Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Indonesia Invests in Art

March 24, 2009 by Marion Maneker

The Jakarta Post explores Indonesia’s art market dividing the collecting universe into three types. Unfortunately, two of the three collector profiles put the financial aspects of the art ahead of their aesthetic appeal. More troubling is this comparison to a very different financial crisis a decade ago:

Oei Hong Djien, an art collector who sits on the Singapore Art Museum’s board of directors, agrees. If the situation mirrors that of the 1998 financial crisis, he says, the art market is likely to experience a boom this year.

During the 1998 crisis, Oei reveals many people looked for the most convenient and promising ways to invest their money – including purchasing paintings.

“[At that time] they heard that paintings that were cheap would become expensive, so they were interested [in investing],” Oei says. “Then that was it. The art market suddenly turned crowded in the middle of this economic crisis. It was weird.”

Collector and owner of Nadi Gallery, Biantoro Santoso, says that enjoyment tends not to be people’s first motivation for buying art. “I would say there are more people who collect for investment, for either the short term or the long term,” he says. “Some collectors will keep their paintings for years until they can sell them again with high returns.”

Art for Love or Money (The Jakarta Post)

More from Art Market Monitor

  • Indonesian Auction Gets HotIndonesian Auction Gets Hot
  • Sotheby's HK SouthEast Asian = HK$107,729,250Sotheby's HK SouthEast Asian = HK$107,729,250
  • Indonesian Collector: Gov't Should Support ArtIndonesian Collector: Gov't Should Support Art
  • Larasati Singapore Sale = US$1.4mLarasati Singapore Sale = US$1.4m
  • Corporate Social Responsibility Drives Indonesian ArtCorporate Social Responsibility Drives Indonesian Art
  • Daniel Komala Wants Some CreditDaniel Komala Wants Some Credit

Filed Under: Uncategorized Tagged With: Indonesian

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • $10 M. Picasso Portrait Unseen for Decades to Sell at Bonhams
  • Vienna Secession Painting, Long Thought to Be Lost, Sets a Record at Auction
  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Restituted Van Gogh Portrait from London Collection to Sell at Christie’s
  • Tony Podesta's Secret Art Buying
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Collection of Texas Heiress Anne Marion Expected to Fetch $150 M. at Sotheby’s
  • Roy Lichtenstein’s Top Ten Auction Prices
  • After Pandemic’s Rapid Change, Sotheby’s Has 8 Predictions for 2021
  • Christie’s to Sell Its First Fully Digital Work of Art in Test of Emerging Market
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor