Questions about the GSIS’ Luna Painting

1. Why spend millions on one painting when contemporary Filipino Art is dying?

Could you imagine what a tremendous collection of national arts GSIS would have amassed if it had spent half that amount on contemporary Filipino paintings – as the Central Bank did under Jimmy Laya?

The prestigious Luz Gallery is closing down after more than 40 years of pioneering work in promoting Philippine painting. Arturo Luz, the owner, has done more for Philippine art than Winston Garcia could ever do, had he several more lifetimes as an "art patron."

2. Why is Luna The Painter so popular nowadays?

Poor Luna, every smart operator is making more money from his paintings than he ever did from them in all his life!

And the number of doubtful transactions continue – from Far East Bank’s donation (kuno) of Lunas to the National Museum, in exchange for a tax break to Dr. Teyet Pascual’s "Luna sketches" and now to Winston Garcia’s purchase of "Parisian Life" for P50.6 million.

How did the price multiply so much from the P14 million estimate the auctioneers themselves started with?

3. Who were the other bidders?

Let’s face it: this particular Luna painting’s interest is primarily historical – not artistic. For that reason, only a Filipino would pay the top price for it – to keep it in the country.

I understand Garcia was bidding against someone bidding by telephone. Are we sure there was another genuine Filipino buyer – seeing how badly the economy is doing?

In any case, neither Christie’s nor its rival Sotheby’s has been above price-fixing and manipulating elite collectors.

In 2000, Sotheby’s Diana Brooks, former president and chief executive of Sotheby’s International, admitted conspiring with a Christie’s official before an American court. After that incident, both Alfred Taubman, chairman of Sotheby’s Holdings, and Anthony J. Tenant, chairman of Christie’s International, were themselves found guilty of violating the Sherman Antitrust Act.

I would say GSIS Management owes government employees an explanation more substantial than the dismissive note that not a single centavo of their money went into the Luna purchase.

Is Garcia saying that the profits from GSIS ventures go to other pockets than to the GSIS fund that employees are supposed to own?

If he is saying this, there is something even more wrong about GSIS Management than its foolish venture into art-buying – a business it obviously knows nothing about!