Vietnam’s first commercial auction house opened on the weekend, with a painting sold for US$40,000 at its maiden auction.

The auction was held at Caravelle Saigon Hotel in Ho Chi Minh City on Saturday.

It marked the opening of Ly Thi Auction, which is the first fine art auction house in Vietnam.

A painting by Le Pho, with a reserve price of $30,000, was snapped up by Nguyen Thanh Phuong for $40,000, the organizers said.

Phuong sent a text message to buy the painting, they confirmed.

Another painting by late artist Tran Dong Phuong found a buyer at $23,000, after being offered for a reserve of $22,000.

A third, by Le Van Luong, was sold for $22,500.

Indonesian artist AFFANDI’s painting was not bought by anyone with a starting price of $180,000, the most expensive piece at Ly Thi’s maiden auction. 

Ly Thi Auction is a commercial auction room, while most previous auctions in Vietnam have been for charity.