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)