By David Hulme & Brigitte Banziger, on 14-May-2014

A large number of the 101 lots at Sotheby’s on budget day bore low estimates, promising a cut to prices. The venue of choice, the aptly named Treasury Lounge at the Intercontinental Hotel in Sydney’s CBD, raised the hopes of many to bag some bargain art on the night.

International auctioneer Martin Gallon was in fine form and brimming with confidence, and in the end did not deliver any cuts at all: with 113.5% sold by value and 71.3 % sold by volume, the evening brought a total of $5,569,910 IBP. 

The venue of choice, for Sotheby’s sale of Important Australian Art on budget day, May 13, was the the aptly named Treasury Lounge at the Intercontinental Hotel in Sydney’s CBD. The auction sold 113.5% by value and 71.3 % by volume, and the evening brought in a total of $5,569,910 including buyers premium.

Sotheby’s are ever strong on the still life, and this sale was no exception, featuring an unusually high number of works by Margaret Olley, and also Cressida Campbell, Grace Cossington Smith, David Strachan, Alison Rehfisch and Nora Heysen.

From the start, bidding was fierce: Cossington Smith’s lovely Gum Blossom 1945 (Lot 1 ) set the tone for the evening, selling comfortably at the high estimate of $50,000 h.p. Alison Rehfisch’s Still Life with Bottles and Fruit circa 1949 (Lot 3 ) flew past its meagre $4,000-$6,000 estimate, selling for $10,500.

It was clear that art consultant Sue Hewitt was not going to leave the room without the works she was intent on securing: the first was Cressida Campbell’s Bush Lemons, 1990 (Lot 4 ). Ms Hewitt’s gentle nod of the head swept away the $15,000 to $20,000 estimate, finally securing the very attractive woodblock for $36,000.

Margaret Olley’s Basket of Limes, 1965 (Lot 7 ), a rather minimalist work, did well selling mid-estimate at $36,000, setting off an excellent night for Olley. Six of the seven paintings sold, including Yellow Room Evening, 1995 (Lot 9 ) for $80,000, and Morning Brioche, 1982 (Lot 39 ) for $69,000 - $9,000 over the high estimate.

Cressida Campbell’s other two works proved equally popular: Lilies with Indian Cloth, 1994 (Lot 8 ) sold for $28,000 on estimate of $15,000 to $20,000. Perhaps the biggest surprise was Through Windows, 1984 (Lot 10 ) whose low expectations of $12,000-$16,000 were smashed by the final sale price of $40,000.

No bowing out for Ian Fairweather’s Kneeling Figures, 1951 (Lot 11 ) either, selling just under the high estimate for $95,000. James Gleeson’s wondrous Galaxy, 1943 (Lot 17 ) always looked tempting at $4,000 to $6,000, so no one was surprised it spiralled out of orbit to over three times the high estimate, selling at $19,000.

A stunningly drawn character who could have come straight out of Brack’s famous painting Collins Street, 5 pm, titled Reading the Reader’s Digest 1995 (Lot 22 ) overtook its $60,000 to $80,000 estimate to reach a hammer price of $105,000, whilst Sidney Nolan’s early Grass Trees, 1948 (Lot 23 ) sold right on the low estimate for $250,000.

In their Sydney viewing, Sotheby’s had dedicated one wall to the impressionist star lots 29, 30 and 31, and clearly held high expectations for the triumvirate.

Arthur Streeton’s Venice paintings are highly sought after; just 23 major paintings of Venice have appeared at auction in the past 30 years. So it didn’t take long for the $60,000 to $80,000 estimate on Palaces in Sunlight, 1908 (Lot 29 ) to fade, selling for $180,000.

Streeton proved merely to be the warm-up act to the event of the evening: Tom Roberts’ extremely charming Miss Minna Simpson, 1886 (Lot 30 ) is clearly a most rare painting indeed, and bidders took no heed of the $300,000 to $400,000 estimates, doubling the high estimate for it to sell at $800,000.

This is not only a wonderful result for a wonderful painting (you could almost hear the cat purring with contentment), that last sold with Christies in 1988 for $254,000. It also achieved a new auction record for Tom Roberts, nearly doubling the previous record of $416,000 for the very different “A Mountain Muster”, set almost 20 years ago again by Sotheby’s. 

Emanuel Phillips Fox also stirred the passions of many, including Sue Hewitt who managed to secure Morning on the Beach, circa 1909-1911 (Lot 31 ) for her client for $160,000.

Russell Drysdale’s tiny Country Boy, 1941 (Lot 37 ) at just 38 x 20 cm achieved the very respectable price of $160,000, above the low estimate of $150,000.

The large Confrontation, 1978 by John Brack (Lot 42 ) similarly sold for a healthy $400,000 right on the low estimate.

There were a few misses: Arthur Boyd’s Shoalhaven with River, 1988 (Lot 38 ) failed on estimates of $150,000 to $200,000, likewise Sidney Nolan’s early, but difficult Mrs Fraser, 1947 (Lot 40 ), passed in on its $100,000 to $120,000 expectations and Godfrey Miller (Lot 41 ) couldn’t make it to its $150,000 low estimate.

Sidney Nolan’s iconic theme Ned Kelly: Kelly and Horse, 1955 (Lot 58 ) didn’t help it get past the finishing line of the $300,000 low estimate; however Jeffrey Smart more than made up for it with Antibes, 1965 (Lot 64 ) selling for a whopping $440,000, $90,000 over its top estimate.

Clement Meadmore’s Rain Check 1995 (Lot 43 ) didn’t need one and cashed a very fine result of $77,000 from a $50,000 to $60,000 estimate, whereas Akio Makigawa’s untitled sculpture from 1999 (Lot 45 ) and Robert Klippel’s No. 261 1970 (Lot 65 ) both didn’t meet expectations of $35,000-$45,000 and $40,000 to $60,000 respectively.

The night brought seven new auction records, with also one for photographer Petrina Hicks for Shenae and Jade, 2005, edition 6 of 8 (Lot 48 ), selling for $12,000.

As with several auction records set in one night, it has been a while since we saw prices like these achieved for Albert Namatjira, although large works by the artist which haven’t suffered some degree of fading are rather rare. The quality and scarcity paid big dividends for the Adelaide vendor of the four watercolours, as lots 83 to 86 sold for a total of $162,000.

Untitled (Central Australian Gorge), circa 1948 (Lot 83 ) achieved $50,000, and Untitled, 1955 (Lot 84 ) sold for $46,000, making them the fourth and sixth highest selling Namatjiras at auction since 1969.

The lady next to me was obviously very excited about Tim Storrier’s Point to Point 1989 (Lot 89 ): “The first time I’ve ever done this” she exclaimed before securing her first buy at auction at the low estimate of $45,000.

The historical importance of Joseph Lycett’s Eliza Point Showing Captain Piper’s Naval Villa and Garden, circa 1820 (Lot 93 ) did not escape bidders in the room. Strongly fought over, the $100,000 to $150,000 estimate was left behind for $180,000, one of the night’s top sales.

The Melbourne vista however by Henry Gritten was no match for Lycett’s Sydney Harbour view: Melbourne from the Botanical Gardens, 1865 (Lot 94 ) didn’t find a buyer. Meanwhile, Gritten’s rural and very appealing Punt on the River Murray at Echuca, 1872 (Lot 100 ) got close to doubling its high estimate, selling for $26,000. 

Sale Referenced:

About The Author

Brigitte Banziger and David Hulme are the principals of Banziger Hulme Fine Art Consultants, established since 2003. With their combined experience of over 40 years, they provide private collectors as well as companies and public institutions with independent expert art valuations. In addition to their appraisals for insurance, family law, deceased estates and market values, they assist clients with transparent advice when buying or selling an individual artwork or an entire collection, for some of Australia’s most significant private collectors. David Hulme is an approved valuer for the Australian Government’s Cultural Gifts Program, and both Brigitte and David are members of the Art Consulting Association of Australia, where David served as President from 2015 to 2019. David Hulme is a regular art market critic and commentator on the Australian art market and has been interviewed by numerous media, including the 'Australian Financial Review', 'The Australian' and 'The Sydney Morning Herald'. He has also been interviewed on Network 10’s 'The Project', on the ABC’s Radio National Breakfast show with Hamish MacDonald, the ABC’s 'The Business' program amongst many others.

.