Adding the buyers premium, the final price paid for the colonial work Settler’s Camp (Lot 8) is $2.52 million. This achievement is even more remarkable given 80% of the historical top ten prices were achieved in 2007 at the market’s peak, or in the boom years before. There were plenty of appreciative gasps from the audience when the hammer fell, and no doubt some choking by the talking heads recently quoted in the press suggesting the pre-sale estimate on the work of $1–1.5 million was high [i]. Instead, we now have a new record for the artist and a new auction high for 2012

[i] Terry Ingram, ‘Making an impression, again’, The Australian Financial Review, 19 April 2012

If art auctions have personalities, then this month's sales are a mix of strategic and daring. With supply and market confidence down, the main players are competing harder than ever at both ends of the local market, with a high Australian dollar luring buyers overseas.
 

Once again, Geoffrey Smith is offering us a tightly curated fine art sale of just 80 lots. In May 2011, 97 lots were offered in their Australian only art sale, August 2011 saw 67 lots and in November, just 64 lots made up the Australian and International auction. In their 8^th May sale, we’ll see five international lots (lots 76 to 80) closing the evening.

Clement Meadmore is one of Australia’s most famous expat artists and has created some of the most outstanding and highly sought after sculptures here and in his long-time home in the US. Meadmore is the subject of a documentary film being produced by Frontyard Films, his auction prices top the $100,000 mark and his sculptures are on public display worldwide.