Why we should bank on art
If there’s one thing we learned from the signing event between HSBC and Salcedo Auctions held recently at the auction floor in NEX Tower on Ayala Avenue, it’s that art is considered not only a wise investment opportunity for Filipinos, but increasingly it’s what Filipinos want and desire for their homes and lifestyles.
While HSBC has partnered with Salcedo on art auctions over the past three years, the signing event — bringing together HSBC Philippines president and CEO Sandeep Uppal, Salcedo Auctions chairman and chief specialist Richie Lerma, and Peter Fulhauder, head of Wealth and Personal Banking at HSBC Philippines at the signing table — marks a yearlong partnership with HSBC.
As the 2023 Exclusive Bank Partner of Salcedo Auctions, it’s a milestone for both institutions with the alignment of the entire spectrum of HSBC Philippines’ banking products and services with Salcedo’s marquee events. In that vein, the signing launched the inaugural March edition of Salcedo’s “The Well-Appointed Life” auction, its second thus far. It’s where important pieces like Juan Luna’s “Boceto for Spoliarium” and Felix Resurreccion Hidalgo‘s “La Pintura” — the most expensive works by both artists to be sold in the Philippines — were up for bidding in the past. The partnership also extends to Salcedo Private View curated sales to be held later in March, followed by June, July, October, and November 2023.
This year’s “The Well-Appointed Life” is being held live at the NEX Tower, Ayala Avenue, as well as online for those who like to bid from home, on Saturday, March 18, 2023 from 2 to 6 p.m.
As we sat for lunch at Salcedo Auctions, surrounded by works by Filipino masters like BenCab (a large piece from the “Larawan” series), H.R. Ocampo, Lee Aguinaldo, Arturo Luz, Ang Kiukok, Romulo Alonzo, Betsy Westendorp, Emmanuel Cordova and Lao Lianben, we heard about the growth of the local art market and the shift towards home-building that has only grown in the past few years during the pandemic lockdown. Indeed, “cocooning” has been good for the art market.
While most banking institutions pay close attention to where wealth is being invested, it seems that now, after travel and large purchases, a lot of money is going into decorating homes. And particularly home walls, which are now lined with more expansive art collections.
As newly arrived HSBC Philippines CEO Uppal noted, “Just before coming to the Philippines I was based in Hong Kong, and we saw the beautiful collection of a friend there hanging on his wall, and I asked what prompted you to move into collecting art? And he said, ‘Look, it’s much nicer to have your net worth looking beautiful on the wall, I can look at it all the time.’”
The home lockdown actually presented an opportunity for auction houses, says Fulhauder, who noted the art market has been surprisingly buoyant over the past few years: “I think our customers are now more interested in acquiring and buying art There will still be an online element, with 360-degree views of the work, but they also want to have a physical interaction with art.” And the live event — with all its paddles flying and furious bidding — promises to be a spectacle.
The enhanced partnership with HSBC Philippines offers its clients special first-to-market preview access to Salcedo’s marquee auctions and exhibitions, as well as waived P20,000 refundable auction deposit to participate online at any of Salcedo Auctions’ sales through exclusive access keys that will be provided by HSBC Philippines via email or SMS, and direct contact with the auction house’s specialists for its various art and collectibles categories, with dedicated staff assisting and advising buyers in growing their collections and redefining their legacies.
In opening remarks before the signing and toasting, Sandeep said, “This partnership highlights HSBC’s support towards growth of the rich Philippine arts and culture. Our association with Salcedo Auctions… opens an opportunity for our clients to access well-curated artworks backed by expert advice and a proven track record.”
Sandeep says he and his wife make it a point to collect local art wherever they are posted. “That’s probably the best way for us to relive the memories of each country.” He sees a correlation between Asian home improvement and art acquisition, as economies emerge and grow. “My sense is that it is the Philippine home where the art market is consolidating — the knowledge of art is increasing.”
I ask if there are any Filipino artists he’s managed to collect from among those masters represented on the auction floor. “The simple answer for that is two words: ‘I wish!’”
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Salcedo Auctions’ “The Well-Appointed Life” live and online auction takes place on Saturday, March 18. The online catalogue is available at salcedoauctions.com starting Friday, March 3. A public viewing of the works is offered from March 9 to 17. For further inquiries, email info@salcedoauctions.com or phone +639175912191.
Visit www.hsbc.com.ph.
