Dissappointing auction results reported by The Australian:
ART adviser Michael Reid calls them the “alpha male business people who need to own more than they want to own”.
Last night’s disappointing Sotheby’s art auction result suggests these European-suited, stock market-savvy collectors are members of a breed in crisis.
The sale was held at Sydney’s Museum of Contemporary Art and attracted more than 200 people. But bidding was patchy.
Several key works by artists Rover Thomas and Emily Kame Kngwarreye failed to sell, confirming predictions the art market is in for a tough time.
Mr Reid said last night’s result did not suggest collector lack of interest in Aboriginal art.
“The reality is all markets in the Australian art market are vulnerable at this time,” he said. “The market took a hit in early August as expected, and I don’t see any change tonight.”
Mr Reid said that during last year’s art boom, auctions sank into “that alpha male financial mindset, which is all about being a winner, the last man standing”.
“That’s now changing — those days are over,” he said.