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)
