13 August, 2010

Australian Art Market - 4 Corners

"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."

Read an edited interview with Meaghan Wilson-Anastasios, doctoral candidate, Melbourne University

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.

Art Matters

1 comment:

john walker said...

where do these figures come from? I have heard estimates of the 'market' that vary from less than 100 million to more than half a billion, Mr Garret for example believes the indigenous market alone to be worth half a billion!
The major public auction market (adjusted for inflation) has been in current money terms at about 90-110 million for more than 2 decades