#ARTNews: Deutscher & Hackett, "Important Australian Aboriginal Art", 17th March 2021, Melbourne

EMILY KAME KNGWARREYE, “Early Summer Flowers”, 1990: Sold for AU$300,682 incl. BP

D+H’s tightly curated Aboriginal Art auction bore witness to, dare I say, a thriving market for this category.  Achieving a sales total of AU$2.6 against an estimate: $1,646,000 – 2,376,000, the sale knocked down a clearance rate of 131% by value and 92% by volume; clearly collector demand for quality artworks was high.

Results of note were the exuberant works by Emily Kame Kngwarreye (Lots 6, 7 and 11), all selling, with the ‘favourite’, the early 1989 “Anooralya (Wild Yam)” at Lot 6 selling well above its high estimate of AU$250K, selling for AU$429,545 incl BP.  Another ‘favourite’ was the delicate Lin Onus gouache on card of Lot 1, again bid to above its high estimate of AU$25K and selling for AU$42,955 incl BP.  The painting by Lin Onus at Lot 9 failed to elicit the same feverish enthusiasm but nevertheless sold well at AU$220,909 incl BP against an estimate of AU$150K to AU$200K.

The two fresh looking Bill Whiskey Tjapaltjarri works (Lots 4 and 39) were knocked down with some respectable bidding, with Lot 4, “Rockholes Near the Olgas”, 2008 setting a new record for the artist for a work at this scale and format, selling at AU$58,909 incl BP.

Tracey Moffat’s stunning and indeed, “seminal” series, “Something More” of 1989 (Lot 19) lightly jumped above its low estimate, selling for AU$270K incl BP and going to a no doubt rather chuffed phone bidder.

The superbly provenanced Lot 31, “Sandhills Surround the Rockhole of Yunala”, 2005, by internationally recognised Yukultji Napangati, clearly ignited some rather fierce bidding – online, on the phones and in the room – selling at the high end of its estimate, with a final sales figure of AU$85,909 incl BP.

#ARTNews: Australian Auctions – Leonard Joel, Fine Art 16th March 2021, Melbourne

Lot 37, Tim Wilson, (New Zealand, 1954-2020), “Manapouri” 2004, oil on Belgian linen, 60 x 120.5cm.  SOLD for AU$19,000 on the hammer.

An eleventh-hour withdrawal of the highly anticipated and promoted portrait work ascribed to Tom Roberts by Leonard Joel, did not affect the impressive 96% sale rate by value of the 175 lot Fine Art Auction held on 16th March 2021.

Totaling A$932,850 on the hammer, the sale comprised a mix of periods, genre and style, from early colonial works by the likes of Tom Roberts, S. T. Gill and J.W. Curtis, through to later works by Albert Fulwood, Will Ashton and Ernest Buckmaster, to a range of works by John Olsen, David Boyd and Sidney Nolan, the latter of which dominated the sale’s inventory.  Indeed, there were some 65 lots for works of various media by Sidney Nolan, all of which were from the artist’s estate, (aside from Lot 24, catalogued near the start of the sale), with the majority selling.

The state of the Australian Art Market

I was delighted to participate in HamiltonWealthPartners’ “Thought Leader” series and present an overview of “The state of the Australian Art Market” on the 24th November 2020.

Globally, the art market has been impacted by the covid-19 pandemic, and the economic disruption across both the primary and secondary sectors has manifested in decreased sale results, re-scheduling and cancellation of significant art fairs, biennales and curated exhibitions, and obviously curtailment of numerous other operational norms.  Most significantly, it has been the latter, that is operational norms, which have had to be recalibrated for various entities’ infrastructures.  

For many players in this unique market, the “new norm” is presenting both a mixture of adversity and opportunity.

In the talk I considered the state of the play in the Australian Art market against the global backdrop, how it has been affected by the pandemic, the attitudes and aspirations (if any) of the galleries and auction houses, and the way forward.

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Leonard Joel Prints & Multiples, 29 July 2020

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The extensive sale of just over 200 lots commenced with a selection of iconic Pop Art multiples by Andy Warhol, Keith Haring and Roy Lichtenstein, garnering both Australian and international collectors’ attention.

Star lots achieved some solid results, with the widely-publicised Keith Haring screenprint, “Silence – Death” of 1989 enjoying some spirited bidding and selling for $48K. The other Haring works achieved either parity with their high estimates (Lot 20, “Pop Shop II” at $20K), or exceeded their high estimates – Haring’s “Montreux Jazz Festival” offset lithographs (Lots 13 and 14).  The Warhol inventory saw mixed results, notwithstanding all but 3 out of the 23 lots sold, the unsold being more akin to ephemera than editioned prints.

Australian prints fared quite well; best sellers were surprisingly, a high-editioned giclee print by David Larwill (Lot 74), not a print traditionally coveted by collectors, selling above its high estimate; a Sidney Nolan AP of a market favoured subject, “Burning at Glenrowan (Ned Kelly series)”, selling above its high estimate; and a wonderful low-editioned Brent Harris etching (Lot 102) selling for nearly 3 times its high estimate.

Interest in the sale remained steadfast right until the final hammer, due in no small part to the efficiency at the rostrum and the breadth of inventory.

Market Favourites @ Gibson’s Auctions

Ethel Carrick Fox (1872-1952), “The Garden Terrace”, oil on canvas board, 26.5 x 34.5cm
Courtesy: Gibson’s Auctions

Gibson’s 19th July sale of Graham Joel’s Collection saw a buoyant response from the market, and although not quite a white glove sale on the day, post-sale interest closed out almost the entire inventory, bar six lots.

The 234 lot sale, extensive for the current climate when most other houses are restricting their inventory to much less, of a collection of silverware, decorative and fine art, and furniture, was developed over a 40 year period, by its owner Graham Joel, former head of the Leonard Joel auction house.  Graham Joel bought a piece from every significant sale he conducted.  Joel was of the view that one should “buy what they like”, and indeed, clearly the market ‘liked’ the items in this sale.

From the decorative arts segment, highlights included a stunning Gallé 'Noisette' Table Lamp, circa 1910 (Lot 31) achieve its high estimate of $40K; a rare silver mounted cameo glass claret jug attributed to Thomas Webb & Sonsmaker's Mark Joseph Cook & Son, Birmingham of 1880 saw some spirited bidding not quite achieving its high estimate of $8000, selling at $7000; and a pair of Worcester Barr Flight & Barr plates, circa 1810, surprising the room with a hammer price of $4600 clearly exceeding its high estimate of $600.

Extraordinary bidding saw a small group of hidden gems by Ethel Carrick Fox considerably exceed their allotted high estimates.  Ethel Carrick Fox’s oil on panel “Venice” was finally hammered down at $30K against a high estimate of $8000; her “Hydrangeas in Spring” saw an equal voracity in bidding knocking the work down at $32K against a high estimate of $6000; and Lot 121 saw something of a bidding war for “The Garden Terrace” finally selling for an impressive $55K. 

Other highlights within the fine arts segment included Louis Buvelot’s precise pencil sketch of 1880, “The Farm” selling for $4600 against its high estimate of $500; Max Meldrum’s 1923 typically tonal “Eltham” at Lot 151 selling for 10 times its high estimate of $600; and Frederick McCubbin’s watercolour of 1905, “The Pool” (Lot 153) selling for $18K against a high estimate of $6000.

#ARTNews: Bonhams Australia / Menzies Recent Auction Results

Bonhams Australia were tasked with selling selected works from gallerist’s Bill Nuttall’s collection on the 7th July in Melbourne; clearly these were not ‘prized’ works and the hushed atmosphere of the room, apart from the clipped annunciation of the auctioneer, echoed this sentiment.  There was for the most part, scant movement in bidding, aside from some decent interest for the Ralph Balson (Lot 21) achieving $48K (incl BP) and the striking Peter Booth painting of 2007 (Lot 19) selling for $47,580 (incl. BP)

Ralph Balson (1890-1964), Matter Painting, c.1958, enamel on board, 106.5 x 137cm

Menzies’ “The Art of Discovery” auction on 9th July in Sydney produced mixed results.  The much anticipated and prized work for the evening was Lot 28, the Grace Cossington-Smith, which took some cajoling from Martin Farrah to start the bidding, eventually selling for $520K against an estimate of $300 to $400K.  The Sally Gabori work at Lot 14 enjoyed some spirited bidding selling at $15K against an estimate of $7K to $10K; and a Picasso ceramic at Lot 17 sold well for $22K against an estimate of $10K to $15K.  There were some choice iconic works which either witnessed no interest – the Jeffrey Smart at Lot 27 (Est: $400 to $600K), the Brett Whiteley at Lot 29 (Est: $700 to $900K) and a challenging  Russell Drysdale at Lot 30 (Est: $320 to $400K); - or were painfully slow, for example the bright Garry Shead at Lot 25, selling for $140K against an estimate of $120 to $160K, and the Charles Blackman at Lot 26, selling after Farrah suggested “still room for improvement ladies and gentlemen” for $180K against an estimate of $200 to $300K. 

Charles Blackman, (1928 - 2018), Boats at Williamstown, 1956, oil on composition board, 95 x 129.5 cm

#ARTNews: Australian Auctions - Smith & Singer, “Important Australian & International Art” 24th June 2020, Sydney

Lot 6, John Brack (1920-1999), Laughing Child, (detail), 1958, oil on canvas, signed and dated 'John Brack 58' upper right, 45.8 x 40.8 cm frame: original, John Brack, Melbourne

Smith & Singer’s return to the podium, albeit post-covid19 lifting of restrictions, presented an exemplary inventory of anticipated Australian iconic artists: Boyd, Brack, Blackman, Nolan, and Perceval.   A total of $6,620,940 was realised for this quality auction, with a sale rate by value of 111% and by quantity, 87%, which is impressive given the current conditions impacting our market.

The featured work for the auction, and indeed a highlight of the evening sale was John Brack’s “Laughing Child” (Lot 6), a work ‘very’ fresh to market selling to a telephone bidder for $915K against an estimate of $400 to $600K. 

Other notable sales which raced past their high estimates were Arthur Boyd’s 1976 softened palette rendition of a favoured subject, “Evening, Shoalhaven River” selling for $70,760 (incl. BP); Sidney Nolan’s oil on paper, “Kelly Head” enjoyed some spirited bidding, finally selling for $30,500 (incl. BP) against an estimate of $10 to $15K; and a wonderful ink & collage on paper by Brett Whiteley “The Owl” (1983) realised an impressive $73,200 (incl. BP) against an estimate of $30 to $49K.

Bidding for Arthur Streeton’s intimate “Bridge in New Norfolk, Tasmania” of 1938 wasn’t curtailed by its speckled provenance, with inclusions in previous auctions (Leonard Joel in 1972 and Sotheby’s in 2003) bouncing to almost double its high estimate of $150K with a winning bid of $292,800 (incl. BP).

A good, solid biographical provenance for Ethel Carrick’s 1903 oil on canvas “The Market, Caudebec” no doubt inspired confident bidding well above the high estimate of $180K to achieve $274,500 (incl. BP).

Notwithstanding the title of the sale as denoting International works, there were only 4 lots in this category, which nevertheless included a good, tabletop sculpture by Antony Gormley, Lot 57, and with a market ready estimate of $180 to $220K, still failed to sell.  Possibly Australian secondary market buyers are still seeking ‘reliable’ Australian works.

Charles Blackman’s 1961 oil on composition board “Double Image III” was clearly a challenging proposition on the night, failing to entice bidders, but with swift aplomb by S & S circulating a “Private Sale” newsletter a few days later, the work sold for an undisclosed sum. 

Although for the most part, contemporary practising artists do not ‘warm’ to their works going to auction, the Alexander McQueen of Lot 53, “Strong Tower” (2009) reached almost parity with the artist’s retail values, selling for $42,700 (incl. BP).

Was it a case of preference for nude bathing women over pasturing cows? Lot 23, “The Bathers” the later of the two McCubbins included in the sale, did sell, although it was knocked down for below its low estimate, for $360K on the hammer.  McCubbin’s 1886 “Winter at Nunawading” was for me, the more appealing, but clearly not for the room on the night.

Australian Business Tax Break:Instant Asset Write-Off

As part of the recently announced budget stimulus packages, the Australian Government has increased the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and has expanded access to include all businesses with an aggregated turnover of less than $500m, until 30 June 2020.  This higher IAWO threshold will provide cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000.

Artworks are both investments and depreciating assets according to the Australian Taxation Office (ATO), and as such, art qualifies as an allowable asset write-off measure. The instant asset write-off is generally claimed back via your business tax return.

Now would be an ideal time to take advantage of this tax benefit.  Contact us today for a consultation.

Image: Tony Cragg sculptures, Sydney Contemporary, September 2019

Roy Lichtenstein’s “White Brushstroke I” set to hit the rostrum

A major highlight of Sotheby’s New York’s forthcoming Contemporary Art, Evening Auction is Roy Lichtenstein’s “White Brushstroke I” of 1965 carrying an estimate of $20/30 million.

One of the most striking examples from Lichtenstein’s iconic series of Brushstroke paintings, “White Brushstroke I” is from a series of 15 canvases executed in 1965-66 and which are regarded as pivotal masterworks of the Pop Art movement.

The painting is one of the few Brushstroke canvases remaining in private hands, with eight examples already held in or promised to such museum collections as the Art Institute of Chicago, Kunsthaus Zürich, Kunstsammlung Nordrhein-Westfalen in Düsseldorf, and the Whitney Museum of American Art in New York, among others.

White Brushstroke I was first exhibited in the historic debut of the series at Leo Castelli Gallery in New York in November-December 1965. The painting also has featured in numerous museum exhibitions covering Lichtenstein’s career, including: the artist’s early survey at the Solomon R. Guggenheim Museum, New York in 1969; the major traveling retrospective organized by the Guggenheim from 1993–94; and at the Museum of Contemporary Art in Los Angeles, the Montreal Museum of Fine Arts, and several other preeminent institutions.

#auctions #international #Lichtenstein #popart #prepurchasereport #artadvisor #artexpertise

Request a Pre-Purchase Report for an insightful and current market assessment of this work. Learn more.

Supporting the Arts

Xu Zhen, "Eternity Buddah in Nirvana"​. Installed at NGV as part of the NGV Triennial

To art enthusiasts, collectors and supporters.

To gallerists, curators, directors, managers and admin officers.

To art suppliers, framers, carriers, and restorers.

To art lecturers, tutors, teachers, arts writers and students.

To auctioneers, auction houses, art specialists and appraisers.

To art dealers, advisors, valuers and consultants.

Together we are facing the perils of the COVID-19 virus, the impact of which is having an immediate knock-on effect across our sector.

We all know in our hearts that the virus will eventually be defeated, but in the meantime, we need to do what we can with the tools and expertise we have to support our industry.  Collaboration, partnering, sharing of resources, and hey, even ideas, will go some way to averting complete amelioration of our chosen profession. 

For many of us, the loss of interaction with our clients, collectors and colleagues will be initially, strange and even disconcerting.  Send a text message to a colleague; phone a client; send an email to a collector, above all, stay in touch and know that all of us, in amongst the bravado of some, are fearful of what the future holds.

The economic impact of the virus is and will continue to be profound, and will affect most of us, with small businesses and sole proprietors, which permeate much of the arts landscape, remaining particularly vulnerable.  Whilst some government assistance has been announced to cushion the fall, mostly for public institutions, there will be a shortfall. 

With the latter in mind, we need to bravely reach out beyond our usual and comfortable spheres and seek support of the arts via different and perhaps, unique channels.

Which is why I will support anyone who is brave enough to politely ask:

·       you to keep your magazine subscription;

·       you to consider buying an artwork;

·       you to visit their online gallery and stockroom;

·       you to subscribe to their newsletter

·       you to buy a self-published catalogue;

·       for an introduction or referral; and

·       for help – with anything….

Stay safe.  Stay well.  Stay connected.

#art #contemporaryart #livewithart #DontCancelCreativity #stayconnected