Some see the country’s current art market as flagging, especially when compared to the painting scene circa 2007. However, others see the current situation as a blessing, the ideal breeding ground for better art-collecting attitudes.

During the Indonesian painting boom around 2007, a growing number of works by Indonesian contemporary artists fetched higher and higher prices, exceeding the prices of those by the country’s old masters, or established names.

The phenomenon was referred to as the “fourth painting boom”, with its major epicenters located in the art cities of Bandung, Jakarta and Yogyakarta.

Art curator Amir Sidharta said the art market in Indonesia was still growing, though not as quickly as it had in 2007 and 2008.

“Profits in the art market have always had two dimensions — financial gain and artistic gain. Back then, it was more about financial gain, but nowadays the latter plays a larger role. Collectors now are more about the artistic and intellectual side of the activity,” he told The Jakarta Post.

“The prices of paintings keep on increasing, but they are more stable now than when they soared during the boom. Prices are now more measured. Today, we’re better able to say how and why a painting is highly priced.”

In April, an oil painting by Indonesian master painter S. Sudjojono titled Pasukan Kita yang Dipimpin Oleh Pangeran Diponegoro (Our Soldiers Led Under Prince Diponegoro) was sold for HK$58.4 million (US$7.5 million) at Sotheby’s in Hong Kong. The 1979 painting, sized 100 centimeters (cm) x 199.5 cm, was predicted to be sold at around HK$20 million.

The auction set a new record for Sudjojono’s work, with his previous auction record HK$10.7 million.

“The painting was sold at close to Rp 100 billion, but the price was more or less understandable because Sudjojono is a pioneer of Indonesian art. The painting is rare and also quite large,” said Amir, who owns Sidharta Auctioneer.

Collector Maya Sujatmiko said while the Indonesian art scene was surprised by the record-breaking sales, at the same time, Indonesian contemporary artists were recording unsold rates of up to 40 percent.

“Are we having a slow time in the art market? I think we should look at it from another perspective. This could be some sort of a blessing in disguise,” Maya said in a recent discussion at the Salihara cultural center in Jakarta.

On the gallery side, she said, although exhibition numbers were decreasing, the demand for paintings continued - either for collection, decoration or gift purposes.

“Only galleries that continue exhibiting artwork will be chosen by these people. Galleries are seeing less competitors,” said Maya, the owner of Artsphere Gallery.

Artists, she continued, also thrived in situations where they could work to their fullest without being chased, forced and influenced by market demands.

Pasukan Kita Yang Dipimpin Pangeran Diponegoro (Our Soldiers Led Under Prince Diponegoro) by S. Sudjojono. (Courtesy of theedgegalerie.com)<)