The country's auction industry continues to spur the creative economy amidst the global pandemic as paintings, porcelains, relics, stamps , banknotes become long-term investments.
The team at best2bid.com, South East Asia’s bidding platform for valuables and collectibles shares the following statistics, derived from the results of 59 auctions conducted from January 2020 till July 2021.
Among the most active auctioneers during the period are MNP Auctioneers (Central) Sdn Bhd, Henry Butcher Malaysia, KLAS Art Auction, Raffles Auction and Wells Auction, amassing over 6,000 lots being hammered at their physical and online auction events.
The following is a summary of the compilation :
January 2020 - July 2021
Total Realized Price
Total Realized Price (2020)
Total Realized Price (till July 2021)
Total Lots Sold
Main Items Sought
Antique, Painting, Stamps, Banknotes & Coins
Average Lot Realized Price
Highest Painting Price Sold
Highest Banknote Price Sold
RM76,000 (RM5 - BL1111111-BL9999999, BL10000000 at the Tenth Auction of Malaysian Banknotes with Special Serial Numbers (4th Series)
Highest Stamp Price Sold
Highest Antique / Porcelain Price Sold
Most popular collectible
Banknotes & Coins
Average sold success rate : 83.74%
3,636 lots sold
Second Most popular Collectible
Stamps, average sold success rate : 67.89%
Third most Popular Collectible
Antique, average sold success rate : 62.35%
Top 5 Auction Houses
The statistics above proves that the auction industry helps to boost the creative economy and is an opportunity for our country to promote Malaysian arts, culture and heritage onto the world stage.
The country's creative economy contribution towards the Gross Domestic Product (GDP) stands at 2.0 per cent for the last five years, with around one million people being employed in the economy.
While encouraging, this GDP figure is marginally lower when compared to neighbouring countries such as Singapore which has an estimated 2.8% to 3.2% GDP value, USA (7.8%), UK (5%) and Australia (3.3%), indicating that there is much scope for growth in Malaysia.
It is hoped that Rancangan Malaysia Ke-12 also focuses on the auction industry as we look into defining the characteristics of a developed 21st century creative economy for our nation.
If well-nurtured, the creative economy can be a source of structural economic transformation, socio-economic progress, job creation and innovation while contributing to social inclusion and sustainable human development.