There was much doubt about the success of the auction. So far auctions have only been held in Vietnam for charity purpose, and such events took place with only cursory procedures.

Furthermore, a number of the charity auctions were governed by patrons from the backstage.

According to Do Thi Hong Hanh, General Director of Lac Viet auction company - the event’s organiser - such charity auctions have not yet brought about the true value of the auctioned artworks.

The opening of an art auction is not strange in the world, but it is quite a new way of selling.

The author or owner of the auctioned artwork will receive 100% value of the lot’s starting price, which is fixed by them beforehand.

The additional money will be arranged according to a contract signed between the auction’s organiser and the property’s owner.

There are certain reasons for the doubts. Painter Vi Kien Thanh, Head of the Fine Arts, Photography and Exhibition Department under the Ministry of Culture, Sports and Tourism, acknowledged that one of the reasons for the lack of a fine art market in Vietnam was the absence of professional auctions that can gather prestigious bidders.

It is not easy to evaluate the success of an art auction in such fledgling background as in Vietnam.

Because of this, art auctions have received a warm welcome from State management agencies.

The recent art auction, taking place at the Sheraton Hotel in Hanoi, claimed success as all five items were sold, bringing a sigh of relief to the organiser.

With a starting price of VND 50 million (US$ 2,235) each, two paintings entitled ‘Hanh Phuc’ (Happiness) by Hoang Phuong Vy and ‘Tien Nu Vung Cao’ (Uplands Fairies) by Quach Dong Phuong were auctioned at VND 65 million (US$3,000) and VND 95 million (US$4,500), respectively.

‘Tren Dong Song Do’ (Along the Red River), a painting by Dao Hai Phong was auction VND150 million (US$7,500) from a starting price of VND 120 million (US$5,360).

Set at an opening bid of VND 60 million, an altar dating back to the late 19th century, which had belonged to painter Le Thiet Cuong, was sold for VND143 million (US$7,000).

The climax of the event was the dramatic auction of a pair of ‘Tu Linh’ (Four Sacred Animals) jars produced in 2010 by artisan Pham Anh Dao from the Bat Trang pottery village.

With a starting price of VND 900 million (US$40,300), they were auctioned off at a surprise price of VND 6.05 billion (US$ 275,000) after 29 brisk bids.

Since it was the first time the Lac Viet company had conducted an art auction, shortcomings in organisation were unavoidable. Painter Vi Kien Thanh noted that although the company had done well in calling for bidders, he gave the overall success of the auction a grade of 70%.

According to Thanh, although it is not the only factor in the professionalism of an auction, the appraisal of the items is vital.

At many auctions, the reputation of artists and quality of the items are considered a key to establishing a reputation for the organisers.

The quality of the five items offered at the event was assessed as average by Thanh.

The five items were not really outstanding.

Maybe it was the first event of its kind, or the lack of professional consultants and curators, or due to bidders’ liking, Thanh said.

It is too soon to judge the establishment of professional auctions in Vietnam.

According to experts, there are many things to consider in building up the professionalism for auctions. One of the important factors for an auction is the quality of the items.

A good quality item and the reputation of its owner will raise the attractiveness and influence of the auction, while helping develop a brand name for the auctioneers in the future.

Another key to the success of an auction is calling for bidders.

The targeted bidders for art auctions are strictly selected as the activity is different from the auction of other products.

The experts also stressed the importance of curators and consultants who estimate the items’ worth.

The team is responsible for appraising the owner’s identity as well as the quality of the item.

The auctioneers should team up with experienced and prestigious curators to win the trust of bidders and bring truly high quality artworks to customers.

In the end, the first auction deserves applause since at least it brought about certain effects on organisations, individuals, investors and businesses and simulated their interest in art auctions – a “vacant land” awaiting cultivation.