drew winning bids. A major highlight of the sale was the frenzy over Ang’s Rosary Queen, which went to an online bidder for PhP 10,512,000. “It’s worth noting all of the oil works by Ang sold well above their estimates,” Lerma says, “showing that Salcedo Auctions is indeed the destination for works by one of the country’s greatest figurative expressionist artists.”
‘Man and Light’ by Lao Lianben was a milestone sale at PHP11,680,000.
Two centerpiece lots also had exceptional results: Man and Light, an early work by Lao Lianben, completed in 1989 as the artist was at the cusp of his peak, sold for PHP 11,680,000.
The fine Philippine furniture category saw a well-documented 18th-century Bulacan Master ‘Kilo’ altar table, with the acanthus leaf motif, selling for PhP 2,569,600— “showing this category as a growth area for valuable collectibles and Salcedo Auctions as the preferred and premier venue for their sale,” Lerma says.
The four-hour sale augurs well for 2025. “This has indeed been an auction that we are tremendously proud to have presented and once again underscores Salcedo Auction’s abiding role as the arbiter and barometer of the Philippine art market. We wish all of you the best of the holidays and see you in 2025 as we celebrate our 15th anniversary!”
Under the Tree: The Wish List was presented with Exclusive Bank Partner Metrobank. Consignments are now invited for the next marquee sale, ‘The Well-Appointed Life’ on Saturday, 8 March 2025. For inquiries, email info@salcedoauctions.com or phone +639171075581. For updates, follow @salcedoauctions on Facebook and Instagram.
