IAC had done very well to get such a good sale together, as during the consigning period they also had to deal with the sudden loss of one of their staff members, Maggie Skelton, who may be familiar to Australian readers, as she had previously worked in the art department at Leonard Joel in Melbourne. Maggie passed away unexpectedly in June, which was a devastating loss to the tight knit team at IAC who regarded her highly.
This auction was IAC’s first in-room auction for a year, having previously moved all their sales online, which the buying public had embraced with gusto. These online sales were extremely successful, with clearance rates often over 85% on the night, but also took far longer than usual, sometimes adding two hours onto the usual run time of a sale. So it was with relief, that I sat back in the auction room to watch the sale, rather than at home through my computer.
With Covid still making a regular appearance in Auckland, the room turnout of 70 was less than one would usually expect at IAC, but still a good number, especially when many clients still treat indoor group events with caution.
The sale commenced with five paintings by the ever-popular Tole brothers, and so long as works by the brothers carry realistic estimates, they are sure fire sellers. The five works all had the same provenance so they may have come from the same vendor. A single buyer purchased the first four lots spending $59,5000 to make an instant collection. Abbatoirs, Onehunga (Lot 1 ) realised the highest price, selling for $17,500. Mid way between the low and high estimate.
Prices for Trevor Moffitt have also been rising surely but steadily in the last few years with many collectors seeking works by one of New Zealand’s only social realist painters. There were two fine examples in the sale, and both sold, with Going Home From Work (Lot 7 ) doubling its $10,000 low estimate to sell for $20,000.
Twenty one lots came from the collection of Elizabeth Steiner, who was well known in both art and literature circles. Living in the creative arts hub of Titirangi for over 50 years, she was a typical old school collector, who had a life-long involvement in the arts, was friends with artists and had a refined taste. Some of the works in this collection represented the choicest pieces in the sale including a beautiful work on paper by Colin McCahon from his North Otago Landscape series (Lot 26 ). This series consisted of only 8 watercolours and since Elizabeth Steiner purchased this work in 1991 (for $9,250) only one other work from the series was been offered and it wasn’t nearly as good.
So to coin an often used real-estate phrase, this piece really was a rare as hen’s teeth. A number of bidders jumped in at $80,000 and strong bidding all round took it quickly to $130,000 where it sold to an absentee buyer.
Interestingly, Elizabeth Steiner had paid a similar amount, $9,500 for another McCahon painting Jump (Lot 27 ) in 1995 but there are more of these smaller Jump paintings available. (McCahon painted them and gave them away as Xmas gifts). They don’t have the rarity of the North Otago landscape. Even though this painting still sold well at $59,000 against a $35,000 reserve, it shows how, over time the market and clients have become more discerning and knowledgeable and are prepared to pay for really good works.
Another very good example was Frances Hodgkins Terrace Gardens, Ibiza (Lot 30 ) which was also from the Steiner Collection and was still housed in its original frame and had an extensive exhibition history. Dating from Hodgkins’ desirable late period in the 1930s, the watercolour had just two bidders which was surprising, considering the recent interest in her work. A lucky online bidder managed to secure the painting at $114,000, over the low estimate of $100,000.
It's fascinating to see how the market for Jacqueline Fahey has dramatically changed in 4 years. At the age of 93 Fahey is New Zealand’s oldest exhibiting artist, but up to 2018, the highest price for a work was about $5,000 and most went unsold. Then in 2018 a major painting was sold at IAC for a record price of $47,000. Since then, the prices for her work have consistently sat above $15,000. This sale contained a really fabulous example The Lunch Box (Lot 36 ). The painting was a riot of pattern, colour and narrative storytelling. It carried an estimate of $30,000-$40,000 but a combination of in-room and phone bidders competed strongly, with the lot selling for a record $56,000.
Another record was set for contemporary painter Peter Stichbury who is well known for his hyper real portraits. With works rarely available from his New Zealand dealer, Michael Lett Gallery, there is usually good interest in his works when they are offered at auction. Measuring 101.5 x 76.4 cm the painting Abagail (Lot 43 ) was large by the artist’s standards and it almost doubled its low estimate of $55,000 to realise $94,000 on the night.
A lovely little watercolour by Rita Angus in excellent fresh condition Lake Wanaka (Lot 52 ) had loads of interest, perhaps after the visual feast of the Rita Angus exhibition at Te Papa Tongarewa earlier this year. Although her oil paintings are acknowledged as icons of New Zealand art, the watercolours in this exhibition were the unsung heros. Angus’s skill with the watercolour technique and handling of the brush is unsurpassed and watercolours such as these are rare. It was no surprise that this lot well exceeded its low estimate of $90,000 to hammer down at $150,000.
Portraits of Maori women secured the two top prices on the night. C. F. Goldie’s Memories, Rakapa (Lot 57 ) was of the smallest scale he painted in, just 20 x 15 cm. This painting has been sold twice previously in 2013 and 2016 in the International Art Centre rooms, for $200,000 and $265,000 respectively. The strength of the Goldie market was demonstrated here with the lot selling for $450,000 to a phone bidder, $50,000 more than its low estimate and a $200,000 increase on it’s sale price from 4 years previously – almost as good a return as the NZ housing market!
Gottfried Lindauer that other famous painter of Maori portraits has a less consistent track record at auction, as there just aren’t a sufficient number of works selling regularly to establish a benchmark on pricing. This image, Girl with Gourd (Lot 56 ) had a more sentimental treatment than many of Lindaeur’s other works, but it was finely painted and had been included in the important Lindaeur exhibition at Auckland Art Gallery Toi o Tamaki in 2016-2017. It sold in the room for $290,000 against a $220,000 reserve and set a new record for the artist at auction.
After the top lots had been dispatched, the sale ticked along at a steady rate, finishing at a very reasonable 9.30pm. Two days post-auction the clearance rate was 87% by number, an excellent result by anyone’s standards. Some of the better works which were unsold on the night were sold in the following days at the low estimate, including a late Milan Mrkusich painting (Lot 59 ) and a fantastic Ian Scott painting from the Girlie Series (Lot 47 ) making $75,000 and $120,000 respectively.
Although the sale results from the night were strong, the art market appears to have taken a step back from the frenzied buying of the last two years when almost everything would sell, or sell well above estimate. With many potential buyers travelling overseas for extended periods, all of us in the trade know how hard it is to engage absent clients, who for the last two years have given us their undivided attention.
The last two years have seen some record prices for many artists which has encouraged some fantastic works to market already and more scheduled to be sold this year in both New Zealand and Australia. While I expect the middle and top end to hold up for quality works, I can’t help but wonder what will become of those works of middling and lesser quality which have enjoyed so much interest and enthusiasm of late. My prediction; watch the auction space in 2023 to find out.
All price are hammer prices in $NZ unless otherwise noted.
