As global collectors search for cultural significance, rarity, and long-term value, Vietnamese modern art is emerging as one of the most dynamic sectors in the Asian art market.
For decades, the story of modern Asian art was largely dominated by China, Japan, and more recently South Korea. Yet a quieter transformation has been taking place in Southeast Asia. Today, Vietnamese modern art, particularly works from the École des Beaux-Arts de l'Indochine is attracting unprecedented attention from collectors, institutions, and international auction houses.
From record-breaking sales by Mai Trung Thứ and Lê Phổ to the expansion of specialized auction platforms between Paris and Hanoi, the market for Indochina art is entering a new era.
For collectors, this is more than a market trend. It may represent one of the most important opportunities in Asian art today.
Mona Lisa, silk painting, 53,5 x 37,5 cm, 1974 - Mai Trung Thu | Quang San museum
Why Vietnamese Modern Art Matters Now
The global art market is changing.
According to the Art Basel & UBS Global Art Market Report 2026, worldwide art sales reached USD 59.6 billion in 2025, increasing by 4% after two years of contraction. Auction sales rose by 9%, while younger collectors continue to enter the market at an accelerating pace.
At the same time, collecting behavior is evolving.
Ms. Charlotte Aguttes and Mr. Dinh Ngoc Duc, Director of the Vietnamese Cultural Center in France, stand beside the painting of "Sacred ceremonial attire" by Nam Son.
Rather than focusing exclusively on established Western masters, collectors are increasingly seeking artworks that combine historical importance, cultural identity, and scarcity. This shift has benefited previously under-recognized segments of the market, including Vietnamese modernism.
The result is a growing international demand for Indochina art and a renewed appreciation for the artists who shaped Vietnam's modern artistic identity.
The Legacy of the École des Beaux-Arts de l'Indochine
Founded in Hanoi in 1925, the École des Beaux-Arts de l'Indochine occupies a unique position in art history.
The school brought together European academic training and Vietnamese artistic traditions, creating a generation of artists whose work cannot be easily classified as either Western or Asian.
Artists such as Mai Trung Thứ, Lê Phổ, Vũ Cao Đàm, Nguyễn Phan Chánh, Nguyễn Gia Trí, Trần Phúc Duyên, and Phạm Hậu developed a visual language that combined modernity with local identity.
A century later, their works are increasingly recognized as some of the most important achievements of twentieth-century Southeast Asian art.
This centenary is also contributing to renewed institutional and collector interest, placing Vietnamese art at the center of international conversations about modernism.
Auction Records Confirm the Rise of Vietnamese Art
The strongest evidence of this renaissance comes from the auction market.
In 2021, Mai Trung Thứ's Portrait de Mademoiselle Phuong sold for more than USD 3.1 million, becoming the most expensive Vietnamese artwork ever sold at auction.
Lê Phổ followed with multiple sales above USD 2 million, including Family in the Garden at USD 2.37 million and Figures in the Garden at USD 2.29 million.
Works by Vũ Cao Đàm and Nguyễn Gia Trí have also repeatedly exceeded half a million dollars, confirming the growing maturity of the Vietnamese art market.
More importantly, these records are not isolated events.
Recent dedicated sales of Vietnamese modern art in Hong Kong, Singapore, Paris, and France have regularly achieved sell-through rates exceeding 90%, with some auctions reaching 100% sold.
For collectors, these figures signal strong liquidity, sustained demand, and increasing international confidence in Vietnamese art.
Mai Trung Thứ: The International Face of Vietnamese Modernism
Among all Vietnamese artists, Mai Trung Thứ has become the most recognized name on the global stage.
The 1958 painting "Mona Lisa" by Mai Trung Thứ was successfully auctioned for a hammer price of SGD 304,800 (approximately USD 225,410) at Sotheby's Singapour Modern and Contemporary Art auction held on July 2, 2023.
His delicate silk paintings, often depicting women, children, musicians, and scenes of daily life, have become highly sought after by collectors across Asia, Europe, and North America.
Several factors explain this success:
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Extremely limited supply of museum-quality works
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Strong provenance linked to France and Vietnam
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Exceptional technical mastery of silk painting
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Universal themes combined with a distinctly Vietnamese identity
In 2025, his masterpiece Le Concert sold for EUR 1.81 million in France, reinforcing his position as one of the leading figures in Asian modern art.
As demand continues to grow while supply remains finite, many collectors increasingly view Mai Trung Thứ as a blue-chip artist within the broader Asian art market.
Le concert, Mai Trung Thu, silk painting, 92 x 65 cm, 1978 with hammer price of
1,81 millions euros| AGUTTES
Beyond Records: The Growing Depth of the Indochina Art Market
The Vietnamese art market is no longer driven by only three or four star artists.
A significant development over the past few years has been the growing recognition of second-generation and historically overlooked figures from the Indochina School.
Collectors are increasingly acquiring works by:
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Nguyễn Khang
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Trần Phúc Duyên
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Nguyễn Văn Tỵ
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Tôn Thất Đào
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Phạm Hậu
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Lê Quốc Lộc
- Lê Văn Đệ
This broader interest reflects a more mature market.
Rather than purchasing individual trophy works, collectors are beginning to build comprehensive collections focused on Vietnamese modernism as a historical movement.
This evolution mirrors what occurred in Chinese modern art twenty years ago, when collectors expanded beyond a handful of famous names and began reassessing an entire generation of artists.
MILLON Vietnam and the Emergence of Hanoi as an Art Market Hub
Another important indicator of the market's growth is the development of new infrastructure.
In 2024, MILLON established MILLON Vietnam in Hanoi, becoming the first and currently the only international auction house with a permanent office in Vietnam.
This move represents a major milestone for the Vietnamese art market.
Historically, most Vietnamese artworks were bought and sold in Paris, Hong Kong, Singapore, or New York. Hanoi played a limited role in international transactions despite being the birthplace of many artists from the École des Beaux-Arts de l'Indochine.
Through its Hanoi office, MILLON has introduced a new model: duplex auctions conducted simultaneously between Paris and Hanoi.
This innovation allows collectors in Vietnam and Europe to participate in the same sale in real time, strengthening connections between Vietnamese collectors and important works held in international collections.
According to Alexandre Millon, approximately 80% of buyers of Vietnamese art in their sales are Vietnamese collectors, highlighting the growing purchasing power and sophistication of local demand.
The emergence of Hanoi as a market center marks a new chapter in the global circulation of Vietnamese art.
Why Global Collectors Are Looking at Vietnamese Art
Three fundamental factors are driving demand.
Scarcity
The greatest works by Mai Trung Thứ, Lê Phổ, Vũ Cao Đàm, and Nguyễn Gia Trí are increasingly held in private collections and rarely return to market.
Historical Importance
The artists of the École des Beaux-Arts de l'Indochine played a defining role in shaping modern Vietnamese culture and artistic identity.
International Recognition
Museums, scholars, auction houses, and collectors are increasingly acknowledging the significance of Vietnamese modernism within the broader history of Asian art.
Together, these factors create a compelling proposition for long-term collectors.
The Future of Indochina Art
The question is no longer whether Vietnamese modern art deserves international recognition.
The market has already begun to answer that.
Auction records continue to rise. Institutional interest is expanding. New generations of collectors are discovering the richness of Southeast Asian art. And Hanoi is increasingly positioning itself as an active participant in the global art ecosystem.
For Asian Art Bridge, this moment represents more than a market opportunity.
It is an opportunity to reconnect collectors, institutions, and audiences with one of Asia's most significant artistic legacies.
As the centenary of the École des Beaux-Arts de l'Indochine continues to inspire new scholarship and new acquisitions, Vietnamese modern art appears poised to enter its most important chapter yet.
The renaissance of Indochina art is no longer a prediction. It is already underway.
(*) Source: Art Basel, VNNews, Sotheby's, Aguttes, Millon.
