"Q. How much has the art market grown by in the last nine years?
A. Well it was around about $35 million total turnover in 1998 and it posted over $100 million two years ago and 150 plus last year. So it’s improved enormously. It’s increased enormously over the last nine years.
Q. That’s still small though isn’t it by international standards?
A. It is. I mean ah Picasso’s Boy with a Pipe for example sold at auction for $120 million in America in 1999, I think. .so a single painting can sell in the States or England for the entire turnover of the art we sell in Australia."
28th July 2008
Dr. Meaghan Wilson-Anastasios is a researcher and sessional lecturer at the University of Melbourne. Her research interests include art price formation and how and why economic superstars emerge in the auction market. Part of her research was the focus of a Four Corners program, Art for Art’s Sake, aired on ABC television.