Though the dust finally settled following the withdrawal of Christies from our shores, market corrections and calls for tighter regulation of the Australian art market have dampened the enthusiasm of buyers and sellers for the high drama of the auction room. SHIREEN HUDA reports on the vagaries of the current art market.

The recent brouhaha about the lack of transparency in the Australian art auction market and the need for more regulation — as well as the general downturn in the economy — left a pall over auctions in August and September.

While Sotheby's auctioneer Justin Miller waxed lyrical about the quality of the works in their evening sale on 25 August in Melbourne - he used the adjective 'magnificent' at least 29 times - nothing could brighten the clearance rate of only 49.4% by volume and 53.7% byb value. The second part of the sale on the following day was simliarly disappointing and the overall sale total was $6.68 million (after an estimate of $10.7 - 14m)...

To read more of this item and others, subscribe now or simply order Issue 17 of aAR by
clicking here

Image: John Brack, The Boucher Nude, 1957, oil on canvas, 81 x 146cm. Courtesy Deutscher and Hackett, Melbourne and Sydney.