Salcedo Auctions
Auction house in Makati, Philippines
Salcedo Auctions
IndustryRetail
Founded2010
Founders
  • Ramon 'Richie' Lerma
  • Karen Kua Lerma
HeadquartersNEX Tower, Ayala Avenue, Makati, Metro Manila, Philippines
ProductsFine arts, collectibles, jewelry, rare objects
ServicesAuctions
Subsidiariesgavel&block
Websitesalcedoauctions.com

Salcedo Auctions is a Philippine fine art and collectibles auction house based in Makati, Metro Manila. Founded in 2010, it was originally located in Salcedo Village, the business district from which it takes its name,[1] before relocating to its current headquarters at NEX Tower on Ayala Avenue, a building designed by the international architectural firm Skidmore, Owings & Merrill.

The auction house has been described by Insider Philippines as “The Barometer of the Philippine Art Market.”[2] Salcedo Auctions is also noted for introducing specialized sales of Philippine art in line with international auction practices and for developing a proprietary, internally developed hybrid system that integrates live and online bidding.[3]

In addition to its public auctions, Salcedo Auctions offers specialized services including appraisal, cataloguing, conservation framing, restoration, logistics services for private individuals and institutions, and private viewings for collectors.[4]

Its major annual events include The Well-Appointed Life, Finer Pursuits, Gavel&Block, and Under the Tree: The Wish List.

Over the years, Salcedo Auctions has undertaken special projects with Filipino artists and estates in connection with the Philippine fine art and collectibles market.

History

Salcedo Auctions is a Philippine auction house established in July 2010 by Richie Lerma, former director and chief curator of the Ateneo Art Gallery, and his wife Karen Kua-Lerma, a certified diamond grader by the Gemological Association of Australia.[5][6]

The company’s inaugural auction was held in July 2010 in Rockwell and featured a capsule sale of ten paintings by National Artist Victorio Edades.[7] Its premier auction, The Well-Appointed Life: Philippine Art + Objects of Desire, took place on July 24, 2010, at the Mandarin Oriental in Makati City, featuring 90 lots of fine art, jewelry, and antiques.[7]

Since its founding, Salcedo Auctions has expanded into various thematic auctions held annually. In 2017, it introduced Gavel&Block, a subsidiary brand dedicated to contemporary art and design.[8]The company later introduced a hybrid auction system supported by proprietary, internally developed digital bidding platform.[3] Salcedo Auctions has recorded sales of works by Philippine Old Masters as well as modern and contemporary artists. Examples include a boceto (sketch) of Spoliarium by Philippine painter and political activist Juan Luna y Novicio, which sold for ₱63 million in September 2018,[9] noted as the highest price achieved for a work by Luna at a Philippine auction and the second highest price recorded globally.[9][10] In 2019, La Pintura (c. 1890s) by Félix Resurrección Hidalgo sold for ₱78,256,000, surpassing the previous world record for a Hidalgo painting of ₱51,600,122 in 2018.[11]

Auctions

Salcedo Auctions organizes several recurring sales annually, catering to different sectors of the Philippine art and collectibles market. Its flagship auction, The Well-Appointed Life, is held biannually in March and September and features significant works of Philippine fine art, antiques, and rare collectibles.[5] The company also holds Finer Pursuits: Important Philippine Art and Rare Collectibles, a mid-year auction highlighting landmark works of Philippine art and prominent estates. Every December, Under the Tree: The Wish List presents Philippine fine art, jewelry, watches, and rare collectibles in a holiday-themed sale.[4] In addition to these events, Salcedo Auctions also launched Gavel&Block, a subsidiary platform dedicated to contemporary, emerging, and crossover works.[8]

Notable sales

The auction house has recorded benchmark results for works involving Filipino artists. Among its notable sales are:

  • Spoliarium (boceto), Juan Luna – sold for ₱63 million in September 2018; the highest price for a work by Luna at a Philippine auction and the second highest recorded globally.[12][failed verification]
  • La Pintura (c.1890s), oil on canvas, Félix Resurrección Hidalgo - sold for ₱78 million in September 2019; the highest price for a work by Hidalgo.[13][failed verification]
  • Untitled (1976), oil on canvas, Anita Magsaysay-Ho - sold for ₱40 million on September 16, 2023; a benchmark price for the artist at Salcedo.[14]
  • Women Fishing (1971), mixed media on board, Anita Magsaysay-Ho - sold for ₱26 million on June 25, 2022. Its reportedly the highest sale for a work of Magsaysay-Ho at the time.[15]
  • La Muerte de Cleopatra (boceto), Juan Luna - sold for ₱9 million on March 10, 2019[16][17]
  • Flight (1962), oil on canvas, Jose Joya - sold for ₱37 million on June 14, 2025; establishing a new size-based record for the artist at auction.[18]
  • Erenos (1959), oil on canvas, Fernando Zobel - sold for ₱28 million on June 14, 2025, establishing a new record for Zobel's Saeta series on auction.[18]
  • Untitled (2000), oil on canvas, Mauro Malang Santos - sold for ₱1.5 million in January 2020, noted as the highest price by the artist of this size (12x10 inches).[19][20]
  • Aesop after Velasquez (c. 1880s), oil on canvas, Juan Luna, sold for ₱17.5 million on March 7, 2014, setting a benchmark price for the artist for that year.[21][22]
  • Gareng Dalam Dua Gaya II (1997), mixed media, Pacita Abad, sold for ₱2.8 million in June 2025.[23]
  • Subway Madonna (1970), pen, ink, and acrylic on paper mounted on board, BenCab, sold for ₱11 million in 2023; exceeding its estimated value of ₱2.4–₱3 million. The artwork was formerly part of the collection of British actress Glenda Jackson.[24][25]

See also

References

  1. ^ Bolido, Linda B. (August 27, 2017). "Auction comes of age in the Philippines". Inquirer.net. Retrieved September 17, 2025.
  2. ^ Nocon, R.C. (June 19, 2025). "'Finer Pursuits' by Salcedo Auctions delivers historic results for Top Filipino artists". InsiderPH. Retrieved September 17, 2025.
  3. ^ a b Joseph Sedfrey S. Santiago, The Art of Collecting: A Guide to the Philippine Market, Ateneo de Manila University Press, 2022
  4. ^ a b Gregorio, G. (November 26, 2021). "Saleco Auctions returns with its annual year-end sale Under The Tree: The Wish List". Philstar Life. Retrieved September 18, 2025.
  5. ^ a b Aportadera, A. (August 1, 2014). "Salcedo Auctions and the Well-Appointed Life". Tatler Asia. Retrieved September 18, 2025.
  6. ^ Romulo, Mons (23 June 2012). "On the auction block with Karen Kua Lerma". The Philippine Star. Retrieved 10 December 2025.
  7. ^ a b De Leon, C. (July 10, 2010). "A peek into the country's first auction house". The Manila Bulletin Newspaper Online. Archived from the original on 4 July 2011. Retrieved September 17, 2025.
  8. ^ a b Francisco, I.M (July 12, 2017). "Gavel & Block by Salcedo Auctions". Tatler Asia. Retrieved September 17, 2025.
  9. ^ a b ABS-CBN News (September 22, 2018). "Spoliarium boceto fetches P63 million at auction". ABS-CBN News. Retrieved September 17, 2025.
  10. ^ Soliman, Michelle Anne P. (September 26, 2018). "Spoliarium boceto goes for P73M". BusinessWorld Online. Retrieved September 18, 2025.
  11. ^ Soliman, Michelle Anne P. (September 25, 2019). "La Pintura sold for P78M at auction". BusinessWorld Online. Retrieved September 17, 2025.
  12. ^ "Spoliarium boceto fetches P63 million at auction". ABS-CBN News. 22 September 2018. Retrieved 10 December 2025.
  13. ^ Soliman, Michelle Anne (25 September 2019). "La Pintura sold for P78M at auction". BusinessWorld. Retrieved 10 December 2025.
  14. ^ TheDiarist.Ph (September 21, 2023). "A record-breaking, well-appointed September sale at Salcedo Auctions". TheDiarist.Ph. Retrieved September 17, 2025.
  15. ^ TheDiarist.PH (June 26, 2022). "Salcedo Auctions' sale breaks records". TheDiarist.PH. Retrieved September 18, 2025.
  16. ^ ABS-CBN (March 10, 2019). "Luna's "Death of Cleopatra" boceto sold for more than P9M". ABS-CBN News. Retrieved September 18, 2025.
  17. ^ Hestiada, Oscar Jr (February 26, 2019). "Salcedo Auctions has another Juan Luna boceto on the block". Lifestyle.INQ. Retrieved September 18, 2025.
  18. ^ a b ABS-CBN News (June 18, 2025). "Salcedo Auctions sets records for Joya, Manansala at sale". ABS-CBN News. Retrieved September 18, 2025.
  19. ^ Arcache, Maurice (January 1, 2020). "Malang's work fetches P1.5 million at first auction in a mall at The Podium". PhilStar Global. Retrieved September 18, 2025.
  20. ^ Manila Standard Lifestyle (January 3, 2020). "Malang painting fetches P1.5M; Anading's sold for P700K". Manila Standard. Retrieved September 18, 2025.
  21. ^ Aportadera, Aussy A. (16 March 2015). "Important Philippine Art breaks Salcedo Auctions' sale records again". Tatler Asia. Retrieved 10 December 2025.
  22. ^ de Guzman, Nicai (16 January 2018). "How a Mysterious Letter Led to Juan Luna's Lost Paintings and Letters". Esquiremag.ph. Retrieved 10 December 2025.
  23. ^ "'Finer Pursuits' by Salcedo Auctions delivers historic results for top Filipino artists". Insider PH.com. 19 June 2019. Retrieved 10 December 2025.
  24. ^ De Veyra, Devi (20 November 2023). "Salcedo Auctions unveils a BenCab previously owned by Glenda Jackson–British actress extraordinaire". Manila Bulletin. Retrieved 10 December 2025.
  25. ^ Ranara, John Patrick Magno (6 December 2023). "Salcedo Auctions achieves world record after BenCab painting sells at P11 million. Here are the other pieces that sold big". Philstar Life. Retrieved 10 December 2025.

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