The Labour Party have certainly lost friends in the art industry recently, with the introduction of the Artists' Resale Royalty and the Cooper Report recommendation removing art and collectables as authorised investments through self-managed superannuation funds. Perhaps this has already impacted on a large component of the art-buying market.
The Menzies sale featured 129 lots, including important Australian and International paintings, many of which had rarely been traded on the secondary market. While the sale cleared 76.17% by value, the sales by number halted at 64.3%. This may be perceived as disappointing by some, however, the total value of this sale including buyer’s premium was $8,75 million, still a very sound result in this fluctuating and uncertain market.
As is the trend in current art sales, there is no rhyme or reason to the popularity of genres, styles and periods. Lots were sold and passed in across the board, from traditional to modern, contemporary and Aboriginal.
Buyers will always fight for good quality, rare or iconic pieces, and a key piece in the sale was John Brack’s important Backs and Fronts, 1969 (Lot 34 ), one of two major paintings from his Ballroom dancing series. It is no surprise that it sold for $1.8 million hammer, $200,000 above the lower estimate, with phone and room buyers competing in half-bid increments.
Other works that exceeded their estimates were Jeffery Smart’sApproach to a City III, 1968-69, (Lot 36 ) selling for $700,000; and Fred Williams’Saddle at the You Yangs, 1978, (Lot 30 ) which achieved $330,000.
In a strong nod to contemporary art as investment, Stephen Bush, who has had only 24 other works sold through the secondary art market, achieved $24,000 hammer for Southeast in the Summer 2006, (Lot 17 ) setting a new record for the artist, and Vincent Fantauzzo’s photo-realistic Brandon 2008, (Lot 47 ) which captured much audience interest in the 2009 Archibald Prize, realised $50,000 hammer. Works by Vincent Fantauzzo had not been sold at auction prior to this sale.
Jeffrey Smart's Holiday (Lot 33 ) estimated at $800.000 - $1,000,000 made the lower estimate at hammer, setting a new record price for the artist.
On the reverse side, several works sold for below their expected realisations, including Russell Drysdale’s Red Landscape 1958 (Lot 35 ) which sold for $800,000, below its estimate of $900,000-1,100,000 and Arthur Boyd’s early work, Moby Dick Hill, near Frankston, Victoria 1949, (Lot 32 ) which sold for $740,000 to a phone bidder against its $800,000-1,000,000 estimate.
Surprisingly, several works by major artists were passed in, including Arthur Streeton’s Study for Still Glides the Stream 1887-88 (Lot 39 ) and The Water-Tank Boy c1888-1889, (Lot 54 ) and Sidney Nolan’s Country Store (Agricultural Hotel) 1948 (Lot 41 ). It does seem that the more traditional works that were so popular among the retiring generation do not strike the same chord with younger buyers, however, it certainly has become harder to pick which works will do well in the secondary arena.
