``Is there an economic crisis? I don't feel it,'' said Chin Yeow Quek, as he rapped the gavel at Sotheby's in Hong Kong, setting a record for Southeast Asian contemporary art for the second time in three days.

As Indonesian artist I Nyoman Masriadi's painting of bloodied boxers sold for HK$7.8 million ($1 million) with fees, the 300 or so people packed into the room continued to flash their paddles for the rest of the 96 lots of offer. The HK$40.6 million morning session of Southeast Asian contemporary art was the liveliest so far in the five-day auction that began Saturday.

The global financial-market rout quelled buying on the first two days of Sotheby's sale, Asia's first major art auction since Lehman Brothers Holdings Inc.'s Sept. 15 bankruptcy. Buyers shunned top lots by renowned Chinese contemporary artists like Zeng Fanzhi on the first two days, casting doubt on Sotheby's chance of meeting its HK$2 billion total estimate for the 1,700- lot autumn sale.

Febrile bidding at today's sale of contemporary Southeast Asian art was a clear break with the gloom.

``Investors, not collectors, are driving up Southeast Asian art prices,'' said Shirley Ben Bashat, who runs Opera Gallery in Hong Kong. ``Why buy a Zhang Xiaogang when you know prices won't flip 10 times? Why not buy works by young painters that might?''

Works by Indonesian artists like Masriadi, Agus Suwage and Rudi Mantofani sold for several times Sotheby's top estimates. Masriadi's works were the most hotly contested.

Bidding on his acrylic-on-canvas ``Too Small,'' which shows a man in his underwear sizing up a pair of jeans, opened at HK$70,000 above Sotheby's top estimate and reached the hammer price of HK$1.5 million within a minute.

"The Man From Bantul (The Final Round)" a painting by Indonesian artist I Nyoman Masriadi

Flurry of Paddles

His boxing painting ``The Man From Bantul (The Final Round)'' drew a flurry of paddles and raised hands from Sotheby's tiered panel of more than 30 staff members, bidding on behalf of clients. The final price broke Masriadi's own record of HK$4.8 million for contemporary Southeast Asian art, set at the same auction two days ago.

Masriadi, 35, who often works through the night, was asleep at his home in Yogyakarta, Indonesia, during this morning's auction, according to Jasdeep Sandhu, owner of Singapore-based Gajah Gallery, which represents the artist.

``You can feel the market for Southeast Asian art, especially Indonesian art, heating up,'' said Hermanto Soerjanto, a graphic designer who flew in from Jakarta to sell and buy Indonesian paintings at the auction. ``It's dangerous for those who don't know the market well and are just following the crowd.''

Bug-Eyed Shades

Many bidders at today's auctions were Southeast Asians. Indonesian women with bug-eyed designer shades stuck in their teased hives scribbled in their catalogs, logo-laden bags slung on their arms. Men in batik shirts, wearing giant jade and sapphire rings greeted each other in rapid-fire Indonesian in the foyer.

Paintings by Vietnamese artists paled against their Indonesian counterparts, with many selling at or near the low end of their presale estimates. Nguyen Trung's oil-on-canvas ``Lady,'' one of the most expensive Vietnamese pieces offered, fetched HK$187,500 against the high estimate of HK$200,000.

``We are very happy with the results,'' said Quek, 49, in an interview. ``Indonesian art is faring extremely well.''

Little surprise, said Seng Yu Jin, co-curator of Masriadi's solo exhibition ``Black is My Last Weapon'' at the Singapore Art Museum until Nov. 9.

``Technically, Indonesian artists are superb -- probably among the very best in the region,'' said Seng, citing Masriadi's six-year training at Institut Seni Indonesia, one of the nation's most-rigorous art schools.

Masriadi infuses his liking for comic books and video games in his works, giving them a global appeal while also making piquant, sometimes biting, social commentaries that locals understand, said Seng.

Jendela Group

Seng said Masriadi is one of Indonesia's better artists, though not the best. Christine Aytjoe, Handiwirman Sahputra and others from the Jendela group of artists, known for their experimental works, may gain popularity, he said.

Sotheby's charges sellers a flat fee of HK$6,000 for items under HK$40,000 and 10 percent for sales of HK$40,000 or more. Buyers' commission is 25 percent of the hammer price for the first HK$400,000, 20 percent for the amount between HK$400,000 and HK$8 million, and 12 percent for the amount above that.