The “Finest Pursuits: Important Philippine Art & Rare Collectibles' Auction” had just concluded and Richie—with his brushed up salt-and-pepper hair and slender blue suit—appears in a video, which he does regularly, to report on the event's success and to thank bidders for their continued patronage.
“Salcedo Auctions is incredibly pleased to report the finest auction results for the finest collection this auction season…” he goes on.
If Lerma, the former Ateneo Art Gallery director who holds an MA in Art Administration from the University of New South Wales, seems ebullient or inclined to embellishment, he can perhaps be forgiven. After all, Anita Magsaysay-Ho's "Portrait of a Young Woman" (1953) sold for a world record price of P39,712,000. Other consigned pieces by National Artists such as Fernando Amorsolo, Botong Francisco, Ang Kiukok, and Arturo Luz, along with jewelry, fine furniture, and ecclesiastical art, also sold well, delighting both Salcedo and its consignors.
Reviving art auctions in the Philippines
As the face of Salcedo Auctions, which he co-founded in 2010 with his wife Karen, now chief financial officer, it is fair to say that Lerma has seen the ups and downs of the Philippine art market, not just the auction market. In fact, it can almost be said that he helped revive formal art auctions in the country after The Auction House at the Manila Garden Hotel, owned by Maricris Olbés and Connie Gonzalez, folded.
"We started with just 10 artworks,” Lerma recalls, questioning why significant Philippine art was being sold in Hong Kong instead of Manila.
“Participating in numerous international art auctions led my wife, Karen, and me to believe that Filipinos would embrace this buying and selling platform,” says Lerma.
Seeing the absence of a full-service fine art and collectibles auction company in the country plus the improving economy, the Lermas organized Salcedo Auctions, which takes its name from its former, longtime location in Salcedo Village, Makati.
An uneasy start
If the Lermas assumed that Filipinos would easily embrace art auctions, the early days of Salcedo Auctions proved otherwise. Yet, they persisted.
“At first, people were not bidding,” Lerma reveals. “They simply sat there not knowing exactly what was going on. I think the notion of bidding the price up instead of negotiating the price down was a bit of a surprise.”
But art buyers eventually caught on and auctions grew bigger, with closest and biggest rival Léon Gallery entering the auction scene in 2013. Other players such as the defunct Now Gallery of Patrick Reyno and Vita Sarenas' Finale Art File have also tried their hand at art auctions with limited success.
To better reach the affluent market, Salcedo Auctions partnered with Rockwell Land in 2014 for “The Well-Appointed Life” auction. They held previews at Rockwell's Kirov Lounge and Showroom, with auctions taking place at the former Rockwell Tent. In 2017, it was The Peninsula Manila’s turn, displaying pieces in the lobby and conducting auctions in the famed Rigodon Ballroom.
Adhering to international auction standards
Lerma takes pride in how far Salcedo has come since its early days, which is marked by their 2019 move to the sleek NEX Tower on Ayala Avenue and the addition of non-auction exhibitions via Salcedo Private View, the highlight of which was the collection of former Unionbank CEO Edwin Bautista.
He also notes how Salcedo continues to follow the same international auction standards of both Christie’s and Sotheby’s.
“We adhere to these firm standards so that sellers don't enter the auction market with unrealistic expectations,” says Lerma. “Our buyers know exactly where their bids stand, therefore reducing any doubt as to the sale results and by extension where the Philippine art market currently stands.”
Post-pandemic growth and passing the torch
Salcedo Auctions was spared the economic effects of the pandemic, says Lerma, as they were among the first luxury sector companies in the Philippines to quickly pivot to online operations. This includes setting up a virtual gallery accessible from anywhere and increasing their social media presence, a key platform for reaching their growing clientele.
And this early, Richie and Karen are preparing the next generation to take on the reins. Their older son Joaquin, a senior at the NYU Stern School of Business has been exploring different roles within Salcedo, from sales associate to auctioneer. He is also pursuing a major in finance and data science, “with an interest in their intersection with the secondary fine art market.”
With the uncertainties in the world economy and the global art market, Salcedo Auctions wants to make its mark as the arbiter and barometer of the Philippine art market. It’s a heavy responsibility to assume, but it's a role that Richie Lerma gladly welcomes—with seriousness and aplomb.
Features Reporter
