Vietnam art market dominated by Vietnamese buyers a collector’s dream come true

Ten years after I wrote an article titled "Playing and buying paintings," the Vietnamese art market has evolved significantly.

Firstly, the market is much more vibrant, with Vietnamese buyers being the predominant force, fulfilling a wish that I have nurtured for a long time.

Secondly, exhibitions are held frequently by young and emerging artists, as well as long-established professionals.

These exhibitions are highly creative. A decade ago, Vietnamese paintings worth millions of dollars were virtually non-existent, but many have reached that price level today, and there are many more valued at hundreds of thousands of dollars. This is a wonderful development.

The Vietnamese middle class and affluent individuals have developed a strong appreciation for art and are willing to pay substantial amounts to own it.

From a spiritual and cultural perspective, having original paintings in living rooms and meeting rooms enhances their beauty, luxury and artistic value.

Many people have told me that hanging a painting makes their living or meeting spaces feel more elegant and refreshing. They’ve said that they find themselves drawn to the painting throughout their day, whether during breakfast, coffee breaks, or before heading to work. Many have expressed regret at not discovering and acquiring art sooner.

On the material side, the appreciation for paintings has been equally remarkable. The prices of paintings rarely decrease, and expensive works only seem to increase in value. During times of crisis, their prices often rise even more. Paintings have become a safe haven for investment, similar to real estate or stocks. During and after the Covid-19 pandemic, global investors turned to art for stability, with painting prices rising sharply worldwide. Vietnam was no exception.

Ten years ago, foreigners were the primary buyers, and prices were relatively low. Today, highly priced paintings are mainly purchased by Vietnamese collectors, a promising sign.

No better investment

Reflecting on the past, I believe there is no better investment than art if you choose the right artist. Paintings can rival real estate or stocks and offer the added benefit of being visible and enjoyable daily, enhancing the space where they are displayed.

For example, a 80x90 cm Tran Luu Hau painting that was priced at around $5,000 a decade ago now fetches between $50,000 and $60,000. Similarly, 80x110 cm or 110x130 cm Boat or Sapa landscape paintings previously priced at $8,000 or $10,000 now fetch $100,000 to $150,000. Despite the steep prices, buyers are still eager to invest, with most collections in the hands of Vietnamese patrons.

At the peak, some beautiful paintings have even surpassed their asking price; for instance, a 110x130 Sapa painting sold for $220,000 when the seller was asking for $150,000.

Tran Luu Hau’s Sapa paintings are an outstanding example of abstract art. The paintings’ thick, layered application reveals each layer distinctly, and when viewed as a whole, subtly depicts Dao girls carrying baskets to the market. The artwork is vibrant and alive, showcasing the artist’s exceptional talent. Investing in his paintings over the past decade has been a stroke of luck.

His works that feature girls, vases or boats are more abstract than literal; and they are highly valued by many collectors.

However, Hau’s semi-abstract paintings are not easily accessible.

In the first decade of the new millennium, buyers from Holland, Hong Kong and especially Singapore purchased numerous Tran Luu Hau paintings, all of which were of exceptional quality. They were ahead of us in recognizing his talent. Now, his paintings are returning to Vietnam in waves, with many Vietnamese collectors bringing his works back from abroad.

Within Vietnam, Hau’s paintings are now held in such high esteem that their class and value are often compared to diamonds. The artist has revolutionized Vietnamese painting, offering a unique, strong, and abstract style unlike any other artist before him.

Hau’s paintings feature large, bold color blocks with basic hues, but his technique of mixing and applying paint creates a strikingly beautiful effect. This distinctive style sets him apart from both previous and current generations. A friend in Hanoi told me recently that locals have a deep appreciation for Hau’s work, with many who have beautiful homes or living spaces eager to own one of his paintings.

A particularly surprising anecdote came from a manager at one of the most renowned art galleries in Ho Chi Minh City and Hanoi.

When artist Hau was still alive and his paintings were priced at around $2,500 for a small piece, then considered quite expensive, he told his boss: “My paintings will be worth millions of dollars each in the future.”

Back then, no one really believed him. Today, many of Tran Luu Hau’s large paintings are priced at around $500,000. As the country continues to develop and economic conditions improve, so too will the cultural sector. Art, especially paintings, is expected to thrive and gain greater respect and appreciation.

As this trend continues, painting prices will likely rise even further, and Vietnamese works may reach price levels comparable to their international counterparts with paintings worth millions of dollars. Hau’s statement about the future value of his work has proven remarkably prescient.

HCMC, September 3, 2024