Every journey into the art world is unique, and the same may be said of Salcedo Auctions’ pioneering founders, Richie and Karen Lerma, a trailblazing couple who set the standard in the Philippines’ art auction industry.

They are the reigning pioneer pair as “the foremost arbiter and barometer of the Philippine art market,” as they have been described. In an exclusive interview, DAILY TRIBUNE delved into the genesis of their venture, from humble beginnings to becoming a cultural phenomenon.

Pioneering a cultural shift

Founded in 2010, Salcedo Auctions filled a void in the Filipino art scene. Richie, former director of the country’s first modern art museum, the Ateneo Art Gallery, and Karen, a jewelry designer and art connoisseur, united to redefine the perception and local trade of art.

Richie remarked, “It was a coming together of two very different individuals, but serious about what needed to be done in the country.” 

They observed a lack of platforms for showcasing Filipino art and set out to change that.

“Karen and I were based overseas, and we saw that auctions were a beautiful place,” he added.

Starting overseas gave them an understanding of art’s value, inspiring Salcedo Auctions. After they started to run the business in Salcedo, people realized the value of their art. Through extensive research and analysis of market trends, the auction house establishes a fair value for each piece, ensuring transparency and a solid basis for valuations.

Setting values for pieces requires a solid foundation, not arbitrary numbers. This approach ensures financial responsibility for bidders. 

Karen highlighted, “We produce catalogues, serving as reference materials to track how prices change over the years. It provides a basis for valuing these pieces, treating it as “art historical literature or an art record.”

Debunking the first impression in the quiet auction hall, people eagerly wait and flip through catalogues. Contrary to the idea that auctions are only for the super-rich, the attendees show that art appreciation is for everyone.

The auctions conducted by Salcedo Auctions are not merely events — they are experiences that bring together art enthusiasts, seasoned collectors and those new to the art world. Beyond the gavel strikes, these auctions symbolize a celebration of Philippine culture and creativity.

Evolution amid challenges

The Lermas began their venture with just a secretary, and Richie humorously recalled the company’s inception as a marketing event. That singular marketing initiative quickly evolved into something much larger — blossoming not merely into an industry but an entire cultural phenomenon.

The business journey has been a remarkable evolution. Initially, from organizing a single auction, they expanded to hosting two and three auctions, eventually establishing a quarterly tradition. 

The demand steadily grew, prompting them to assemble a dedicated team of over 20 individuals, handling the intricacies of these evolving events. 

Despite the challenges posed by the pandemic, Salcedo Auctions witnessed increased activity. 

The shift to online platforms attracted high net worth individuals, seeking to invest in art as travel and dining options were restricted. In this period, with people spending more time at home, the demand for art surged, fostering a thriving marketplace.

Art as a lifestyle

Karen shares that their immersion in the art world extends beyond business — it’s a lifestyle. 

Growing up in a family deeply involved in the art and design industry and entrepreneur, she and Richie embraced the opportunity to turn their passion into a business. 

Richie shared, “We were not only collectors but also immersed in the art and design business. In fact, our family played a pioneering role as exporters of Philippine handicrafts back in the 1970s. Surrounded by this rich artistic environment, even my siblings are deeply involved in the arts.”

Emphasizing art as a key cultural identifier, the Lerma power couple highlights its role in showcasing the vibrant and diverse expressions of Filipino artistry. With Karen’s background as a pre-school teacher, the educational aspect is a core goal of Salcedo Auctions.

This auction house has transcended local success, capturing international acclaim. The Lerma couple acknowledges the increasing interest from collectors abroad, indicating a widespread appreciation for Filipino art that extends well beyond national borders.

Balancing passion and business

Karen and Richie, with a unique blend of interests, find themselves at the intersection of nature and city life. 

While Karen embraces the tranquility of the great outdoors as a nature lover, Richie, the city boy, brings a dynamic energy to their lives.

Richie told Pairfect on acknowledging the richness that comes from embracing diverse perspectives. This sentiment extends to their parenting philosophy, ensuring their two kids experience the best of both worlds.

Currently navigating an early phase of being “empty nesters,” they find themselves in different parts of the world as their children pursue overseas studies. 

Despite the physical distance, the couple places immense importance on finding time to be together, cherishing the moments that bridge the gaps between continents.

The Lerma couple’s passion and dedication continue to shape the landscape of art auctions in the Philippines and beyond — redefining legacies with Salcedo Private View; pushing aesthetic boundaries of contemporary art and design in gavel█ and setting benchmarks of excellence with Salcedo Auctions’ marquee events The Well-Appointed Life, Finer Pursuits and Under the Tree: The Wish List.

Salcedo Auctions stands as a beacon in the Philippine auction industry, presenting live and online events. From fine art to collectibles, each transaction is guided with tailored expertise, ensuring a seamless and memorable journey for every client.