- Total value art sold by auction in Australia decreased by $60.9 million, a fall of almost 35%. In future years, the total sales achieved in 2007 of $175.6 million may be viewed as a market aberration.
- Sales of works by Australian artists and Aboriginal artists fell 40.7% and 51.5% respectively.
- This was offset by an increase of $10.5 million in sales of works by non-Australian artists, almost totally accounted for by three high value sales by Menzies Art Group during the year: Picasso's Sylvette 1954 sold for $6.9 million, Andy Warhol's Head After Picasso 1985 sold for $1.8 million and Pierre Bonnard's Bouquet De Cheminée sold for $1.32 million
- Highest sales price in 2008 for a work by an Australian artist was $1.89 million for Drysdale's Rocky McCormack; in 2007 seven works by Australian artists sold for in excess of this amount.
- In 2008, seven works by Australian artists sold for over $1 million; in 2007, the comparable figure was 22 works.
- The total number of works offered for sale by auction in Australia in 2008 was 17,435 compared with 15574 in 2007 an increase of 10.6%
- However total works sold in 2008 increased only marginally above 2007 from 11,204 in 2007, to 11,463 in 2008, with the clearance rate (percent sold by number) decreasing from 71.9% in 2007 to 65.6% in 2008.
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