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Tough year but Australian art dealers hang in there |
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Written by The Australian
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Tuesday, 23 December 2008 |
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AFTER a bumper 2007, the Australian art auction market is down nearly 35 per cent this year, with $114.5 million of art works going under the hammer.
Several important paintings, including an 1830s John Glover landscape and one of Sidney Nolan's Ned Kelly pictures, failed to sell at auction because of prohibitive reserve prices. Four of the five major paintings not sold at auction this year were consigned by Sotheby's. It was a blow to the prestigious auction house, whose international share price has tumbled more than 70 per cent in the past 12 months. On the upside, Sotheby's managed to fetch the highest price for a painting at auction this year: Russell Drysdale's The portrait of Rocky McCormack sold for $1.89 million in August. Read more... |
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Last Updated ( Wednesday, 28 January 2009 )
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