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View all search resultsJasmine Prasetio: Leading the team to deconstruct art valuation
(Courtesy of Sothebyâs Indonesia)Jasmine Prasetio is shaping the future of Indonesian art at the helm of a global auction house
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(Courtesy of Sothebyâs Indonesia) (Courtesy of Sothebyâs Indonesia)
(Courtesy of Sotheby's Indonesia)
Jasmine Prasetio is shaping the future of Indonesian art at the helm of a global auction house.
When S. Sudjojono's 1979 painting called Pasukan Kita Yang Dipimpin Pangeran Diponegoro (Our Soldiers Led by Prince Diponegoro) sold for US$7.5 million at Sotheby's Hong Kong's Spring Auction in April this year, it reaffirmed Jasmine Prasetio's enthusiasm for fine art appraisal and faith in the industry.
The sale, almost tripling its estimate, was noted as a world auction record for a Southeast Asian artwork and artist, trailing behind the top bid that evening for a piece called Bloodline: Big Family No. 3 by Chinese contemporary artist Zhang Xiaogang.
'The art of collecting art and collecting the best of the best is a bit irrational, because you're buying a premium today and it may or may not achieve appreciation in the next five years. Take, for example, the Zhang Xiaogang piece we just sold for $12 million.The piece was priced at $6 million about six years ago.
When it was first acquired it was unfathomable. It was a crazy price, people said. And yet, the same painting just sold for double the price. Irrational at that time, but now, looking back, it was a smart move,' Jasmine, Sotheby's Indonesia country manager, said.
Art isn't a new world for Jasmine, who grew up surrounded by people who deeply appreciated art.
As a child, she would often go with her mother to artists' studios. Excursions with her grandmother would often include art museums. Her father, John Prasetio, currently serving as Indonesian ambassador to Korea, is also a passionate art lover.
And since early 2013, as the number one person at the Indonesian arm of the global auction house Sotheby's, she's working up a strategy to spread the love of art to her fellow countrymen.
'Indonesia is a huge market and there's a lot of room to expand and areas to tap into. One of my responsibilities is executing strategies to develop the business. The goals are to increase branding, to create brand awareness, and also to show that we are not purely focused on business. It's not only about buying and selling,' said Jasmine, who comes with a decade of experience in the art market scenes of Hong Kong and Singapore.
It's a hard-earned mission that began at home, thanks to the virtue of good leadership, something she picked up from her parents, as well as from the senior management at Sotheby's.
'They always set clear expectations and goals, so there is constant communication followed by an example, basically,' she said. 'It's a structured style combined with freedom. I encourage the team to think out of the box and to provide suggestions and follow through if they are taken onboard. There will always be dialog. I constantly ask them for their opinion on various things, which is one example of how the freedom I spoke of. But we do have structure.'
Jasmine's leadership style is one that engages and motivates her employees to find meaning in their work.
'The way our work is structured is a little bit like Sisyphus, a metaphor from ancient Greece where you have to roll a boulder up a mountain and after reaching the top, you go back down and do it all over again. It's the same with the way we work each season. We start from ground zero, from the beginning, each time. That makes things exciting for all of us, and we also get to see the seeds we plant grow and blossom, so that at the end of each season, we see our hard work being recognized by the market,' explained the Wellesley College graduate.
So far, the art market has welcomed Jasmine's presence and vast knowledge, and so too her clients. For those seeking to invest in art, she's definitely the person to go to for advice.
There's no black and white in this industry and valuation is subjective, she remarked.
'Personally, I think that buying art is driven by passion and instinct. Nobody has a crystal ball. Nobody knew the Sudjojono was going to sell for $7.5 million. So I would always advise collectors to stay true to what they believe in. They must buy what they love. That is very important, and as much as possible, buy the best of the best from those that you target. Where we come in is we provide information, we share knowledge so that they can make an informed decision. But nobody can predict what the future holds. People can just make educated decisions,' said the woman who claims art is in her blood.
It may be a long way to go before Indonesia can establish itself as an art market hub, 'but I'm optimistic about the future of the art scene in Indonesia. So I believe in the longevity of our business here,' Jasmine asserted. This great nation, she said, has what it takes.
'Art is a hallmark of our history and a marker for our civilization. We see this with Borobudur. We see this with the founding of modern Indonesian art, such as the Association of Indonesian Illustrators (Persagi), which was established by Sudjojono.It's all driven by a sense of nationalism and national identity. So a lot of it goes on with art.'
Jasmine Prasetio
Place & year of birth
Los Angeles, 1980
Experience
Currently country manager of Sotheby's Indonesia since 2013, she was previously specialist at Sotheby's Hong Kong (2009-2012) and junior specialist at Sotheby's Singapore (2004-2009).
Education
Holds a bachelor's of arts in economics from Wellesley College, Massachusetts (2002)
At Ease
Living artfully
Despite being the focus of my job, art is a big part of my leisure time as well. When I'm abroad and on holiday, I always try to squeeze time to visit art exhibitions at various museums. I recently went to the Los Angeles County Museum of Art and saw the James Turrell show.
Turrell is a great artist and his medium is actually light. The works are incredible, but those are works that you only get to see in museums, or are best seen in museums. It's about the experience.
Embracing good food
I would love to learn more about cooking, because I love to eat. One day, I hope to have a farm where I can invite friends on Sundays for a simple homemade brunch.
Exploring the world
I do like to travel. There are several places where I have yet to visit but have placed at the top of my travel list, such as Istanbul, Petra or see the Northern Lights.
But for now, I'm really enjoying exploring Korea and its culture.
