HÀ NỘI — The first art auction centre in Việt Nam will be opened tomorrow (Sept. 24) in the capital.

The 1000sq-metre centre at the 25T building, No5 Block in Trung Hòa ward of the Cầu Giấy District, will display and host artworks and auction off five at each session.

Five artworks which include a 20th century lacquer painting , a set of two 19th-century Bát Tràng vases of the Nguyễn dynasty and a set of two 19th-century porcelain chóe of the Thanh dynasty (a type of vase considered a measure of wealth in the highlands provinces) will be auctioned at the opening event, with starting prices ranging from VNĐ15 to 50 million ($672 to $2241).

A silk painting by painter Nguyễn Thụ will also be auctioned at a starting price of VNĐ110 million ($4900).

Currently, artists sell paintings at a fixed price, paying a commission to the gallery. Occasionally artworks are auctioned for charity purposes, but the prices do not reflect the value of the items.

With the opening of the auction centre, artwork owners will receive 100 per cent of the initial price they set. The additional amount from the auction will be divided according to the provisions in the contract between the organisers and owners.

The first artwork auction in the capital was held earlier this year, in May, by the Lạc Việt Company at a hotel with five art pieces being auctioned. Among them, a set of 500kg pottery chóe was sold at VNĐ6 billion ($268,900).

Art auctions aim to honour the value of labour and creativity and helps determine the works’ true value, as fixed by bidders who want to own them, said chairman of the board of Lạc Việt auction company, which will manage the centre, Trần Quốc Khánh. — VNS