Collectors to cash in at Vietnam's first professional art auction

By Toan Dao May 19, 2016 | 08:32 pm PT

The Hanoi-based Lac Viet Auction Company is scheduled to hold the country's first professional art auction in the capital on May 28, which is expected to attract up to 40 bidders, Vietnam News Agency reported earlier this week.

The pair of ornamental jars created by artist Pham Anh Dao. Photo by the Voice of Vietnam

The owners will be paid in full if their pieces are sold in their specified price ranges. Should a piece go for more than the range limit, the additional earnings will be shared between the owner and the company, the Voice of Vietnam reported on May 19, citing Lac Viet Chairman Tran Quoc Khanh.

Paintings by leading contemporary Vietnamese artists will be on the auction block, including “Hanh Phuc” (Happiness) by Hoang Phuong Vy, “Tien Nu Vung Cao” (Mountain Fairy) by Quach Dong Phuong and “Ben Dong Song Do” (By the Red River) by Dao Hai Phong. The pieces are expected to fetch from VND50 million-VND120 million ($2,243 - $5,384).

'Happiness' by Hoang Phuong Vy. Photo by the Voice of Vietnam

The auction will also feature a pair of ornamental jars created by artist Pham Anh Dao, which are expected to go for VND900 million-VND1 billion VND ($40,383 – $44,870).

Painter Le Thiet Cuong will auction an altar dating back to the 19th century, valued at between VND65 million-VND80 million ($2,916 – $3,589).

'By the Red River' by Dao Hai Phong. Photo by the Voice of Vietnam

The company is receiving applications for bids from May 15 to 28, according to the VNA.

The works up for auction are expected to be sold for their true value. Previously, artists often sold their works in small galleries, mostly for charity, VOV said.