Of all the assets that were seized from the syndicate headed by Pol. Gen. Pongpat Chayaphan, that is being put on public display, a 109 year old oil painting of a canal home by a famous Netherlands painter is the most valuable.
The art work is estimated to be valued at no less than B15 million and will be going under the hammer in the first round of auctions on Thursday (March 5).
The painting drew interest from many artists. One commented that it was a masterpiece from that century and could confidently value this artwork at B15 million.
Yesterday’s display represented only half of all the assets that were seized by AMLO.
In all, four auctions will be held on four separate days. A total of 250 inventories will be auctioned off each day.
All of the 2,000 inventories to be auctioned are divided into 5 categories which are artworks, porcelain, Buddhist sculptures, furniture and wristwatches. In all, 20,000 items are contained within the 2,000 inventories.
Almost all are depreciable assets and as such poses a potential burden on the state to maintain them.
It is for this reason that AMLO decided to hold the auctions. The public is also reassured that legal ownership is guaranteed following a successful bid
AMLO will allow the public to view the items up close again today (March 3) before proceeding with the actual auctions which will be held from March 5 – 8 at the 2nd Infantry Battalion of the 1st Infantry Regiment of the Royal Guards located on Chaengwattana Road.
The displays yesterday drew in several hundred attendees with the luxurious wristwatches attracting the bulk of attention.
Many collectors who attended commented that huge sums of money will have to be prepared before the actual bidding because many of the items are extremely expensive and very rare.
One antique expert said he was personally interested in almost 100 pieces. The prices for them are acceptable and many items are extremely rare. For example a priceless idol adorned tea-set and golden cabbage Chinaware are highly prized by collectors.
Bidders are required to put down a 10 per cent down payment to qualify for bidding.
The items that are going under the hammer vary in value from as little as B200 – B500 plates up to items valued in the millions of baht. It is expected that the proceeds from the auction will help bolster the state’s coffers by no less than B50 million.
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