The Australian reports that one Aboriginal art auctioneer, Paul Sumner, is calling for a moratorium on the ever-expanding sales within the cratering market:
“The auction houses are putting too many works on the market,” Mr Sumner said. “When Sotheby’s was doing it very successfully, they were doing one auction a year. It’s all about supply and demand, and demand sinks if you increase supply.”
Mr Sumner said his company, Mossgreen, would not stage an indigenous art sale this year on account of the arrival in Australia of the international auction house Bonhams, plus two annual sales each by Sotheby’s and D+H.
Over-selling isn’t the only problem facing the Aboriginal Art market. There’s also the prospect of increasing supply just as the market is glutted in this post from ABC News in Australia:
Tim Jennings, owner of the Mbantua Art Gallery, says the market will be tight for another few years. […] “The next generation are coming along and … the interest is more economic for them, where they can improve their living standards,” he said. “I think the glut is coming in the next generation rather than the older generation.”
Aboriginal Art Market Paints Dismal Picture (The Australian)
New Generation Fuels Aboriginal Art Glut (ABC News)
