$20m Debut Year for deutscher and hackett

deutscher and hackett's inaugural Sydney auction of Australian and International Fine Art achieved the impressive result of $4.27m* last Thursday.  Clearance rates of 82% by value and 71% by volume for the 160 works offered further consolidated the strong market position achieved by the company in its debut year.  Executive Director, Melbourne, Chris Deutscher said that the company’s targeted annual turnover of $20million for year 1 was reached after the Sydney auction.

The ‘cover painting’ by Jeffrey Smart Sunbathers at Construction Site 2003 was sold for an outstanding $600,000 to a private collector, making it the second highest price ever achieved for the artist at auction. Major paintings by Australian modern masters were in great demand with strong results achieved including Fred Williams Indigo Pool 1977-78 ($360,000), John Brack Up in the Air (Small Version 1973 ($288,000), Charles Blackman Alice in the Cat’s Flower Garden c1987 ($264,000), and Tim Storrier The Night Sky 1993 ($114,000).

Another highlight was an extremely important painting, Clouds 5 1975, by acclaimed New Zealand artist Colin McCahon, which achieved $360,000.  Attracting widespread interest from a number of collectors both in Australia and abroad, the work ultimately sold to a private collector in Sydney.

The top ten highlights are listed overleaf.

Interest in high quality contemporary art continued with Michael Zavros’s much admired work Spring/Fall 2003 selling for a new auction record of $36,000, whilst Andrew Browne’s Seek Alternative Route#2, 2003 equalled his auction record of $31,200.  Sculpture also sold strongly, with Gwyn Hanssen Pigott’s Shadow achieving $45,600, and Lyndon Dadswell’s Reclining Lady c1949 selling for a new auction record of $40,800.

Executive Director, Sydney, Damian Hackett said that he was particularly pleased with the $4.27m result as the November auctions are traditionally smaller than those held earlier in the year.  “I don’t believe any other auction house in its debut year has reached $4m for the final sale of the year. Our overall result of $20m for the year positions the company in the top three fine art auction houses in Australia, which is a terrific achievement for our inaugural year”, Mr Hackett said.

For further information contact Julie King - 0412 666 300 or 03 9865 6333
jking1@bigpond.net.au