Although the painting set a world auction record for Colin McCahon when sold at $785,000 ($942,000 including premium), and was up from the price paid when it was last offered publicly in 1995 through Webb’s at $631,957, it still presented astute and attractive buying, given the shift in the market since 1995 and especially considering that the vendor reportedly paid a $1 million for it 1997 when he purchased it from Martin Browne Fine Art in 1997.
The picture was sold to prominent New Zealand dealer John Gow of Gow Langsford on behalf of a New Zealand collector. The second most expensive McCahon picture The First Bellini Madonna (Second Version) 1961 failed to find a buyer and the remaining two McCahon's also sold, again below the low estimate to phone bidders.
Other sale highlights which presented attractive buying last night was the consummate work Duck a l’Orange 1981, by John Olsen, presale estimate $350,000 - 450,000 sold for $320,000, Charles Blackman’s Children from his golden period of 1954-56 sold for $75,000 against a presale estimate of $80,000 - $100,000 and a dynamic and powerful painting Circus c.1965 by the modern master Ian Fairweather sold for $60,000 against a presale estimate of $65,000 - 85,000. Even the fresh to market, privately sourced colonial work by Thomas Clark’s Murndal in the Early Days 1860 selling at mid-estimate range of $260,000 still offered attractive buying, though the underbidder in the room may have been slightly deterred by an issue relating to the work’s condition.
Yet in the current buyer’s market the incentive to buy for cashed up buyers and institutions did not necessarily extend to all high profile artists, with works by Fred Williams, John Brack, George Lambert, Arthur Streeton, William Dobell, Peter Booth and John Coburn failing to sell, perhaps a signal that there is a reluctance to compete for high end works unless they have been significantly absent from the market or are sourced from estates, corporate or high profile private collections.
In a week where contemporary art took centre stage, the well attended D&H saleroom did yield some strong results for a number of contemporary works including: the coveted, atmospheric work by Philip Wolfhagen his Drawing The Light in II, 2008, presale estimate $16,000 - 20,000, achieved $26,000.
Maclean Edwards All She Ever Wants, 2003 sold for $13,000 against an estimate of $10,000 - 13,000; Bronwyn Oliver’s poetic woven sculpture piece Lunar, 2001 sold $50,000 against an estimate of $35,000 - 50,000.
A vibrant, conceptual Yvonne Audette By the Sea on an Overcast Day 1967 sold $41,000 hammer ($...including premium) estimated $35,000 - 45,000; a surprising result for a signature David Larwill work Bounce 2004 at $21,000, estimated $15,000 - 20,000 and Shaun Gladwell, who never fails to deliver, with the electrifying Approach to Mundi Mundi: Silverton Road/Mundi Mundi, 2007 selling at $14,000.
Bearing the above prices in mind, and taking into account the previous nights Austcorp Contemporary Art collection result (sold 94% by lot, 96% by value) it may be time to re-assess the old school thinking, that buyers in conservative economic times look to conservative artists for investment salvation.
One may detect a guarded confidence during this week of sales but an evident readiness to explore new frontiers may be the way forward, global financial crisis or not.
All prices shown are hammer prices. Buyers premium is 20%.
