Valuation of a work by Mai Thu: expertise, market value and sale of modern Vietnamese paintings

The market of Mai Thu (whose real name was Mai Trung Thứ (1906-1980)) is currently experiencing spectacular growth. His silk paintings, female portraits, and intimate scenes are now among the most sought-after modern Vietnamese works on the international market.

At Gauchet Art Asiatique, we regularly assist collectors, families, estates and auction houses in the appraisal, valuation and sale of works by Mai Thu, both in France and internationally.

Many works are now reappearing in French private collections, often from families who lived in Indochina during the colonial period. However, it sometimes remains difficult for owners to correctly identify a work, understand its true value, or choose the best sales strategy.

Who is Mai Thu?

Portrait photograph of Mai Thu (1906-1980). Private collection © Musée des Ursulines de Mâcon. Gauchet Art Asiatique.

Mai Thu belongs to the founding generation of modern Vietnamese painting. Trained at the École des Beaux-Arts de l'Indochine in Hanoi under the direction of Victor Tardieu, he developed very early on a personal style blending Asian tradition and Western techniques.

Having settled in France in the 1930s, the artist built an immediately identifiable body of work: elegant young women, family scenes, children playing music, maternity scenes, floral compositions and portraits bathed in a soft and refined light.

His silk paintings remain the most sought-after works today, but some oil paintings, ink paintings or drawings can also achieve significant results depending on their quality and origin.

How to recognize a work by Mai Thu?

Mai Thu's works generally exhibit several recurring characteristics:

• a great finesse in the treatment of faces;

• silent and balanced compositions;

• a soft palette dominated by warm or pastel tones;

• stylized female figures;

• a subtle work of hands and eyes;

• an intimate atmosphere that is immediately recognizable;

• a signature often accompanied by Chinese or Vietnamese characters.

Works on silk are the most common on the market. However, they require special attention because old restorations, discoloration, or re-mounting can greatly influence the final value.

At Gauchet Asian Art, each appraisal is based on a thorough study:

• stylistic analysis;

• material examination;

• consistency of signatures;

• provenance study;

• comparison with the referenced works;

• analysis of the current international market.

What is Mai Thu's current stock price?

The Mai Thu market is now among the most dynamic for 20th-century Asian art. For the past ten years, price increases have been particularly strong, driven by Vietnamese, Asian, European, and American collectors.

Small works on paper, sketches, or preparatory studies can now fetch between €3,000 and €15,000 depending on their quality, subject matter, and state of preservation. Small silks or intimate compositions regularly achieve prices between €20,000 and €60,000.

The more important works from the Parisian period — notably musical scenes, female portraits, maternity scenes or compositions with several figures — frequently exceed 100,000 to 300,000 euros at international public auction.

Several major auctions illustrate this spectacular growth in the market:

• Portrait of Miss Phuong fetched over 3 million euros at a sale in Hong Kong, becoming one of the most expensive Vietnamese works ever sold;

• Several silks depicting young women in áo dài have exceeded 500,000 euros in recent years;

• Musical compositions and important family scenes now regularly exceed 200,000 to 400,000 euros;

• Even more modest formats today achieve high results when they have a fine provenance and significant pictorial quality.

  
  

Works by Mai Thu, appraised and presented by our firm

Over the past few years, Gauchet Art Asiatique has had the opportunity to appraise and present several important works by Mai Thu on the international market.

Seated Woman, 1941 — €160,000

Mai Thu (1906-1980), Seated Woman, 1941. This important Vietnamese silk painting, authenticated by Gauchet Art Asiatique, achieved €160,000 at auction.

This elegant female figure from 1941, characteristic of the large silk compositions of the late Indochinese period, obtained an auction result of 160,000 euros after expertise and presentation by our firm.

Reclining Nude, 1966 — €205,000

Mai Thu (1906-1980), Reclining Nude, 1966. This rare silk composition, authenticated by Gauchet Art Asiatique, achieved €205,000 at auction.

Mai Thu's nudes remain particularly rare on the market. This important elongated composition dating from 1966 reached 205,000 euros, confirming the growing interest of collectors in the artist's rarest and most personal works.

Young Girl with a Rose, 1967 — €70,000

Mai Thu (1906-1980), Young Girl with a Rose, 1967. This delicate Vietnamese silk painting, authenticated by Gauchet Art Asiatique, achieved €70,000 at auction.

This delicate composition depicting a young girl holding a flower, typical of the artist's Parisian period, fetched 70,000 euros after appraisal by Gauchet Art Asiatique.

Children at play, 1942 — €560,000

Mai Thu (1906-1980), Children Playing, 1942. This important Vietnamese silk composition, authenticated by Gauchet Art Asiatique, achieved €560,000 at auction.

Scenes of children are among Mai Thu's most sought-after subjects. This important 1942 composition reached €560,000, perfectly illustrating the strong growth in the market for the artist's major historical works.

Portrait of a young girl, 1934 — €27,500

Mai Thu (1906-1980), Portrait of a Young Girl, 1934. This early work from the artist’s Indochinese period, authenticated by Gauchet Art Asiatique, achieved €27,500 at auction.

This early portrait, dating from 1934, already demonstrates the graphic delicacy and psychological sensitivity that would make Mai Thu famous. The work fetched €27,500.

An active presence between France and Vietnam

The market for modern Vietnamese artists has now taken on a truly international dimension. In this context, Gauchet Art Asiatique has been developing a specialized activity between France and Vietnam for several years, focusing on works from the École des Beaux-Arts de l'Indochine (School of Fine Arts of Indochina).

The firm regularly intervenes in the expertise, estimation and valuation of works by Mai Thu, Lê Phổ, Vũ Cao Đàm or Phạm Hậu.

As part of its development in Vietnam, the firm has notably organized and supported several sales and exhibitions in Hanoi, in collaboration with Vietnamese partners specializing in the authentication and certification of modern Vietnamese works of art.

Gauchet Art Asiatique also participates in sales held simultaneously between France and Vietnam, allowing the works to be presented directly to Asian collectors while maintaining European and international visibility.

This active presence on the ground allows the firm to closely follow the evolution of the modern Vietnamese market and to support collectors and sellers with a historical, commercial and international approach.

Where can I sell a work by Mai Thu?

The sale of a work by Mai Thu must be tailored to the quality and importance of the piece.

Depending on the circumstances, several solutions can be considered:

• specialized auction;

• international sale;

• private sale;

• presentation to targeted collectors;

• integration into a sale dedicated to Vietnamese arts.

The choice of sales channel directly influences the final result. A significant work presented in a specialized context generally achieves much better results than a general sale.

At Gauchet Asian Art, we support sellers at every stage:

• expertise;

• estimate ;

• historical research;

• restoration tips;

• sales strategy;

• connecting you with suitable auction houses and collectors.

  
  

Get a free appraisal of a work by Mai Thu

Do you own a painting, silk piece, drawing, or artwork attributed to Mai Thu?

Gauchet Art Asiatique provides confidential appraisals and valuations of modern Vietnamese works.

For an initial assessment, it is recommended to submit:

• general photographs;

• details of the signature;

• dimensions;

• photographs of the reverse side;

• known history or provenance.

  
  

Vietnam's art market continues its international growth today, and Mai Thu's important works are now considered among the great classics of 20th-century modern Asian painting.