The Philippine art market has never been more vibrant than it is now, particularly in art auctions which have become a full annual calendar, one of the few survivor industries of the pandemic.
In this start of a video series, we asked Ramon E. S. “Richie” Lerma, the CEO and chief specialist of the pioneering Salcedo Auctions, about who he believes are the underrated artists in the country, now that Filipino artists are growing their own following or collectors.
Who do you think are the underrated artists today?
I think that the last Under the Tree auction shows there are all of these artists, formidable names still, who the market is perhaps rediscovering, and in time, the value of these artists will continue to grow, as what has happened here. For example, the likes of Justin Nuyda was in the beginning quite underappreciated, but ever since he started doing well at Salcedo Auctions, the market responded superbly. I think that it was assurance that the market for his works doing well at Salcedo Auctions, that people trusted those results and saw that, hey, this artist was undervalued. I think that we should appreciate him at the level where he should be, and it’s in fact what has happened.
From the last auction, for example, you had the likes of Ramon Estella, an early Modern artist, that the final sale price was, I think, 100% more than the published estimates. People are still rediscovering these artists’ names.
The works of Onib Olmedo also sold. And I think it’s very important that, I can’t underscore enough, the fact that Onib is, I would consider to be one of our great artists of figurative expressionism, and really an abiding influence on later generations.
You think Onib is finally getting the appreciation of a market?
I hope so. I think the market has always appreciated his works. And of course, the market is seeking assurance price-wise in terms of the level for Onib. But I think that artistic reputation, artistic legacy, and of course, the quality of one’s works all come together in his works. And I hope that people will continue to see that here is an artist who has become an abiding influence on later generations of artists, the likes of Borlongan, for example, or even Garibay, etc., all of them, in one way or the other, have been influenced by the work of Onib Olmedo.
As an aside, hopefully in time, people will discover the historic caricatures, drawings of Nonoy Marcelo, whose works defined the lifestyle in a way of a generation. I don’t think there is even such a thing as a Nonoy Marcelo collector, except for his colleagues in media. But when you say defining, that’s a defining.
A revival is in order, I think. So it’s a matter of bringing people together who all agree on the important contribution being made by an artist. And that’s where we can help.
Videographer: Francis del Rosario for TheDiarist.ph
