Art market more gloom than boom

The Sun-Herald, 8 September 2013, by Andrew Taylor

“Blame it on the resale royalties scheme, changes to superannuation, the end of the mining boom or pre-election jitters – but most people believe the Australian art market is in the doldrums. However, auction results for this year suggest the market is healthier than the doomsayers claim. …

… Art consultant David Hulme said there had been a reduction in buyers in the  past five years, with intense competition between auction houses for high-quality artworks.  ”With less buyers around, it doesn’t matter how much you bring down the reserves and estimates,” he said. ”If there are still fewer buyers, paintings will still fail to sell.”

Mr Hulme said the year had started off well with the Laverty collection of mainly Aboriginal art and the Grundy collection of Australian art, both auctioned by Bonhams.

”We are close to $80 million so far for this year so it would, of course, be good to see another $30 million added to this by the end of 2013,” he said. ”Being realistic, we may be looking at another $100 million year, which is at least consistent and maintaining the status quo.”

Read the whole article in the Sun-Herald.

Written by

Brigitte Banziger

Hello, my name is Brigitte Banziger and I am an art consultant and manager at Banziger Hulme Fine Art Consultants, Australia's art valuation and art advice experts. We offer comprehensive art valuation and art brokerage services (selling and buying art on behalf of clients). Our art services cover everything from valuations, art care and restoration, to general advice such as helping define the goals for your art purchase and work out the best strategy on how to achieve those goals, including where, how and and when to buy.

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