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boa
Joined: 26 Sep 2008
Posts: 14
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 Posted: Mon Oct 13, 2008 5:02 pm Post subject: Aboriginal Art Auctions |
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Well, the aboriginal art auction season starts with Mossgreen tonight, and Sotheby's this Sunday. Both auction houses are to be commended for only selling artworks with top-notch provenance (usually from community art centres).
I notice Mossgreen is again setting very optimistic (high) estimates for every artwork, often above retail / gallery price. I suspect that, as in their last auction, 70% will be unsold - after all, why to the hassle and risk of buying at auction, when you can buy it directly from Papunya Tula for less, and under more favourable conditions (e.g. layby)? And this is not even considering the current financial crisis! |
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boa
Joined: 26 Sep 2008
Posts: 14
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| Posted: Tue Oct 21, 2008 11:03 am Post subject: Re - Mossgreen Auction results |
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As predicted, buyers didn't accept the optimistic estimates at Mossgreen and only about 30% of lots sold. Sotheby's did slightly better, having more reasonable estimates.
There has been a tendency for some auction houses to stick very high estimates on artworks (above retail) - this might work in a boom time but in current financial conditions, the results indicate this ploy won't work. |
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boa
Joined: 26 Sep 2008
Posts: 14
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| Posted: Mon Oct 27, 2008 9:28 am Post subject: Re - Aboriginal Art Auctions |
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| Hmmm - according to observers and the initial results in the AASD, Mossgreen cleared a very disappointing 29% at their aboriginal art auction. Now the figure appears to have changed to 40% - presumably because they included "after-sales" (items that failed to make reserve on the night - and later sold privately). As Michael Reid says in his book, this practice of inflating clearance rates through aftersales should not be condoned! |
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Gallery
Joined: 11 Nov 2009
Posts: 6
Location: Victoria
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| Posted: Wed Nov 11, 2009 6:45 pm Post subject: Re - Aboriginal Art Auctions |
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Did you see the doco "The contemporary art bubble"
Sotheby's are known for some dodgy deals. Very interesting documentary. |
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