Duke & Leo

Home
Vietnam
Hanoi
Duke & Leo

Art investment and financing.

13/08/2026

Our beautiful Vietnam.

12/08/2026

Made in Japan II (1982), Jean-Michel Basquiat

Jean-Michel Basquiat's auction record was set by a 1982 painting: Untitled sold at Sotheby's New York on May 18, 2017, at the time the highest price ever paid at auction for an American artist before being eclipsed in 2022.

That year sits at the top of a deep market. Basquiat's annual auction turnover has climbed from roughly $11M in 2000 to a record $437M in 2021 (48 works sold that year), and has cleared more than $200M in six of the last nine years. In 2025, 41 of his works sold at auction.

Made in Japan II (1982) is an oversize canvas tied to Basquiat's engagement with Japan, where he traveled and exhibited in the early 1980s. It was shown at the Mori Art Center Gallery in Tokyo in 2019 and in the touring survey Now's the Time at the Art Gallery of Ontario and the Guggenheim Bilbao in 2015. Its companion, Made in Japan I (1982), sold for $8,005,000 at Christie's New York in May 2014.

Made in Japan II's share is now offered at Masterworks.

30/07/2026

The Museum of Modern Art has returned to the municipal bond market with a $210.7 million tax exempt issuance, its first since 2021.

The AA and Aa2 rated financing, led by Goldman Sachs, carries 5% coupons maturing in 2031 and 2036. Proceeds will fund capital improvements, refinance 2016 debt and repay credit line borrowings rather than support art acquisitions or expansion.

The transaction highlights an overlooked part of the art world. Leading museums operate as institutional borrowers. Investors assess balance sheet strength, governance, liquidity, operating performance and long term cash flow, not collection quality or reputation.

With $1.9 billion in investments and 2.9 million annual visitors, MoMA accessed long term capital at yields modestly above AAA municipal benchmarks.

The broader insight is that cultural institutions can use investment grade debt alongside philanthropy and endowment income to fund infrastructure while preserving liquidity and keeping collection assets outside the financing structure.

Joshua Greenberg
Art & Private Banker | Art Collector

24/07/2026

A journey to Vietnam's transparent and bankable art market.

19/11/2025

Gustav Klimt (1862-1918) was an Austrian symbolist painter and a key figure in the Vienna Secession movement, which helped define the European Art Nouveau style.

29/07/2025

The difference in generations corresponds to the difference in asset preference.

31/05/2025

New artwork by Serge Marshennikov. Contact Duke & Leo for details.

13/04/2025

What does a balanced portfolio look like?

- A balanced portfolio consists of a well-diversified mix of asset classes that’s designed to meet your individual goals and requirements.

- The mix between these asset classes depends on a range of factors, including the amount of risk you’re prepared to take on, and how long you intend to be invested for.

- There are three main investor profiles that help determine how you should allocate your portfolio – Income, Balanced, and Growth.

Julius Baer Insights

29/03/2025

Contemporary Art

26/12/2024

Storage Jar

Vietnam, possibly Champa; 15th - 16th century. Stoneware with incised design under glaze (Gò Sành ware). H. 13 1/8 in. (33.3 cm); D. 12 in. (30.5 cm). Mr. and Mrs. John D. Rockefeller 3rd Collection of Asian Art.

The lugs on the top of this jar were most likely used to tie down some type of cover, suggesting that this jar was used for storage. Shards discovered in 1974 near the kiln site at Gò Sành and in other nearby villages in central Vietnam provide interesting parallels to this jar's golden-brown glaze, to its reddish body, and to the method of the incised decoration of the free-flowing chrysanthemums beneath the glaze. From 192 to 1471, Go Sành and the surrounding area of central Vietnam was ruled by the Champa kingdom, although the kilns at Gò Sành more than likely produced their distinctive products for centuries after the political extinction of the Cham state. The strategic location of Champa along the Vietnamese coast made it a port-of-call on the trade routes that linked mainland Southeast Asia with Indonesia, China, and other parts of the world from at least the 8th century on. A container such as this may have been made to serve as storage on the sea trade routes.

Address

Hanoi

Website

http://www.dukeleo.vn/

Alerts

Be the first to know and let us send you an email when Duke & Leo posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Establishment

Send a message to Duke & Leo:

Want your establishment to be the top-listed Arts & Entertainment in Hanoi?