Arts & CulturePress Release

Salcedo Auctions closes 2023 with unprecedented results

MANILA, PHILIPPINES — “Under The Tree: The Wish List” wraps up another splendid year of Philippine auctions as Salcedo Auctions continued to achieve real and verifiable results, and delivered the fine art sector’s highest auction clearance rate this year to uphold its leading role as the trusted arbiter and barometer of the Philippine art market.

The shining star of the auction held last December 02 was the astonishing world record sale of National Artist BenCab‘s “Subway Madonna”, previously owned by the Oscar, Tony, and Emmy Award-winning actress Glenda Jackson, which soared to PHP 11,096,000, the highest price, based on size, for any work by the National Artist sold at auction.

Philippine National Artists also brought in a flurry of new records, including Napoleon Abueva‘s 12-seater bench, matching Salcedo’s world record at PHP 3,036,800. Price standards also continued to be set for Mauro Malang Santos, whose 2006 oil on canvas ‘Vendors’ sold at PHP 3,854,400; and for the vanguard abstractionist Constancio Bernardo whose 18×18 inch 1971 acrylic on wood ‘July’ achieved PHP 443,840. 


Another milestone was reached with a new record set for any “Tres Marias” painting by National Artist Federico Aguilar Alcuaz, fetching PHP 1,635,200. Notably, National Artist Vicente Manansala‘s watercolors painted a picture of success, achieving PHP 2,102,400 for his 1957 work, “Untitled (Canal Scene).”

Both the “Jewelry and Timepieces” and “Ecclesiastic Art” categories achieved notable success, marked by the sale of the iconic “Our Lady of Guadalupe” oil painting, prominently featured on the cover of the book “Aba Ginoong Maria,” reaching a final sale price of PHP 876,000. Additionally, the diamond-encrusted Panthère watch in 18k gold by Cartier fetched nearly PHP 2,000,000, underscoring the continuous growth of these categories at Salcedo Auctions.

Salcedo Auctions takes pride in showcasing important Philippine design with the stupendous result for the iconic “Ziggy” prototype chair by Kenneth Cobonpue, this year’s recipient of the Pratt Legends award, surpassing its high estimate and selling at PHP 221,920.

“Under the Tree: The Wish List” was presented in partnership with HSBC, with the support of The Estate, Makati.     

Salcedo Auctions extends warmest festive greetings and best wishes for a wonderful New Year. We look forward to having you join us as we unveil a vibrant schedule of auctions, exhibitions, and other thrilling events in 2024.

Partner with adobo Magazine

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