By Kenny Soejatman

You might not know their names yet—but artists like Nyoman Masriadi, Eko Nugroho, and Christine Ay Tjoe have become global phenomena, successfully putting Indonesia on the world art map.

Over the past two decades, Indonesian contemporary painters have transformed from virtually unknown names into auction stars with works valued in the millions of dollars in Hong Kong, New York, and London. Even within ASEAN, their achievements are difficult to match.

Proof of Success: Extraordinary Price Surges

The price of Nyoman Masriadi’s paintings soared from an auction estimate of USD 25,000 in 2007 to USD 1 million, when "The Man From Bantul” broke the record at Sotheby’s Hong Kong in 2008 (+36,000%).

Small Flies and Other Wings (2013) – Christine Ay Tjoe. Sold for USD 1.5 million at Phillips Hong Kong in 2017.

Christine Ay Tjoe’s artwork rose from USD 20,000–30,000 in 2011–2012 to USD 1.5 million, when her piece Small Flies and Other Wings fetched that amount at a Phillips Hong Kong auction in 2017 (+49,000%).

The Importance of Process in Finding Hidden Gems

Track Record

Beyond artistic merit, collectors value the artist’s reputation and career history. Renowned galleries like Gajah Gallery and art spaces like Cemeti have played a pivotal role in promoting these painters internationally and connecting them with global collector networks.

Quality & Growth Potential

These artists present bold and modern works inspired by Indonesian culture, politics, and everyday life—blending traditional themes with fresh global ideas. Their skill allows them to maintain pricing power and ensures continued demand from collectors.

Value

The value of contemporary Indonesian art still holds significant upside, driven by the rise of regional cultural influence and strong economic growth in Southeast Asia.

Finding Hidden Gems in Investing

What about investing? If you’re inspired by the success stories of Indonesian artists, MOSAIC StrataGEM offers investors the opportunity to uncover hidden gems in the Indonesian stock market.

Just like discovering a talented, little-known painter, a similar approach can help identify stocks with significant growth potential.

Track Record

MOSAIC StrataGEM focuses on stocks with a proven track record of returning capital to investors, such as consistent dividend payments.

Quality & Growth Potential

MOSAIC StrataGEM seeks companies that demonstrate sustainable earnings growth, strong cash positions, and low debt levels.

Value

Just as global collectors are only now realizing the value of Indonesian art, MOSAIC StrataGEM looks for under-the-radar stocks with significant price appreciation potential.

So the next time you see a unique painting or hear the name of an up-and-coming local artist, remember: once-overlooked Indonesian artists are now shining on the global stage. Behind every masterpiece lies an opportunity. The same goes for Indonesia’s stock market—behind unfamiliar names may lie great potential, waiting to be discovered.

Are you ready to uncover the next hidden gem with Moduit?

Behind this strategy is Kenny Soejatman, Portfolio Strategist at Moduit, with nearly 30 years of experience in Indonesia’s capital markets. He has served as a fund manager for pension funds, mutual funds, and insurance portfolios, and is renowned for spotting opportunities before the market catches on. Kenny combines deep analysis with long-term investment discipline, making MOSAIC StrataGEM a relevant, proven strategy for investors who seek more than just following trends.

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Disclaimer:
This article is intended for general information purposes only and does not constitute investment advice or a recommendation to buy or sell any financial product. Past performance does not guarantee future results. All investment decisions should be made based on individual goals, risk profiles, and financial situations. Moduit is registered and supervised by the Indonesian Financial Services Authority (OJK).

Image sources:

• The Man from Bantul by I Nyoman Masriadi — inyomanmasriadi.com
• Small Flies and Other Wings by Christine Ay Tjoe — thealternativevision.com