Bidding for Pine, (Lot 45 ), a monumental Ralph Hotere free hanging canvas incorporating many of the best aspects of the artist’s work and estimated at $300,000-$400,000, stalled at $290,000 and the lot was passed in. But it sold immediately following the auction for $300,000, setting a new, well-deserved record for the artist. The auction realised $2,490,979 including buyer’s premium and cleared 47% by lot.
These two works were the highlights of the first major sale of the year for A+O, who were a little out of sync with the other auction houses, whose major sales had been held in late March. Due to A+O's Ron Sang sale in March and then the run of public holidays, A + O selected a later date.
It’s obvious that buyer sentiment has changed in the 6 weeks since the earlier sales. Driven by consecutive interest rate rises, and the increases in the price of food and other living expenses creating a non-stop topic of conversation in the media, the general mood of the country is far more pessimistic than it was back in March.
Having a few additional weeks to seek consignments enabled A+O to curate a sale with a wide overall offering although with fewer blockbuster paintings than usual. The early lots got the sale off to a reasonable start with two very large pencil on canvas paintings (lot 1 and lot 2) by Robyn Kahukiwa (a senior figure in the NZ art world and still exhibiting at 85 years old), selling to a phone bidder for $15,000 each.
A fresh to the market image by pre-eminent photographer Peter Peryer, After Rembrandt (Lot 4 ) also sold well at $6,500 against a low estimate of $5,000. This image had never appeared at auction before and other works from the edition are housed in public collections here and overseas. The work was well contested before selling to a consultant in the room.
The paintings of Grace Wright, (a young artist who has seen intense commercial interest in her practise since moving to Gow Langsford Gallery), have recently started to appear at auction with good success. Her last exhibition was a sell out on opening, so for some potential owners, an auction is the only viable method to purchase her works. Future Feelings (Lot 11 ) dating from 2017 sold at mid-estimate to realise $10,000 against an $8,000 reserve, still a reasonable price compared to current retail prices.
Another artist who has also seen high demand both at auction and gallery venues is Fiona Pardington, whose photographs have been often mentioned in these articles due to their meteoric price rises. Her auction results have often exceeded the retail price of photographs sold through her dealer Starkwhite. This time round the difference in the market was obvious, with three of the four examples consigned to the sale unsold, despite two of the works being her most popular subject matter – The Whanganui Huia Feather (Lot 33 ) and Inseparable Huia (Lot 16 ). The work that did sell, Albino Kiwi (Lot 32 ), realised $30,000, which was $5,000 below the low estimate.
Art + Object sales usually include a good selection of sculpture, and this sale was no exception. The ever-popular artist Paul Dibble, set the top price under the hammer, when View over the Interior (Lot 41 ) a classic and highly saleable work by the artist realised $200,000 against a $170,000 low estimate, although the result was lower than the price achieved by another work in the edition which sold last year for $270,000. It was the same story for Michael Parekowhai, with his work Moment of Cubism (Lot 17 ) sold for a very respectable $45,000, although below the $55,000 achieved for similar examples in previous years.
Two very cute and desirable works by Korean / Kiwi contemporary artist Seung Yul Oh sat side by side in the auction catalogue, despite being consigned by different vendors and carried the same estimate of $15,000-22,000. Pou sto (Lot 24 ), the white mouse on a plinth sold for $20,000 while the black version Pokpo (Lot 25 ) was just a whisker behind at $19,000.
Heading into the mid-section of the sale where the most highly estimated works were placed, Colin McCahon’s work Landscape (Lot 35 ) provided a lesson for would be vendors in how to achieve a great price in a flat market. This painting had last been offered in 2012 when it went unsold at $70,000. Since then, McCahon’s market has moved up but the work was sensibly estimated at $80,000-$120,000, a very enticing price for a mid-sized oil painting by the artist. Three phone bidders promised competition, and there was, the work selling at $145,000.
Paintings dating from the earlier years of Karl Maughan’s career have found a ready audience at auction for those who understand the artist’s practise and appreciate the painterly qualities of the early works. A large painting Morningside (Lot 49 ) dating from 1999 was bid to the low estimate of $80,000 to take the 5th highest price for the artist at auction. The top two prices for the artist are currently held by works also dating from the same period.
Buyer hesitation to commit during the auction, resulted in negotiations immediately after the sale for one of the best Ralph Hotere works to appear on the market in recent years. Pine (Lot 45 ), a monumental free hanging canvas, incorporating many of the best aspects of the artist’s work was estimated at $300,000-$400,000 and despite potential buyer interest leading up to the sale, the bidding stalled at $290,000 and the lot was passed in. Two potential purchasers were negotiating, and applying "first come, first served" rule, the work was sold for $300,000, setting a new, well-deserved record for Hotere.
It was also a post-sale auction sale for Charles Frederick Goldie’s The Strategist, Hori Pokai, A Warrior (Lot 43 ), one of the three works repatriated from Sydney that were included in the sale. Last sold at Christie’s in Melbourne for $24,000 AUD in 1992, the work was a really great example by the artist, in good condition and in the original frame. Compared to recent sales, the estimate of $550,000 looked achievable, reasonable even as another image of the same sitter had sold at International Art Centre in 2021 for about $1.5 million. Without much interest from the floor or the internet, the painting was passed in at $400,000, and was sold the following day for an undisclosed figure, but certainly higher than the level it was passed at. A similar fate met the Gottfried Lindauer Tomika Te Mutu, Chief of the Ngaiterangi Tribe (Lot 42 ). With no obvious interest, auctioneer Ben Plumbly dropped the opening bid to $300,000 against a $400,000 low estimate and the work is currently under post sale negotiation.
Other results in the sale initially seemed disappointing but on reflection perfectly encapsulate the market sentiment. In a softening market, clients are far more discerning with their purchases and there is less competition for works. What seemed like an easy sell last year, now needs to be priced attractively, and of good quality and even then it’s not a guaranteed sale.
Speaking with director Ben Plumby, two days after the sale, he stated he was pleased with the results and we both agreed it felt like a regular sale from pre-covid times. It’s likely that this auction will signal a return to normal market conditions across the board with less sales on the night and more post sale negotiation.
The auction realised $2,490,979 including buyer’s premium and cleared 47% by lot.
All prices are in $NZ and are hammer prices unless otherwise noted.
