High rent and diminishing auction audiences present a compelling commercial decision to leave the building, which was built in the 1930s as a picture theatre.
Despite the small audience, the sale realised good results across periods, medium, genre and style and achieved impressive clearance rates of 97% by value and 71% by volume, grossing $4,276,800 (IBP).
Carol Jerrem’s photograph (Lot 1 ) sold for its low estimate to a bid on the sheets. The result set a new auction record for the artist, whose retrospective is currently on at the National Gallery of Australia.
Momentum built when Michael Zavros’ Hunter, 2007 (Lot 2 ) was fiercely competed for by six bidders. Tempted by its conservative price, buyers are likely to have also been aware of the artist’s recent success in the Bulgari Acquisitive Art Award administered by the Art Gallery of NSW. Impressively, the auction result ($57,800 IBP) puts the secondary market value higher by 5% than what the luxury jeweler paid - and Art Gallery of NSW received – to acquire their work by Zavros.
Overall, the sale proved a positive sign for Australia’s contemporary secondary art market. Works by David Larwill, Dale Frank, Gordon Bennett and Noel McKenna all found new homes. The latter two were re-offers from Sotheby’s sales in 2003 and 2009 respectively and both increased in value, once buyers premium is taken into account.
The moderns also paid their way. Over 20% of the value of the auction’s presale estimate lay in one picture: Sidney Nolan’s 1955 painting, Ned Kelly Crossing the River (Lot 21 ). The auctioneer called for interest in the lot and was met by mute response. Eventually, a phone bidder instructed Geoffrey Smith to take the low estimate of $800,000 ($960,000 IBP).
With the exception of, Brett Whiteley’s The Valley at Dusk (lot 15) and Russell Drysdale’s Boy on a Log, (lot 41) good works that were fresh to market all sold well. Nine of these exceeded their high estimate, for example, Jeffrey Smart’s 1974 masterpiece, Reflected Arrows (Lot 11 ). A number of bidders jostled to secure the work, giving the auctioneer plenty of opportunity to direct its sale with generous increments. A client represented by Sydney gallerist, Richard Martin secured the painting for double its low estimate ($324,000 IBP).
Vendors of Australian sculptures on offer would have been happy with their choice of agent. All four sold with, Joel Elenberg’s, Mask A (Lot 16 ), being keenly contested and underbid by Melbourne collector Dr. Carp. Not to be defeated, he later purchased the Del Kathryn Barton I Am Loving You Like This (Version 2) 2008 (Lot 44 ) at its reserve ($48,000 IBP).
Few bargains were to be had with the exception of, Albert Tucker’s Convict Dreaming (Lot 48 ), which was snapped up by a private collector for $7,000 below its low estimate.
The sale finished with a collection of Grosvenor School linocuts that have recently outperformed at auction. All sold, but within range or at their low estimate delivering a slight anti-climax to the sale.
After Gallon’s gavel fell on lot 69, those left in the room provided applause, both in recognition of the strong result and as a parting gesture to farewell the era of High Street art auctions.
