What is art if not appreciated?
There was a time the Philippines, being a country of connoisseurs, had no venue for the continued arts presentation in auction, much to the surprise of the art-loving couple, Ramon S. Lerma and Karen Kua Lerma.
While some small auctions were being held, they were usually private affairs and not on an industry level. Everything else was being done overseas.
“Karen and I felt, why does Philippine art need to be brought out for it to be sold? And for Filipinos to purchase it abroad and bring it back? It didn’t make sense,” Richie told DAILY TRIBUNE.
And that was the impetus for Salcedo Auctions, the leading art auction house of the Philippines.
Established in 2010, Salcedo Auctions established the art auction industry in the Philippines. It has been the primary arbiter and barometer in the Philippine art market with its marquee events: Salcedo Private View; gavel&block, The Well-Appointed Life, Finer Pursuits and Under the Tree: The Wish List. Each offers only the finest and important pieces of Philippine Art and rare collectibles.
Philippine methodology
“It [Salcedo Auctions] was a coming together of two different individuals, but all serious on what needed to be done in the country as far as collectibles are concerned,” Richie said.
Richie is the former director of the Ateneo Art Gallery, the country’s first modern art museum. His wife Karen comes from a family of business people and is a jewelry designer and an art connoisseur.
Integrating the idea of auctions to Filipinos was certainly not easy, the couple added.
“It’s a paradigm shift. I still remember our first auctions, and I joke about it now. I think when people would come to the auctions, they were still getting used to the idea about prices starting at a certain level and going up,” Richie said.
Such concept is the opposite of what Filipinos were used to, they noted.
“Especially with our friends in other countries, we often have a good laugh about it. I go, ‘you know in Asia, the methodology is we bargain down. We don’t pay higher,” he added.
Putting value in art
Salcedo Auctions started with just three people in the company. The demand grew, with one auction following another. Before the Lermas knew it, Salcedo Auctions was holding at least one auction per month. The company became even more active online during the pandemic.
“Research is important. You can’t just fish out these prices from thin air. It’s really the fair way to go about it. There needs to be a basis,” Richie said.
Salcedo Auctions set a new world auction record for the works of modernist master Mauro Malang Santos. His 1992 oil on canvas masterpiece, Woman, fetched P26,864,000 at The Well-Appointed Life auction held in September.
Bidding opened at P12 million, quickly soaring in P1 million increments with a gentleman in the sale room and a phone bidder battling it up to the P20-million mark. Further offers at P500,000 jumps ultimately led to the gavel falling at P23 million, with the piece sold to the phone bidder.
Richie and Karen’s older son, Joaquin, is preparing to take on the reins. A senior at the NYU Stern School of Business, Joaquin worked for Salcedo Auctions as sales associate and auctioneer.
“It [Salcedo Auctions] has grown to what it is today, something we never expected or imagined. We’re also always trying to break boundaries, always exploring,” Karen said.
Salcedo Auctions, with DAILY TRIBUNE on its 24th anniversary, The Extra Mile Productions, SM Supermalls and SM Foundation and the auction house’s exclusive bank partner Metrobank, recently came together for an evening filled with art, culture, fashion, festive cocktails and joyful company at the vernissage of “Under the Tree: The Wish List.”
First Lady Louise “Liza” Araneta-Marcos and Makati Mayor Abby Binay graced the elegant evening celebrating Philippine art, design and legacy, “The Symphony of the Season.”
Richie and Karen Lerma are looking ahead to an even brighter 15th year in 2025.