The Russell far exceeded its estimates of $200,000 to $300,000 to make $580,000 hammer, or $707,600 with premium to Sydney dealer Mr Denis Savill.
Last week disappointment by was averted by taking a less respectful attitude to estimates which can vary considerably when iconic paintings are concerned with regard to the John Brack.
It paid $1.46 million all up for The Breakfast Table 1958 against estimates (which however do not include premium) of $500,000 to $700,000. It also paid $2 million including premium for The New House 1953 (Lot 65 ) by John Brack which was estimated at $1.1 million to $1.3 million without premium.
The Breakfast Table 1958 has a certain notoriety in terms of the Australian art market as it was sold but not collected by the then big time Australian/NZ dealer Donald Cornes in 1989 at auction but not collected before his departure for Kenya.
The gallery's purchasing was certainly very considered. It would say only that it was done by an agent in the room. If this was Ms Annette Larkin as close observers inferred, it was very discreetly done.
The gallery spent $3.9 million on four works at the auction and thereby providing a permanent Australian home for major works that once in a collection were thought to have been lost to Australia for good.
It could also boast if it wanted to that it had saved the Bracks from going to Melbourne which is where the artist lived and which, apart from a rare excursion by Hobart's MONA has always made Brack's market.
The gallery's representation of Brack, Australia's most expensive artist, has tended to be lax, if you regard Brack as Australia's number one artist of all time.
The Grundy collection was thought by many in the art world to be assembled with the idea of creating a museum of Australian art in the UK where its owners were born and had a town house. But while originally a possibility it was not to be. Some of the highlights of the collection, however, were shown at Bonhams in London. This is believed to have helped Bonhams Australia win the collection consignment over Deutscher and Hackett which looked first in line.
The AGNSW purchases totalled around $3.9 million when two further acquisitions, also unveiled at the gallery yesterday, are included.
It purchased paintings by Joy Hester and Frank Hinder for $207,400 and $231,000 respectively.
The timing of the auction was good for buyers as it turned out to coincide with the debate over and decision on the appointment of a new Prime Minister.
It made $20 million, an auction record for a private collection. which was its top estimate. But an event of this magnitude would not have surprised had it made more. It will skew the market totals and possibly leadership figures for years.
The New House 1953 and The Breakfast Table 1958 were readily explicable purchases of delayed interest in a master which Australia has valued more highly than any other.
Joy Hester's Figure With Scales 1957, (Lot 11 ) described by the gallery as poignant and Frank Hinder's Tram Kaleidoscope, (Lot 16 ) a masterpiece of Australian modernism, and will be included in the gallery's next exhibition, Sydney Moderns (tick) which opens next Saturday.
The purchases reflect a considerable amount of private philanthropy so the AGNSW cannot be accused of wasting taxpayers' funds.
Michael Brand, director of the Art Gallery of NSW, said: "I am extremely grateful to the private individuals including our members, benefactors and philanthropists who have made this possible".
In The House received funds from the Gleeson O’Keefe Foundation; The Breakfast Table 1958 was acquired through the Art Gallery of NSW Foundation and the Australian Masterpiece Fund; Figure With Scales 1957 was funded by the John M Gillespie Bequest
Frank Hinder's Tram Kaleidoscope 1948 was bought with funds funds provided by the members of the Art Gallery Society of NSW.
Other spenders who made a big impression on the sale were Sydney auctioneer Mr Andrew Shapiro and Sydney dealer Michael Nagy.
