“Oliver Rees collects Australian art as an investment and to support the local arts industry. But new superannuation rules will force him to sell part of his collection of 19th century watercolours and paintings by Sidney Nolan and John Coburn ….…
The art valuer David Hulme said he had been flooded with enquiries from small investors wishing to sell art or purchase back from their super fund. “The perception that people who purchase art in super funds are all very wealthy is misguided,”, he said. “It’s the average smaller investor … who are really being affected.”
Last financial year, self-managed super funds invested $20 million to $25 millino in art and colletables, according to the Tax Office; three years ago, the figure was at least $85 million.
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