However works by mid-century artists experienced mixed fates. With a result of $2,536,502 IBP for the Australian + International Fine Art section of the sale, representing 73% by value and 60% by lot recorded on the night, it was an auction that held its own but did not signal any significant trend towards renewed market growth. (Later results posted indicated $2,709,700 and 80% by value and 71% by lot showing good post-sales.) What it did illustrate was the nascent collecting shift away from the moderns towards the art of our time.
A pacey race fueled by a multitude of bidders greeted lot 1, Cyril Power’s The Tube Station. Participation stretched across the room, phone and book in the scramble to capture the linocut and it was finally secured with a record bid for the image of $48,000 hammer, more than doubling its previous result.
The Concerto, also by Powers, repeated the pattern, selling for twice as much than before hitting its high of $32,000. Next was Ethel Spowers’ Kites which soared well above its quote to $28,000 pipping her related work The Swings and elevating the image into her Top 10.
Later in the sale the prints continued to impress as Margaret Preston’s hand-coloured woodcut, The Boat, Sydney Harbour (Lot 45 ) witnessed a sevenfold increase for the image when hammered at $14,000. Thea Proctor’s woodcut, The Rose, endured a duel, the victor scoring his prize at a record $19,000, turning the previous highest result of $7200 in to potpourri.
The momentum created by the trio of linocuts at the sale’s launch, continued with the contemporary offerings; Dale Frank’s visceral painting was loved, praised and fought over by several bidders until it was eventually bought for an impressive $30,000.
The solid competition persisted with Philip Wolfhagen’s Idyll XIV as buyers were pushed over upper estimate to $34,000. A minute later the contemporary stakes were raised further when $44,000 was paid for Ben Quilty’s Skull 3 (Lot 7 ).
The highest price for late 21st century art was always going to be reserved for Howard Arkley’s Spray Veneer charged with an estimate at least five times higher than his catalogue peers. The front cover painting conveyed a commanding physical presence, yet it held sway with only one bidder possessing deep enough pockets to meet its reserve at $250,000. Arkley’s second canvas work in the sale, Colour Field Home played an admirable supporting role selling for $55,000.
There were a few falters amongst the contemporary set; Rick Amor’s The Pillar passed in as did Euan Macleod’s five panel work along with Tim Maguire’s floral painting. (The first two were subsequently sold post-auction for $20,000 and $15,000 respectively). Nevertheless, the results were most pleasing with 75% of contemporary art belonging to the core part of the sale sold and 60% overall.[1]
As the auction transitioned into a mid-century section the statistics started to tell a different story. The trend towards unsolds rose with 59% of premium lots passed although it softened to a more moderate 51% over the course of the whole sale[2]. A painting of Arthur Boyd’s popular subject, Shoalhaven Landscape...(Lot 25 ) achieved $48,000 while Christ Walking on the Water (Lot 26 ) saw no water passed, and the lot come to pass. (Redemption came the next day when it sold for $55,000).
It was the same pattern for Sidney Nolan’s subsequent offerings, both from the Leda and the Swan series; the larger, more emblematic painting (Lot 27 ) changed owners fetching $75,000, slightly under its quote.
By contrast, the rare and welcome appearance of an Edwin Tanner painting did not go unchecked. The elegantly restrained Man in Office waltzed home above estimate for a deserved $65,000 (lot ).
Quality works continued to be rewarded as Ian Fairweather’s gouache, Hangchow Canal 1945-7 (Lot 14 ) demonstrated. Despite being bought only eighteen months ago at Sotheby’s in London for close to $90,000 IBP, it sold for a further 15% at $105,000. Fairweather’s Birdcage 1955 (Lot 15 ) mustered a flurry of even greater interest and staked a higher hammered above its estimate at $130,000.
Colin McCahon’s North Otago Landscape achieved a respectable result of $60,000 but Tony Tuckson and Ken Whisson’s works were passed, maybe because the former was pitched a fraction too high and the latter was not the most compelling example.
Taking the auction back in to the black were the lots by Jeffrey Smart; Second Study for Stadium Entrance 1999 (Lot 19 ) fetched $85k against 90k low estimate and Mr T.S Eugenides… (Lot 20 ) sold to an Absentee bidder at $200k but fell well short of quote expectations.
Assembly (Lot 29 ) by John Brack enlivened proceedings and provided the Modern highlight edging over its upper estimate at $305,000. Yet in its wake the next half dozen lots by secondary market favourites fell flat. It was “Oh golly” for Miss Margaret Olley when all three of her paintings were met with a mute response and Shead’s fanbase look to have turned off the life support for his market.
S.T. Gill injected one of the few remaining sparks before the auction moved into more pedestrian, bread and butter territory. His collection of sketches of Horrocks’ Expedition and South Australia (Lot 37 ) tempted a room bidder to put up his hand at $80,000.
Also of note was Composition (Lot 77 ) by British modern artist, Sandra Blow. It surpassed its estimate and was bought by an Absentee bidder for $26,000 who was quite possibly aware that in London similar works can fetch at least fifty percent more than this figure.
At auction close, what could be drawn in the burgeoning contest for collector hearts? Certainly modern art still continues to well exceed contemporary sale results on a value basis. However only 49% of lots from this period were sold over the course of the auction compared with 60% of contemporary art.
Contemporary art further outperformed the modern in terms of where the hammer fell with 40% sold mid estimate or above, versus 23%. This pattern of growth is contrasted with signs of stagnation in the mid-century sphere. Sound the alert…the market tilt toward contemporary art is underway.
[1] The core contemporary lots from which these statistics were drawn were from the first half of the auction: lot 4 – lot 38.
[2] The core modern lots from which these statistics were drawn were from the first half of the auction
lot 14 – lot 44.
