Local art market surges ahead at breakneck pace

writes Michaela Boland in “The Australian” on 4 May 2017.

The Australian art market ­continued its stellar run last night when Sotheby’s Australia auctioned 108 artworks for $14.3 million, the company’s best result since the market peaked a year before the global financial crisis hit.

Four artist records were set but the highlight of a night when only a couple of big artworks failed to find favour was the sale of a ­Eugene von Guerard landscape which had been owned by the same family for more than five generations. Breakneck Gorge, Hepburn Springs sold to a phone bidder for $1.952m, including Sotheby’s 22 per cent buyers’ premium off a $1m reserve. …

Other highlights were: Arthur Streeton’s little Cremorne landscape, measuring just 22cm by 71cm and listed with a reserve of about $180,000 which sold after furious bidding for $549,000; and a playful Elioth Gruner painting of finely dressed figures amid boats, Fisherman, Coogee Beach, acquired by dealer David Hulme on behalf of a client for $164,700, more than double its reserve.