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Is There an Art Market That Remains Immune?

February 16, 2009 by Marion Maneker

According to the New Zealand Herald, there is an art market that hasn’t been hit by the world-wide credit collapse: New Zealand’s:

The New Zealand art market, as reflected through the auction houses, has some of the characteristics of the New Zealand economy – small and isolated, in particular. But unlike the economy at large it is not dependent on overseas sales or financial movements. If it were, it might have followed the roller-coaster ride of the art market in Australia in recent years. Huge rises there in 2006 and 2007 were followed by a drop towards the end of last year and what is likely to be a precipitous fall this year.

By comparison, the New Zealand market has been remarkably steady. After a brief surge in 2003 and 2004, it has settled down at around the $15 million annual mark. No boom and therefore, as auction houses have their fingers firmly crossed, no likelihood of a bust this year.

Admittedly, last year’s figure was boosted by a series of outstanding Goldie sales at the International Art Centre, where four works by the artist topped the $200,000 mark, and three sales topped $1.5 million. Recession or not, buyers will still invest in top-quality New Zealand historic works.

Our Art Market Shows Few Signs of Meltdown (New Zealand Herald)

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Filed Under: General

About Marion Maneker

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