Art sales paint positive picture

Written by Steve Dow and published in The Age, 17 December 2013

“Art sales at auction in Australia defied dire predictions this year, despite small-time investors backing away from buying low and middle-priced art for their own superannuation funds.

Total art sales at auction will reach $104 million this year, up from $95 million in 2012, according to the Australian Art Sales Digest – but the 62 per cent clearance rate is down on 66 per cent last year.

Art valuer David Hulme of Banziger Hulme said the 2011 tightening of self-managed superannuation fund regulations, requiring investment art to be stored rather than displayed, discouraged art investments priced in the low thousands or tens of thousands.

Brett Whiteley’s My Armchair was sold for $3.92 million.

Wealthy investors, who are more likely to store multiple artworks anyway, were still buying high-end art priced in the hundreds of thousands and millions

The art auction sales for 2013 were “reasonably positive”, said Hulme, but the result is well down on the $175 million in art auction sales in Australia in 2007, a flow-on from a buoyant property market making people “feel wealthy”. ….”

Read the whole article in The Age

 

Written by

Brigitte Banziger

Hi, 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 specialise in art valuations for insurance purposes, for family division, deceased estates, superannuation funds and market values, and advise clients regarding purchase and sales of art (art brokerage). Our services are sought by private clients, companies, public galleries and councils alike. Our aim is to provide professional service with friendly, approachable manner.

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