One of Australia’s leading experts on Australian indigenous art and artists, Susan McCulloch, co-author of the industry authority McCulloch’s Encyclopedia of Australian Art, says the Cooper Review recommendations create a disturbing disparity in allowing APRA-regulated funds to invest in art, but banning Self Managed Super Funds.
The union super fund CBUS is a perfect example of how targeted art investment can be of huge benefit to the community. The 310 works in this fund include many major pieces that have been long available to the public through loans to public galleries, and have also increased in value five fold. Denying art in SMSFs would therefore be of great detriment, not only to individuals but to the public.
Take $100 million a year away from the Australian art market, and the effects will be devastating for visual artists, suppliers, indigenous communities, and small businesses. The most significant impact is likely to be on Aboriginal artists and their communities whose livelihood will be severely and immediately affected, Ms McCulloch said.
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