Vietnam holds first art auction

The first auction of five artworks by leading Vietnamese artists will take place on May 28.

The first art auction in Vietnam organized by Lac Viet Auction Joint Stock Company had 5 works including: a late 19th century altar cabinet owned by artist Le Thiet Cuong; a painting with the theme "By the Red River" by artist Dao Hai Phong; a painting with the theme "Happiness" by artist Hoang Phuong Vy; a painting with the theme "Highland Fairies" by artist Quach Dong Phuong; a pair of four sacred animals vases by artist Pham Anh Dao. These are all high-quality works by leading contemporary artists in Vietnam.

Painting By the Red River, artist Dao Hai Phong.

According to Mr. Tran Quoc Khanh, Chairman of the Board of Directors of Lac Viet Auction Joint Stock Company, opening an auction in a professional style and following the world trend is a desire to contribute to the domestic auction industry a start for a new style, a new trend. The author or owner of the artwork will receive 100% of the value of the work according to the starting price set by the author, the excess sale will be agreed upon in the property auction contract signed with the professional auction organization and the person whose property is being auctioned.

Pair of Four Sacred Animals vases by artisan Pham Anh Dao

The first art auction is expected to open a public channel for buying and selling art. Previously, artists often only sold their works at galleries or consignments. If they participated in auctions, they were only for charity purposes, so buyers bid based on their ability to contribute to the community, not based on the actual value of the work. With this auction channel, the work will be sold at its actual price.

The painting Happiness by artist Hoang Phuong Vy.

In the first time being held, the auction will have the participation of leaders of the Ministry of Justice, the Hanoi Department of Justice, customers participating in the auction.../.

According to VOV