The strategy of offering all the works without reserve was a true test for a battered and bruised market and it provided the necessary stimulus, resulting in Philips achieving an unbeatable 100% clearance rate, in stark contrast to the 30-50% average at the other auction houses. The sales total of $149,200 also represented a 10% increase above low estimate predictions.
It’s a rare spectacle witnessing a fine art auction where the balance of power sits so squarely in the buyers’ hands and they have carte blanche to set prices. In this truly free market nearly all lots were enthusiastically supported by a depth of bidders from the phone, book and floor.
However it was the room that had the most firepower with three to four bidders per lot engaged in battle and some surprising results were achieved; overall 50% of works reached mid estimate and a total of 33% surpassed their high estimate.
The majority of lots exchanged hands under $5000 hammer but there were a handful that hit the $20k mark; an untitled work by Mrs Bennett (Nyurapayia Nampitjinpa) (Lot 16 ) ignited huge interest amongst four room bidders and it managed to quadruple its low estimate when it was hammered at $20,000.
Three lots later Clifford Possum’s late but masterful work, Bushfire Dreaming (Lot 19 ) experienced a rapid fire room duel and sold for the same amount, within coo-ee of its purchase price.
The acceleration of the Aboriginal art market in the last decade has been met with a forceful and brutal de-acceleration and vendors have been faced with auctioning their works, usually with a minimum 50% reduction.
Philips sale reflected this reality when half the works sold at two-thirds or less than their original primary market price. However the positive news was that other half sold for “only” 20-50% less, (bar three minor works that actually trumped their original $400 tag!)
Artists of significance and accomplished works were most keenly sought. A handsome painting by Willy Tjungurrayi, Tuli Tjuta (Sandhills Many), (Lot 22 ) doubled its quote and fetched $10,000. Sandhills proved to be popular as Mt Liebig’s Lily Kelly (Lot 4 ) attracted bids from all quarters and although the painting sold 66% below its original price at $2,200, it far exceeded the upper estimate. Likewise, Kelly’s Sandhills 2005 (Lot 18 ) had hands flying everywhere and it was finally secured for $4200, only 30% below its gallery price.
Trade was brisk for Tommy Watson’s Kungkarrakalpa (Lot 12 ) until a room bidder outbid his four combatants at $5000, double its quote.
Bush Fire Dreaming and Tingari Cycle (Lot 14 ) by senior artist Ronnie Tjampitjimpa was greeted with enthusiasm and it sold for $11,500, a steal in relation to its $28,000 original price tag but an encouraging amount when viewed through the current prism.
There were certainly bargains aplenty at Philip’s auction for collectors with confidence and an eye to the future. The sale also proved without a shadow of a doubt that a continuing market exists for Aboriginal art and that re-building the industry from the ground up might be one of the most viable and sustainable approaches to take.
