The 2010 Australian Art Auction Market

Major Changes in the Art Auction Industry in 2010

• Bonhams & Goodman ceased trading at the end of 2009, and their operations were merged into those of a new entity, Sotheby's Australia, trading under licence from Sotheby's International, by Second East Auction Holdings Pty Ltd., which in turn is wholly owned by First East Auction Holdings Pty Ltd.
• The operations of Bay East Auctions, a business name of First East Auction Holdings Pty. Ltd., were combined with those of Leonard Joel, also a business of First East Auction Holdings Pty. Ltd (acquired in June 2008) resulting in Leonard Joel having a Sydney branch for the first time in its history.
• After a five years of ownership by First East Auction Holdings Pty. Ltd, Theodore Bruce Auctions of Adelaide, founded in 1878, was sold back to the Bruce family in March 2010, and continues to trade as Theodore Bruce Auctions. This company also established a Sydney branch in August 2010.
• Auction results for the newly established Australian branch of international auction house Bonhams, were added to our coverage during 2010.
• Deutscher~Menzies changed their trading name to Menzies Art Brands

Highlights of the 2010 Art Auction Market

• Total value art sold by auction in Australia increased by $15.1 million, an increase of 17%, but still 72.3 million below the record total of $175.6 million achieved in 2007.
• Most of the increase was attributable to increase in the value of works sold by Australian artists. Sales of works by Aboriginal artists declined for the third consecutive year, this time from $12.6 million to $10.1 million.
• A new record price for an Australian work of art sold at auction was set when Sidney Nolan's First-Class Marksman 1946 (our 2011 edition cover image) was sold by Menzies Art Brands, Sydney for $5,400,000 including buyers premium, in March 2010.
• In 2010, seven works by Australian artists sold for over $1 million; an increase over the two works sold for over $1 million in 2009.
• The total number of works offered for sale by auction in Australia in 2010 was 19,655 compared with 16,322 in 2009 an increase of 20.4%
• Total works sold in 2010 increased to 13,752 compared with 11,497 in 2009, and increase of 19.6% with the clearance rate (percent sold by number) of 69.9% changing only marginally from the 68.4% clearance rate recorded in 2009.