Bloomberg makes a case that Sotheby’s Aboriginal Art sale is sign of strength. But the sale came in at the low estimate even with commissions. The sell-through was 63% suggesting that Sotheby’s wasn’t following the policy that seems evident in the European sales of ensuing high sell-through rates as an indicator of renewed market stability:
The largest painting at the sale, a five meter long synthetic paint on canvas painting in vivid red, green, yellow and blue by Jukuna Mona Chuguna and Ngarta Jinny Bent depicting waterholes around the artists’ homeland, called “Wayampajarti Area,” sold for A$88,800, within its estimate of A$80,000 to A$120,000.
“It’s good value per square inch,” Klingender said of the painting, which was used to support a land rights claim. “By doing these huge paintings they were able to illustrate their connection to their country, to the judges and the Australian government, and thus got their land title back.” [Read more...]