Art sale fails to attract buyers
STAFF at Sotheby's Australia were upbeat before last night's Aboriginal art auction, but when selling opened it quickly became apparent buyers had not returned to the market.
A large untitled canvas painted by Emily Kame Kngwarreye in 1991 did not attract a single bid after auctioneer Tim Goodman called for interest at $150,000. The work had been given an estimate of $180,000 to $250,000.
Rover Thomas's 1991 linen earth pigment Old Texas Downs painting Massacre Site also failed to attract any bidding, and another Kngwarreye work was passed in after a single telephone bid of $80,000 - $40,000 below its lower estimate.
Sotheby's head of Aboriginal art D'lan Davidson could not say how many of the 219 lots sold but he was optimistic the Kngwarreye work that had received a bid would sell this week.
"It was a fairly disappointing night," he said.
"I think the next week will have feverish post-sale activity."
For his first sale as head of Sotheby's Aboriginal art department, Mr Davidson sought to improve on the company's previous Aboriginal art sale in July, at which just 40 per cent of the lots sold for a $2 million total.
That sale took place amid the uncertainty of the federal election campaign, the introduction of a 5 per cent resale royalty scheme, and worry that changes to the superannuation law would force investors to flood the market with works owned by their super funds.
Despite those factors, the result in July led some to suggest the Aboriginal art market was in permanent decline.
Mr Davidson last night said collectors had to realise that market prices had settled at 2003 levels -- which were considerably lower than the art market peak of 2007.
Mr Davidson said anyone trading in indigenous art would have to get realistic about prices.
He said next year's auctions would be more carefully curated, with about 80 to 120 lots on offer, rather than more than 200 as was the case last night.
"You'll find we're much more selective in the coming year," he said.
Sotheby's is under pressure from international auction house Bonhams, which has announced a new indigenous art division that will be run by three former Sotheby's staff.
Sotheby's chairman Tim Goodman, who stunned the art world last year when he acquired the rights to operate the company in Australia, did not return calls last night. Nor did vice-chairman Geoffrey Smith.
This article is from: http://www.theaustralian.com.au/news/executive-lifestyle/art-sale-fails-to-attract-buyers/story-e6frg9zo-1225963938076
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