#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

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

The state of the art market: a brief overview

Pierre Soualges, Peinture 162 x 130cm 14 Avril 1962”, 1962, oil on canvas, 162 x 130cm. SOLD: Sotheby’s Paris, June 2017.

According to Dr Clare McAndrew’s 2019 Art Market Report, the global art market accounted for US$67.4 billion last year, an increase of 6% from the previous year, which points to positive growth in the sector. The three main markets, the United States, the United Kingdom and China, remain the strongest accounting for 84% of the global market’s total value.

The other salient points in McAndrew’s report are:

·         Millennials emerged as active market participants;

·         The online market has witnessed continued growth;

·         Auction figures rose by 3% “year on year”; and

·         Art fairs continue to play a central role in the global art market.

Sotheby’s Mei Moses Index discerns a shift in market trends; up until recently, Impressionist and Modern Art held a prominent position in secondary market growth.  However, over the past two years, it is now the Post-War and Contemporary Art market which has seen the strongest growth, up by 12.8% compared with the Impressionist and Modern Art market at 10.8%. 

This shift in investment has been evidenced in newsworthy, strong results for artists such as Jean-Michel Basquiat, Pierre Soulages, Zao Wou-ki and Alberto Giacometti.

Whilst the “Basquiat phenomenon” has garnered an unprecedented command of the art market, with record breaking auction results, and survey/retrospective shows at numerous, prestigious museums and galleries, the perhaps less ‘spectacular’ artists, such as Soulages, Zao Wou-ki and Giacometti for example, have been steadily accruing value; suggestive of a more educated sector of the market re-assessing previously over-looked historical masters and preferring the ‘long game’ investment. 

©Catherine Asquith 2019

Auction news: Mark Rothko

Mark Rothko, Untitled, 1960.

Sotheby's will be selling San Francisco's Museum of Modern Art (SFMOMA) "Untitled", 1960  by  Mark Rothko,  with a US$35-50m estimate to benefit the museum's acquisitions fund. The sale will be held in New York in May.

The Museum will use the proceeds to fill gaps in its collection, with a particular focus on work by women and artists of color, areas in which it currently lags behind many of its peers. The sale of Untitled will help “broadly diversify SFMOMA’s collection, enhance its contemporary holdings, and address art-historical gaps in order to continue to push boundaries and embrace fresh ideas,” SFMOMA director Neal Benezra said in a statement.

An important work completed at the peak of Rothko’s career, Untitled, 1960 is one of just 19 paintings completed by the artist in 1960. This year marks a critical juncture in the iconic Abstract Expressionist’s career, following his defining commission of the Seagram Murals (1958-59) and his representation of the United States in the XXIX Venice Biennale (1958) – organized by the Museum of Modern Art, New York, which would subsequently hold Rothko’s first and only major lifetime retrospective in 1961. Untitled, 1960 is distinguished further by its connection to Peggy Guggenheim, preeminent philanthropist and patron of the 20th century.

Untitled, 1960 will travel to London, Taipei and Hong Kong, before returning to New York for exhibition and auction this May.

Valuing your Art and the Appraiser

Zhang Xiaogang’s Bloodline: Big Family No 3. Auctioned at Sotheby’s HK in April 2014 for a hammer price of US$10,698,699

Art like any asset, requires the same respect as that accorded to your other personal assets: your car, your home, or your stamp collection.  Interestingly, as part of the ‘acquisition’ process of these types of assets, insurance becomes part of the overall monetary outlay; you seek the advice of an advisor or broker to ascertain adequate insurance and annual premiums ensue thereafter.  Yet, the same cannot be said for art.

Speak with an insurance broker and you will be surprised to hear how infrequent clients seek the advice of a professional when estimating the value of their art collection; the consequences of not having an up to date valuation, and therefore a current value, can mean the difference between being reimbursed for loss or damage appropriate to its market value or incurring a loss on that initial investment.

Additionally, having an up to date and current value of your collection can also assist in having in place a de-accession strategy; selling too early or too late can result in an unforeseen loss.

Obtaining a professional appraisal of your artwork operates in much the same way as seeking a value for other assets.  Credentials should be assessed; market sector and speciality experience should be examined together with the level of tertiary qualifications and membership with an industry association.

Most importantly, seeking the services of an independent, objective and impartial professional will result in a more accurate valuation, and without the potential bias of a vested interest in the artwork and therefore its value.  Returning to the gallery or dealer from which you first acquired the artwork and seeking an appraisal is clearly a conflict of interest.

Additionally, the quality of the appraisal documentation is equally important: it should demonstrate a solid, up to date appreciation of the market for the subject artist/artwork; present well-reasoned research; provide documentary proof and/or reference to recent auction results and other market indices (ones which are verifiable); and finally, clearly and concisely outline the methodology used for the appraisal.

There are a number of attributes which an experienced appraiser will utilise in order to determine the value of your artwork:

• Authenticity - discernment of a signature, title or date, original sale documentation;

• Quality - consideration of the artist’s period in which the work was executed; composition, palette and technical prowess;

• Rarity - how many works by this artist are available on the open market;

• Limited Edition Prints (if applicable) – the breadth of the edition for the work; available prints in the edition;

• Condition – the archival stability of the work and framing quality, i.e. is the artwork in its original frame?;

• Provenance – probably one of the most crucial factors in the overall valuation process, “provenance” equates with the artwork’s ‘history’, i.e. from artist’s studio to gallery exhibition to auction house sale; and includes discerning any notable non-commercial exhibitions in which the artwork was included, for example, a ‘survey’ exhibition at a regional gallery, in addition to any publications in which the artwork was illustrated or discussed;

• Market – does the artist have an auction record? Sales rates for the artist in either the primary or secondary markets.

Valuing your art necessitates the same respect as valuing your other lifetime assets.  Regular, up to date valuations of your artworks are an important adjunct to the ongoing maintenance and accurate documentation of your collection.

Seeking the advice and services of an experienced and knowledgeable professional is a critical step in the provision of an accurate art appraisal.  Professional art appraisal services offer new and established collectors a comprehensive appreciation of their collection, its current parameters and indeed, future directions.

©Catherine Asquith, January 2019

The market for Artemisia Gentileschi

Artemisia Gentileschi, Self Portrait as Saint Catherine of Alexandria, 1615–17. © The National Gallery, London. Courtesy of The National Gallery, London.

Artemisia Gentileschi, (1593 – c.1656), was an Italian Baroque painter, whose oeuvre focussed on mostly, female allegorical subjects, depicting powerful figures during moments of highly emotive, sometimes violent points in history.  Unusually, she managed to enjoy significant success during her lifetime and was well-respected by her peers and the arts community, and was the first woman to be accepted into the Accademia di Arte del Disegno in Florence.  Today she is considered one of the most accomplished painters of her generation.

Artemisia Gentileschi, Lucretia, ca. 1630–45. © Dorotheum.

The market for Gentileschi has witnessed a burgeoning interest in her work; in July of this year, her extraordinary painting, “Portrait as Saint Catherine of Alexandria” (ca. 1615-17) was acquired by the National Gallery of London.  This week, her work “Lucretia” sold for €1.8m at Dorotheum in Vienna, and is headed to an Australian collection.  Additionally, Gentileschi’s inclusion in Ghent’s Museum of Fine Art’s exhibition on Baroque female painters (on now) suggests a recalibration of Western Art History’s canon to include more female artists.

In the wider arena, social media is highlighting some of her works, as a means of expressing discontent and alignment with social commentary, with “Judith Slaying Holofernes” (ca. 1620) going viral during the hearings leading up to the confirmation of Judge Brett Kavanaugh to the U S Supreme Court.  This painting is perhaps especially poignant – the subject being Judith’s act of a confident, yet bloody vengeance – given the fact that Gentileschi was a survivor of sexual assault and indeed, did take her attacker to court.

Artemisia Gentileschi, Judith and Holofernes, ca. 1620, Uffizi Gallery, Florence

According to some arts commentators, the market has been slow to catch up with art historians: Gentileschi was first re-examined in the 1947 novel by art historian Anna Banti’s “Artemesia”.  Some four decades later, feminism took an interest, with Mary Garrad’s influential 1989 text, “Artemesia Gentileschi: The Image of the Female Here in Italian Baroque Art”.   It was not until 2014, when the work, “Mary Magdalene” sold for over USD1m (Sotheby’s, Paris), establishing a new record for the artist, that the market’s attention was piqued.

For some pundits, Gentileschi is “having a moment”, following on from a renewed interest in Old Masters; others view the interest as a type of ‘inter-disciplinary’ approach by dealers and art fairs – the confluence of contemporary and Old Masters artworks in fair booths and curated exhibitions; or perhaps the result of contemporary artists utilising and highlighting their sources and historical artworks in new work.

Nevertheless, there can be no denying the importance of addressing the deficit in museum and gallery collections across the globe of the inclusion of significant female artists’ work.

Enhancing our built environment with art

Peter D Cole, sculpture commission, 2005, PWC, Freshwater Place, Melbourne

Walking through our corporate centres and precincts in Melbourne, one is often met with some superb examples of contemporary art installations; within public buildings’ foyers, in communal courtyards adjacent to a corporate headquarters, and welcoming guests to inner city hotels.  Imagine for a moment, these same spaces bereft of such artwork…

The CBD of any city is, let’s face it, reflective of the culture, its population, its values. Property developers, architects, town planners and the like, have had an enormous influence over the years on how we experience our cities.  Thankfully, these days, numerous buildings, office spaces and residential towers, have been planned and constructed with parameters allowing for artworks.

Similarly, artists have developed and extended their practise to allow for these types of public art commissions, and have thereby created lively and dynamic spaces.

Bringing nature into the city

Artists invariably derive inspiration from their immediate living and working environments.  Regionally-based Victorian Peter D Cole puts ‘nature on the stage’ with his ‘urbanised’ interpretations of nature.  His sculpture commission of 2005, a manifestation of playful yet beautifully balanced conjoined sculptural archetypal elements such as tree, moon and stars, and the like, and created from stainless steel and powder-coated primary colours welcomes workers and visitors alike at Freshwater Place in Southbank. 

Corporate message

The presence of contemporary art installed within a corporate’s head office or flagship building also suggests a forward-looking enterprise, a preparedness to engage with its community.

Art in public spaces, as part of a building’s structure or indeed, as part of a corporate art collection, adds a cultural edifice – whether to that corporate’s identity, the building’s spaces, the locale and immediate environment of that building.  Its benefits resonate with its inhabitants, the clients visiting that building or corporate location, the employees and the general public.  As such, it contributes in a very tangible way to the society’s cultural infrastructure.

The installation of contemporary art – manifested in any of its genres – can have an educative and interpretative function within the building in which is it placed.  A very good example of this concept is Janet Laurence’s “Water Veil” at the Council House 2 (CH2) building in Melbourne. 

Janet Laurence, “Water Veil”, 2006, commission, 2006, Council House 2 (CH2) Building, Melbourne

A diaphanous, experiential and reflective glass veil that transforms the window between the foyer and the public space of the street into a membranous fluid space, “Water Veil” expresses and reveals the transformation and purification of water, reiterating the black water treatment within the building as well as expressing purity and translucence representing the purification of water.

Laurence’s “Water Veil” denotes a very direct educative and interpretive function within the building and from the public space outside creates a dramatic effect, serving to amplify the functional aspect of the CH2 building as environmentally sustainable, in other words, quite literally highlighting a corporate message.

Nowadays, corporate responsibility to its community is higher on the agenda, and part of a corporate’s mandate must service the community at large in some way:  incorporating art within its spaces meets one albeit small, aspect of this requisite. 

Art for daily inspiration

Inclusion of public art commissions within our built environment, in foyers, adorning a façade, or inhabiting a causeway,  contributes to the visual ‘documenting’ of our history; it reflects our growth and development, occasionally our current societal issues, and sometimes our collective values.   But equally important, it provides a visual stimuli, an aesthetic pleasure, a thought-provoking moment; an added dimension to our daily lives. 

Marion Borgelt’s site specific “Candescent Moon” of 2011, installed at 101 Collins Street, is a case in point.  This large scale sculptural relief suggests the universal themes of sequences, celestial orders and lunar rhythms. These ideas are particularly pertinent to the modern corporate lifestyle, where daily life balances the restrictions imposed by cycles of time and the forces of nature’s flux and unpredictability.

Interestingly, Borgelt’s work is intended to be interactive; that is, as the viewer moves around the front of the work, its appearance and nature change from light to dark and from one texture to another. This sequential change can represent a change in time such as the passing from day into night.

The work has a timeless quality, bridging the gap between the everyday and the planetary by acting as a reminder of our daily life while indicating our part in a larger, cosmic structure.

Marion Borgelt, “Candescent Moon”, 2011, timber, polyurethane, gold leaf with shellac varnish, 5710 x 1370 x 120 cm, 101 Collins Street, Melbourne.  Photographers: Shannon McGrath and Marion Borgelt

Bringing contemporary art into our built environment clearly comprises many positives for our society: beyond what has been briefly elucidated above, art can start a conversation; open a dialogue.  At its most fundamental, art expresses an idea, an observation, and/or an emotion. It enlivens our consciousness, and sometimes changes our experiences and it stimulates, nourishes and feeds our senses.  In so many ways, at its most fundamental, art contributes to the ‘wealth’ of our culture. 

©Catherine Asquith October 2017

The importance of valuing your art

Believe it or not, art is an asset.  And like any asset, such as your car, your home, or your stamp collection, you insure it.  Interestingly as soon as one acquires one of these items, one automatically seeks the advice of an advisor or broker to ascertain adequate insurance and annual premiums ensure thereafter.  Yet, the same cannot be said for art.

Speaking with my insurance broker on a somewhat frequent basis, I am always surprised to hear how infrequent his clients seek the advice of a professional when estimating the value of their art collection; the consequences of not having an up to date valuation, and therefore a current value, can mean the difference between being reimbursed for loss or damage appropriate to its market value or incurring a loss on that initial investment.

Obtaining a professional appraisal of your artwork operates in much the same way as seeking a value for other assets.  Credentials should be assessed; market sector and speciality experience should be examined together with the level of tertiary qualifications and membership with an industry association, such as the Art Consulting Association of Australia (ACAA).

Most importantly, seeking the services of an independent, objective and impartial professional will result in a more accurate valuation, and without the potential bias of an invested interest in the artwork and therefore its value.

There are a number of attributes which an experienced appraiser will utilise in order to determine the value of your artwork:

• Authenticity - discernment of a signature, title or date, original sale documentation;
• Quality - consideration of the artist’s period in which the work was executed; composition, palette and technical prowess;
•  Rarity - how many works by this artist are available on the open market;
• Limited Edition Prints (if applicable) – the breadth of the edition for the work; available prints in the edition;
• Condition – the archival stability of the work and framing quality, i.e. is the artwork in its original frame?;
• Provenance – probably one of the most crucial factors in the overall valuation process, “provenance” equates with the artwork’s ‘history’, i.e. from artist’s studio to gallery exhibition to auction house sale; and includes discerning any notable non-commercial exhibitions in which the artwork was included, for example, a ‘survey’ exhibition at a regional gallery, in addition to any publications in which the artwork was illustrated or discussed;
• Market – does the artist have an auction record? Sales rates for the artist in either the primary or secondary markets.

Additionally, depending upon the nature of the valuation, i.e. the artwork is being considered for a charitable contribution or gift, or the artwork is part of the asset pool in a Family Law property dispute, the valuation may also include consideration of future capital gains tax issues.

Valuing your art necessitates the same respect as valuing your other lifetime assets.  Regular, up to date valuations of your artworks are an important adjunct to the ongoing maintenance and accurate documentation of your collection.

Seeking the advice and services of an experienced and knowledgeable professional is a critical step in the provision of an accurate art valuation.  Catherine Asquith Art’s valuation services offer new and established collectors a comprehensive appreciation of their collection, its current parameters and indeed, future directions.

Catherine Asquith has been working within the Australian art market, and more recently, the Asian art market, across both the primary and secondary sectors for the past twenty years and is a member of the Art Consulting Association of Australia (ACAA).