Singapore Art Sales Aim to Defy Falling Markets, China Slowdown

Bloomberg.com, 10 Oct 2008, Adam Majendie

Oct. 10 (Bloomberg) -- Ferraris and Lamborghinis lined up on Oct. 3 in the car park of a luxury condominium in Singapore. Their owners weren't there to buy property, they came for a private view of Asian art that Larasati Auctioneers will offer.

Three days later, as Indonesia's stock market fell 10 percent, a painting by the country's top-priced living artist broke the $1 million mark at Sotheby's in Hong Kong. I Nyoman Masriadi's ``The Man From Bantul (The Final Round)'' sold for HK$7.8 million ($1 million), beating his own record for Southeast Asian contemporary art for the second time in two days.

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