Stellar Success in the Auction Market after the second lockdown in New Zealand
There have been a number of auctions held in Auckland and Wellington since the end of the first lockdown in New Zealand which returned very strong results across all areas and price points. Despite gloomy economic forecasts and New Zealand entering its first recession in ten years, the art market has been booming.
Notable sales and new auction records have been achieved for a number of artists and highlights include a major early work by Gretchen Albrecht sold by Art+Object for $105,000. Produced in the early 1970s, when Albrecht was at the formative stages of her career, this lyrical work with outstanding original colour was hotly contested by a number of phone and room bidders to achieve a record price for the artist at auction.
International Art Centre held their sale on the night the second lockdown was announced and managed to finish just as the lockdown news was broken by the Prime Minister. Their auction included the first painting by C. F Goldie to be offered in a year at auction, titled 'Memories, Rakapa (An Arawa Chieftainess)'. Estimated at $300,000 - $400,000, it realised $455,000, which was $45,000 more than a comparable work sold for this time last year. Both works sold well in excess of their reserves and show that interest in the work of C. F. Goldie remains strong.
Webb's offered one the most important works by Tony Fomison to reach the open market in recent years. 'Watcher on the Shore' had been in the collection of notable New Zealand historian Dick Scott since it was painted in the early 1980s and a number of keen bidders competed on the night. It realised $400,000 against a saleroom estimate of $150,000 - $250,000 and set a new record for the artist's work at auction.
Dunbar Sloane in Wellington held their sale a week after the Auckland sales and also achieved very strong results. An exceptional example of Don Peebles construction works was modestly estimated at $4,000 - $6,000 but realised $20,000, just shy of a top price at auction for Peebles’ work.
With the auction clearance rates sitting at an average of 77%, it seems likely that the buoyancy in the market will tempt sellers to test the waters before the end of the year and Art Valuations NZ expects the momentum to continue for the foreseeable future.
