Australian Art Market Blog Goes Live

FOR IMMEDIATE RELEASE

CONTACT:

Nicholas Forrest

0422699730

artmarketblog@gmail.com

http://www.australianartmarket.com

Australian Art Market Blog Goes Live

blog12Sydney, NSW, 17/3/2009 – Sydney, Australia based art market analyst and art critic Nicholas Forrest has announced the launch of a blog dedicated to the Australian art market.

The blog will feature a no holds barred analysis of the Australian art market by Nicholas Forrest as well as advice for art investors, relevant news items and artist profiles.

The news, information and analysis provided on the site will cater to the needs of all participants in the Australian art market from the least experienced collectors and investors to art market professionals.

“I am really excited about this project and am looking forward to tackling the important issues currently facing those involved in the Australian art market whether they be buyers, sellers or art market professionals” said Nicholas Forrest, founder of the Australian Art Market Blog

“The Australian Art Market is an exciting and dynamic market that is at a crucial stage of its development. I am delighted to be able to provide what I believe is a much needed resource that provides Australian art collectors and investors with the information and knowledge that they need to be able to approach the art market with confidence.”

For additional information contact Nicholas Forrest or visit http://www.australianartmarket.com

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes on art and the art market for various magazines, newspapers and websites and has appeared on radio and television as an art market analyst.

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Australian Art Market 08 Review Part 3 – artmarketblog.com

Australian Art Market 08 Review Part 3 – artmarketblog.com

2008 Melbourne Art Fair

2008 Melbourne Art Fair

Two important art world events took place in Australia in 2008 the first of which was the biennial Melbourne Art Fair and the second being the Sydney Biennale.  The biennial Melbourne Art Fair took place from the 30 July – 3 August at the Royal Exhibition Building in Carlton Gardens where 80 prestigious galleries from Australia and abroad exhibited some 3000 works by 900 living artists from all over the world.  To exhibit at the fair one has to have been invited by the Melbourne Art Fair Foundation who invite selected Australian and International galleries to participate.  Only galleries who represent living artists and hold regular exhibitions on their own premises are eligible to be selected as exhibitors and those that are invited to exhibit must ensure that at least 80% of the work they display is by living artists.  According to the post-fair press release “the four-day Fair generated sales of
AUS$12.1 million , representing a 16% increase on 2006 sales, with 81% of the artworks sold under $10,000 in value. 30,000 people attended the Fair, representing a 14% increase on 2006 attendances.” In comparison, the Tokyo Art Fair only managed sales of US$10,000,000 which was less than the US$11,000,000 (AU to US exchange rate at time) achieved by the Melbourne Art Fair.  Not a bad result for a country with such a small art market. The success of the Melbourne Art Fair was at odds with the predictions of doom and gloom that were beginning to become more frequent at the time. In fact, the success of the 2008 fair was so encouraging that it was announced that the fair would become an annual event.  That is, until the financial crisis took hold and it was decided that a biennial fair was the best option after all.

Although not a commercial event, the  2008 Sydney Biennale was an extremely important event for the promotion and appreciation of modern and contemporary art in Australia.  As one of the oldest and most celebrated   The 2008 biennale  set a new attendance record, with 435,000 people visiting over the course of the 12-week event, up 37% on the 2006 Biennale.   Without doubt the event was a massive success that can only have increased people’s interest in fine art and the likelihood of those that visited the fair purchasing art in the future.

The other art event worth mentioning is the Art Sydney 08 art fair which is an annual event that brings together 100 galleries and a wide variety of art.  Unfortunately the 2008 fair was a bitter disappointment with a majority of what was on offer resembling the mass produced rubbish sold in large numbers at home furnishing stores.  Even though most of what was on offer was  apparently close to a million dollars was spent on opening night which just goes to show that wealth and good taste do not go hand in hand.

2008 was a big year for the Australian art market even though the financial crisis took it’s toll on the auction industry towards the end of the year resulting in less than pleasing end of year results.  What does 2009 have in store for the Australian art market?  Stay tuned for the next post in the Australian Art Market 08 Review series to fine out !!!

See previous two Australian Art Market 08 Review posts here:

Part 1

http://artmarketblog.com/2009/01/10/australian-art-market-review-08-part-1-artmarketblogcom/

Part 2

http://artmarketblog.com/2009/01/12/australian-art-market-08-review-part-2-artmarketblogcom/

image: 2008 Melbourne Art Fair

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

Australian Art Market 08 Review Part 1 – artmarketblog.com

Australian Art Market 08 Review Part 1 – artmarketblog.com

drysdale2008 was a rather interesting year for the Australian art market with results for the first half of the year giving the impression that, for the time being at least, the market for art in Australia was set to continue it’s bull run albeit at a less frenzied pace.  One of the most celebrated (and over-rated) sales of the year took place in June when the Sydney based auction house Deutscher-Menzies sold Picasso’s “Sylvette” for AU$6.9 million which was the most expensive painting ever sold at auction in Australia.  The identity or location of the overseas buyer was not made public but is rumored to have been a collector from Russia or another European country. Menzies was quoted as saying “It’s a historic day for Australia in the sense that a very significant international picture by the greatest artist of the 20th Century was sold at an Australian auction for a record price”.

Had “Sylvette” been purchased by an Australian (in Australia) buyer I might have been impressed but all the sale of “Sylvette” proves is that Deutscher-Menzies were willing to spend plenty of money on marketing the work ($20,000 apparently). The previous record for a work of art sold at auction in Australia was Australian artist Brett Whiteley’s “The Olgas for Ernest Giles” which sold for AU$3.48 million in 2007. The top price paid for a work of art by a non-Aboriginal Australian artist in 2008 was $1,890,000 for Russel Drysdale’s “Rocky McCormack” which was sold by Sotheby’s in August.  The top price paid for an Aboriginal work of art in 2008 was $360,000 for Emily Kngwarreye’s “Earth’s Creation II 1995” sold by Deutscher Menzies in December.

Although some evidence of a slightly more cautious art buying public began to appear as early as March the Australian art market appeared to be in relatively good health until about August when things began to take a turn for the worst.  The August round of auctions were particularly bad leaving no doubt that the Australian art market was beginning to experience a correction.  Clearance rates for the August sales were extremely disappointing with Sotheby’s only able to muster a clearance rates of 50% and Bonhams and Goodman only able to manage 49%.  A few positive sales and some new auction records for several artists did, however, provide some optimism heading into the end of the year.  If only that optimism could have been converted into sales.

to be continued…..

iamge: Rocky McCormack by Russell Drysdale

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.