Fast facts on fine art
2009 - Australian Auction Market highs
The total value of sales in the secondary market fell 23% in 2009 compared with 2008. Although certain sectors performed rather differently - sales by Aboriginal artists, for example, only dropped 5%. The market demand for certain types of art also evolved during 2009 as buyers moved to find greater value rather than higher profile. Record prices for artists were generally found in the sub-$500,000 price bracket.
* Sotheby's July 20 auction of Aboriginal art in Melbourne recorded a major sale for the Indigenous art world. Corroboree by William Barak smashed the $180,000-250,000 estimate setting a new record of $504,000 at the fall of the hammer.
- * Other records set in 2009 include Lloyd Rees - $504k; David Larwill - $216k; Fred Cress - $144k; Ben Quilty - $36k; Adam Cullen - $26k; Kathleen Petyarre - $96k; George Tjungurrayi - $72k
Into 2010: The global turnaround begins
As confidence began to creep tentatively back into the financial markets, Sotheby's New York also experienced some green shoots. In November 2009, Andy Warhol's 200 One Dollar Bills more than tripled its high estimate by fetching US$39m (AU$ 43 m) at auction.
On February 3, Sotheby's Impressionist and Modern Art Evening Sale in London realised GBP146.8 million (AU$243 m) - the highest total ever reached for a sale in London. An impressive 17 pieces sailed past the GBP1 million (AU$1.6 m) mark including three works that individually realized more than GBP10 million(AU$ 16 m). A bronze sculpture, entitled L'Homme qui marche I, by Alberto Giacometti became the most expensive work ever sold at auction when it realized just over GBP65 million (AU$107.7 m).
A week later, Sotheby's Contemporary Art Evening Sale made the second highest total for a February Sale of Contemporary Art at Sotheby's making GBP 54.1 million (AU$89.6 m).
In Australia, the March auction of Sidney Nolan's iconic work First-Class Marksman from the Ned Kelly series made headline news as the piece sold for AUD$5.4 million (including 20% buyers premium), as new Australian record.
