Quantcast
Auction Results
Marion Maneker0June 05, 2012

Australian Retirement Rules Soften Aboriginal Art Market

Australia’s new rules for art used as a retirement asset is causing ripple effects through the already weak Aboriginal art market. The retirement schemes are said to account for a large portion of Aboriginal art purchases over recent years. Now with strict rules against having the art on display and onerous storage costs, many are divesting including Melbourne dealers Bill Nuttall and Annette Reeves who will make $289,000 after selling three quarters of their 120-piece investment collection. Buyers will pay a total of $352,000:

Bonhams Aboriginal art specialist Greer Adams admitted “the higher end of the market is still a little tough at the moment”.

Ms Adams said most works went to private buyers but there was some bidding from institutions. More than six artist records were set, including a spectacular sale for a work shown in the 2007 Telstra Art Awards, Gurtha at Biranybirany by Rerrkirrwaa Munuygurr, which sold for $9000 (including the premium) off an estimate of $1500 to $2500. The stand-out result from the second part of the sale was Paddy Bedford’s Thoonbi, for $180,000 including the premium.

Indigenous Art Auction Falls Short (The Australian)

General
Marion Maneker0March 19, 2012

Rodarte’s Royalties for Aboriginal Artists

Jeremy Eccles seems to be enjoying the trump in this story of the fashion designers whose prints were inspired by Aboriginal artists. The firm followed the principle of the droite de suite royalty in paying the artist’s estate for the use of imagery from his art:

For many, Rodarte‘s 2012 prints were nothing more than a pretty appropriation that’s gone a little further afield than New Mexico. But for Megan Davis, the academic who heads up the UNSW Indigenous Law Centre and is also a member of the United Nations Permanent Forum on Indigenous Issues, the prints were an insensitive theft of her Australian Aboriginal culture. [...]

Unfortunately, Ms Davis has jumped to a whole raft of unjust conclusions here. [...] Indeed, a quick check with the Aboriginal Artists’ Agency which represents Papunya Tula Artists in this matter, confirmed the licence. “The widow of artist Benny Tjangala will see this use of his artworks quite differently to the professor”, explained Anthony Wallis of AAA. “She will appreciate the royalty flow over the next 12 months! “

Aboriginal Art Dress Spat (Aboriginal Art News)

Artists
Marion Maneker0March 06, 2012

Urban Aboriginals Make Art Too

Photo: Rodney Dekker

An artist coming to Scope in New York this week has been getting a good share of press back home in Australia because he cuts against the grain of what most consider Aboriginal art. Here’s the Sydney Morning Herald on Reko Rennie:

“I’m an authentic Aboriginal but I’m not drawing dots. It’s been really amazing to share my connection to the country, community and family through imagery and iconography.” [...]

He says the majority of Aboriginal Australians live in urban environments – and his art, which includes a vibrant hot pink kangaroo titled Big Red, aims to reflect that. “Everyone can relate to the kangaroo and internationally it’s a great image … but it also has a powerful relationship to our communities.”

The 37-year-old’s passion for art began as a teenager in the form of street graffiti and it was not until he was older that he realised he could use his talent “to express my identity as an Aboriginal man in an urban environment”.

More to Aboriginal Art than Connecting the Dots (Sydney Morning Herald)

General
Marion Maneker0September 27, 2011

Lost Aboriginal Painting Found in New York

Sotheby’s in Australia has uncovered an Aboriginal painting that has been missing for a generation. It was in New York, owned by a woman who had no idea of the work’s importance or value:

A significant piece of Indigenous artwork thought to have been lost for almost 40 years has arrived back in Australia. The painting by renowned Indigenous artist Clifford Possum Tjapaltjarri has been unveiled at the Sotheby’s Auction House in Melbourne. It has been in New York since 1975, when it was given as a gift to an American woman by an Australian family.

Possum Magic as Important Artwork Returns Home (ABC Online)

General
Marion Maneker0August 25, 2011

Aboriginal Art Finds New Fans in China

The Australian Broadcasting Company in Perth is excited about the success of Aboriginal art in China. Gary Proctor organized a show that started in Shanghai and is now touring the country where it has been seen by more than 100,000 Chinese:

“The aim was to make a virtual bombing run of big museums in China, offering the finest Warburton works in a large selection,” says Proctor jokingly. “We started with Shanghai, then Beijing’s premier contemporary art museum came on board. Then several second-tier cities came forward, and we were off.”

‘Our Land- Our Body’ has been so popular that Xi’An Art Museum – which is currently hosting the exhibition – has offered to further tour the show to six satellite cities in 2013. [...]

Under an explicit community order to keep culture safe, the Warburton Arts Centre has retained some of the best works by local artists over the past twenty years, rather than selling them.

It means that Warburton’s collection, the largest of its kind in Australia, now contains 760 paintings, all linked to a meticulous data base detailing family trees and site locations.

For ‘Our Land- Our Body’, 65 canvasses were selected to tour; they are displayed alongside 6, 500 photographs taken mainly by Aboriginal children and a 24-channel digital audio-visual show. “It’s the largest Australian art exhibition ever to go around China,” says Proctor proudly. “It’s massive.”

From Warburton to China: The Aboriginal art exhibition taking China by storm (ABC)

General
Marion Maneker0May 29, 2011

Do Aboriginal Artists Care About the Market?

CNN says that Aboriginal artists are driven by the creative opportunities that come from transferring their culture’s imagery and techniques into new media despite the fall in the market for Aboriginal art:

It wasn’t until the 1990s that a secondary market for Aboriginal art developed, but it quickly began to make serious money. “Aboriginal art had never appeared at auction before, and it was incredible to see the reaction to it,” said Cavazzini. “Collectors were fighting over it.”

By the turn of the century it had become a major business, and in some cases art centers were making enough money to become self-sufficient.

According to Bonhams, Emily Kame Kngwarreye has achieved AUS$1 million at auction and the market peaked in 2007, before the global financial crisis, with the AUS$2.4 million sale of a work by Clifford Possum Tjapaltjarri.

More recently, prices have been dropping — with a Deutscher and Hackett auction in Melbourne this month grossing just AUS$1.25 million from estimates of double or triple that.

Yet for many Aboriginal artists, the motivation is not financial. “The current correction in the speculative end of the market is not only of no concern to the artists, they are generally unaware of it,” said Will Stubbs, coordinator of the Buku-Larrnggay Mulka art center in North East Arnhem Land. “Their concern is with the ceremonial and spiritual health of their land.”

Aboriginal Artists Ignore Spotty Art Market (CNN.com)

General
Marion Maneker2May 23, 2011

Aboriginal Art: Stop the Madness!

The Australian reports that one Aboriginal art auctioneer, Paul Sumner, is calling for a moratorium on the ever-expanding sales within the cratering market:

“The auction houses are putting too many works on the market,” Mr Sumner said. ”When Sotheby’s was doing it very successfully, they were doing one auction a year. It’s all about supply and demand, and demand sinks if you increase supply.”

Mr Sumner said his company, Mossgreen, would not stage an indigenous art sale this year on account of the arrival in Australia of the international auction house Bonhams, plus two annual sales each by Sotheby’s and D+H.

Over-selling isn’t the only problem facing the Aboriginal Art market. There’s also the prospect of increasing supply just as the market is glutted in this post from ABC News in Australia:

Tim Jennings, owner of the Mbantua Art Gallery, says the market will be tight for another few years. [...] ”The next generation are coming along and … the interest is more economic for them, where they can improve their living standards,” he said. ”I think the glut is coming in the next generation rather than the older generation.”

Aboriginal Art Market Paints Dismal Picture (The Australian)

New Generation Fuels Aboriginal Art Glut (ABC News)

Artists
Marion Maneker0April 27, 2011

Chinese Contemporary Up; Aboriginals Down

Art investing is something of a national sport in Australia though the buying is generally concentrated in Australian art. Now we get the first hint that the collapse of the market for Aboriginal art may be less connected to government schemes to make sure artists receive a royalty from secondary sales than competition from other regional schools.

Tamara Winikoff, director of Australia’s National Association for the Visual Arts, makes the connection between the decline in Australia’s market for Aboriginal art and the rise of Chinese Contemporary:

“Investment can be faddish,” she said. ”Certainly we know that there’s a very, very substantial interest in contemporary Chinese art. That seems to be presenting something of a challenge to Indigenous Australian art in terms of the major collectors.”

Chinese Art Infringing on the Indigenous Market (ABC News)

General
Marion Maneker0July 16, 2010

Whither Indigenous Art in Aus

Sotheby’s is about to hold a sale of Aboriginal and Oceanic art in Australia. The market is threatened by the revelations that a substantial portion of buyers have been using Aboriginal art as an investment asset. Sotheby’s scrapped their previous A$5,000 minimum for works, according to The Australian:

Sotheby’s might have the last laugh yet when it reveals today in Sydney almost 350 paintings and artefacts with an upper estimate of $6.21 million for its first Aboriginal and Oceanic art auction for the year.

The sale will be held over two days in Melbourne from July 26 but it will have to do exceptionally well to surpass the company’s record-setting 2007 Aboriginal art auction, which fetched $8.2m. [Read more...]

Collectors
Marion Maneker0July 09, 2010

Was Aboriginal Art a Bubble?

The numbers coming out of Australia in reaction to the proposed ban on using art and other collectibles as investment vehicles for private pensions–the so-called super funds–are truly startling. The Sydney Morning Herald now estimates that the majority of the Aboriginal art market is consumed by art investors:

Up to 60 per cent of Aboriginal art is bought through self-managed super funds, according to managing director of Melbourne-based Moss Green Auctions Paul Sumner. Banning art investments from super would be a ”massive disincentive” to buyers, he said. ”The removal of [art] as an investment asset class will devastate, in particular, Aboriginal art, because 60 per cent of the people who collect Aboriginal art invest through their super fund.” Aboriginal art was particularly attractive to self-managed super funds because there was a global market for it.

If these numbers are correct, they suggest the Australian art market is dangerously built upon the idea of art as an investment. If the majority of the works were bought and sold for other reasons, investing in art could have merits but when the bulk of sales are based upon expectations of asset appreciation, you pretty much have the definition of a vulnerable bubble.

Super Proposal ‘Could Devastate’ Aboriginal Art (Sydney Morning Herald)

Untitled Document