According to statistics from the auction house Sotheby's over the past five years, Vietnamese paintings have flourished with record-breaking sales.

At two auction houses Christie's in the UK and Sotheby's in Hong Kong, the sales for Vietnamese paintings are approximately US$43 million.

In the auction of Modern & Contemporary Art of modern and contemporary art held by Sotheby's in Singapore at the end of August, the painting Vietnamese Lady by painter Le Pho was bought by a Vietnamese collector at SGD781,200 (more than VND13 billion).

Previously, in November 2017, this painting was also displayed at Christie's auction with a hammer price of HKD725,000 (VND2.16 billion).

This example is given to show that the commercial value of Vietnamese paintings on the international floor has increased significantly in the past five years.

Along with that is the echo of the exhibition ‘Ancient Souls of Strange Lands’ organized by Sotheby's for the first time in Vietnam in July, making collectors realize that the Vietnamese painting market to continue growing.

The interpretation of art collection as a channel for diversification of investments with the expectation of being a safe haven, as the value of artwork often increases over time.

A collection of paintings is considered suitable for segments from home decoration, and spiritual values to a haven for investment.

The art market, particularly the collection of paintings, is a result of the three main forces converging at the same time.

The report of Art Basel-UBS, an international art fair privately owned and held annually in Basel ( Switzerland) and Hong Kong (China) on the world's art market has given people surprise when it announced people from 23 years old to 35 years old have bought more artistic paintings than previous generations.

Because the art market in Vietnam is still in its infancy, similar reliable statistics are not yet available. However, it is believed that young people are interested in fine art and the collection of paintings as they have been participating in more and more exhibitions of paintings.

According to painting collector Hoang Anh Tuan, the income of young people has improved and they have a relatively higher educational background than those of the previous generation.

Second, Tuan said, young people have created a wave of art in technology platforms, especially social networks like Instagram and Facebook which have made art more accessible. Third, the Covid-19 epidemic has promoted digital transformation in many aspects of social life, including the art market.

Artists and exhibitors alike have adapted by developing both in-person and online exhibitions; therefore, they have displayed paintings to more art lovers. Among them are many people who, could not attend live exhibitions for various reasons, but now they can see paintings on the internet.

Collector Hoang Anh Tuan added that Vietnam is lacking a secondary art market such as auction houses, art fairs, annual exhibitions, or true exhibitors. Consequently, there is a lack of both reliable price references and transparent financial quantification.

It is possible to collect according to personal feelings or aesthetics, but investment requires different skills such as knowledge of due diligence, understanding, and investigating every angle of the deal.

It is a big challenge to make a prediction of what art trends will be valuable, especially for those new to the art market. That explains why the price of paintings keeps breaking millions of dollars but it’s not easy to earn a profit in this market.

Source: SGGP