The art market year in review: Turnover steady in dollar terms, as another international withdraws.
The news that came at the close of 2019 might have come as no surprise to industry insiders, but the announcement that Sotheby’s Australia will no longer exist as a trading name from 31 December is a turning point for the Australian market. With the demise of Sotheby’s Australia, so ends fifty years of history.
The evolution of Sotheby’s Australia to Smith & Singer is largely symbolic. For ten years, Sotheby’s has been operating here under a licence. Sotheby’s International and its counterpart, Christie’s, departed our shores many years ago for the more fertile commercial grounds of Asia. For the auction behemoths, the Australian art auction market was insignificant; a single painting sold at one of their major London or New York sales can equate to the entire turnover for the Australian auction market.