Art Market Showing Signs of Stregnth Down Under

Gabriella Coslovich of the Australian paper The Age is reporting a very good fine art auction season in Australia.  Deutscher and Hackett sold about US $2.85 million, while the Sotheby's Australian unit saw sales of US $6.67 million for art and US $1.8 million for its Aboriginal art sale. The recent sales saw only the second painting in Australia sell for over $1 million Australian this year.  That was a painting by Fred Williams' entitled Evening Sky, Upwey, and sold for $1.38 million Australian (about US $1.25 million. 

Perhaps the most interesting statement made is from the Sotheby's Australian executive who predicted a stronger market next year due to added confidence and perhaps better paintings, as many consignors were relucant to sell during the slower market and poor economy. Now I am now saying the world art market follows what is happening in Australia, but put that information together with the added confidence and expectations from recent European and US art fairs and sales, and the perhaps 2010 will be a good year. I think we can safely assume the markets have hit bottom, and there are some signs of a rebound.  Perhaps not to the 2007 levels yet, but a slow positive and sustained growth would be good for both sellers, auctions, dealers and collectors.


The Age article states

The Deutscher and Hackett sale turned over $3.15 million (including commissions), and 76 per cent of works sold.

"Gosh, this sale was a struggle to put together, as have most sales this year, so to get $2.5 million would have been pleasing, and $3 million was just fabulous," he said.

The winning bid on the Williams was placed by Melbourne dealer Jon Dwyer, on behalf of a private collector. Mr Dwyer's clients include retail giants Marc and Eva Besen, owners of the TarraWarra museum and winery, but last night Mr Dwyer was not revealing who had bought it other than to say that it had gone to a deserved home.

The underbidder, Sydney dealer Denis Savill, declared the Williams the best work in this week's sales.

Sotheby's posted the week's best auction result - bringing in a total of $7.36 million (including commissions) on Monday night, and another $2 million on Tuesday at its Aboriginal art sale.

As the week drew to an end, Tim Goodman, the new chairman of Sotheby's, was predicting a livelier art market next year. The big challenge this year was the lack of stock as collectors became reluctant to sell quality works in a depressed market, he said, but this was about to change.

To read the Age article, click HERE.