The Well-Appointed Life’s inaugural March edition was off to “a flying start,“ as described by the auctioneer, Salcedo Auctions’ chairman and chief specialist Richie Lerma. Last March 18, Lerma had yet to  settle into his podium when a quick succession of bids started to come in for lot #1, an untitled abstraction by National Artist H.R. Ocampo. It set the pace with a full-house of buyers gathered at the auction house’s gallery, joined by phone and online bidders, who kept the momentum for the rest of the sale. With over 80% of the Important Philippine Art collection sold, The Well-Appointed Life sale became the auction house’s—and the Philippine auction industry’s—most successful sale for the first quarter of 2023. It also revealed the interesting bidding tactics of today’s collectors, which made the auction an entertaining spectacle for those who followed the proceedings.
Lot #1, National Artist H.R. Ocampo’s untitled drawing from 1972 sparked brisk bidding even before auctioneer Richie Lerma had the chance to settle in his podium position, selling at P75,000 (P87,600 including fees) just 47 second after the start of sale. IMAGE : Salcedo Auctions

Trigger Happy

Lerma was caught off guard when he realized the bid was already up by P26,000 (pushed by online bidding) by the time he opened the sale for the first lot. “I’m sorry but I think some people got trigger happy,“ Lerma said, laughing with the crowd, stopping himself one minute into the sale with another chuckle when Lerma realized that he forgot to introduce the artist in all the excitement. He brought the gavel down 47 seconds later, with H.R. Ocampo’s abstract drawing, composed of precisely nine lines, selling for P75,000 (P87,600 including fees) to an online bidder.
Lot #18, Dog by Ang Kiukok, tempera on paper, from 1972, sold for PHP1.1 million (PHP1,284,800 including fees) after spirited bidding. IMAGE : Salcedo Auctions

Master of the End Game

These masters enter the bidding space just to finish the game, like in the battle for Ang Kiukok’s Dog. After opening at P480,000, the price quickly escalated before a new bidder’s P900,000 offer half a minute into the sale, followed quickly by a P1 million bid just four seconds later. There was a pregnant pause (meaning a minute or so in the fast and furious world of auctions) before Lerma’s calls to close the bids. Just as he raised the hammer, a master of the end game emerged from nowhere for a P1.1 million offer, which remained unchallenged until Lerma’s last and final call.
Salcedo Auctions’ client services team holding up Fernando Amorsolo’s exquisite nude dated 1920, which reached the winning bid of P750,000 (more than three-times its high estimate) in less than 2 minutes. IMAGE : Salcedo Auctions

The Negotiator

The bid for Romulo Olazo’s untitled #370 was at P6 million when a phone bidder called for a time out. “Of course I will wait for P500,000,“ Lerma deadpanned, while assuring the paddle-holder from the floor that “the bid is still with you.“ After a generous pause, Lerma prodded:  “We’ve waited this far, and the fact that you’re still talking about it, you must really like it. What’s another P500,000?,“ sparking laughter across the gallery.
(Top) Salcedo Auctions client services team members and Vice Chair & CFO Karen Lerma cheering the buyer from the floor who won a Romulo Olazo painting (below) after a fierce battle with a phone bidder. IMAGE : Salcedo Auctions
The phone bidder negotiated an irregular offer of P6,250,000 ( with half the required P500,000 increment) which was accommodated. After another long wait, it was trumped with a winning offer of P6,500,000 from the floor.
BenCab’s tapestry, titled Milk Carrier, one in an edition of seven, sold for P2 million (P2,336,000 including fees). IMAGE : Salcedo Auctions

The Jumper

One of the most intimidating bidders is the jumper, or a buyer who makes an offer that’s over the usual increments to shock contenders into submission. Lerma was poised to close the sale for  BenCab’s tapestry (titled Milk Carrier) with a bid of P1.8 million when an online bidder jumped in with a P2 million offer. “Oh my,“ Lerma jokingly muttered to the crowd,“here I am counting down and suddenly there’s this bid,“ which turned out to be the winning offer.
Salcedo Auctions’s chairman and chief specialist Richie Lerma about to close the sale of Bencab’s untitled ‘Larawan’ series painting of two women with a world record-breaking bid of P22,000,000 (P25,696,000 including fees)

The High-Rollers

The highlight of the sale was the fierce battle for BenCab’s untitled painting from his Larawan series. After opening the sale at P12 million, buyers quickly threw in their bids with increments of P1 million to reach the high estimate of P18 million just 14 seconds after the opening bid. It was surpassed shortly after, before finally settling at P22 million (P25,696,000 including fees), to the cheers of the gallery crowd.
A trio of online bidders battled it out for Federico Aguilar Alcuaz’s untitled landscape, eventually won by a determined collector whose P1.5 million (P1,752,000 including fees) winning offer was three times over the high estimate.

The Conqueror

The conqueror is every art-loving collector’s biggest fear, one who comes to auction not to buy, but to win. The conqueror will block challengers from the floor, phone or online without hesitation to wear out contenders from all fronts before delivering the final,  triumphant offer. *Consignments to the forthcoming auction ‘Finer Pursuits: important Philippine Art & Furniture’ auction in June 2023 are now being accepted. Offers may be made via [https://bit.ly/Consignment-Form](https://bit.ly/Consignment-Form) or by sending an email to [[email protected]](mailto:[email protected])* *Words by Devi de Veyra*