Australia’s Art Market Records Another 49% Sale by Lot and Nearly A$5 million

The Age reports that Bonhams and Goodman had a record for John Russell at A$1.56 million and strong interest in the quality goods. Meanwhile, Bloomberg follows up on the Sotheby’s sale to include the day sale results:

“What’s happening in the stock market and property market are being reflected in the art market,” said Georgina Pemberton, head of Australian Painting at Sotheby’s.

Australia’s benchmark S&P ASX 200 Index has fallen 21 percent this year, while the nation’s housing affordability index is near a 24-year low.

Pemberton said Sotheby’s sale results show “the art market is becoming more realistic and less speculative.”

Records, But Art Market Still Twitchy (The Age)

Stock Slide Curbs Sotheby’s Australian Art Sale with 50% Unsold (Bloomberg)