Demand for Aboriginal artwork continues to grow as investors seek more alternative additions to their investment portfolios.
Demand for Aboriginal artwork continues to grow as investors seek more alternative additions to their investment portfolios.
Sotheby’s director of Aboriginal art Tim Klingender was in Perth last week consigning Aboriginal art for an auction in July, which he says will set new records for the market.
“For Sotheby’s in 1996 the sale total for Aboriginal art was $1.3 million, and in 2003 it was $8 million,” Mr Klingender told WA Business News.
“I believe this collection will set new benchmarks, and there is a very strong market both in Australia and overseas.”
Western Australian Aboriginal art was particularly popular among collectors, he said, and finding quality examples available for sale was becoming more difficult.
“The most well known Western Australian area for Aboriginal art is Turkey Creek, where arguably the greatest Aboriginal artist ever, Rover Thomas, comes from,” Mr Klingender said.
He claims Western Australia has the three greatest corporate art collections in the country, the Wesfarmers, Kerry Stokes, and Holmes a Court collections.
“Investing in the art market is like investing in the share market. If you do your homework, get good advice and buy blue chip art, the likelihood is that you will do well out of the investment,” Mr Klingender said.
“I would warn people to be hugely careful though. There are a lot of people jumping on the bandwagon who are going to lose a lot of money.”
He estimated that between 50 and 70 per cent of the value of the Aboriginal art market was going overseas to individual and corporate investors.
Diane Mossenson, owner of Indigenart, which has galleries in Subiaco, Fremantle and Carlton in Victoria, echoed Mr Klingender’s caution about investing in the market, saying that collectors and investors need to make sure the works they purchase are well sourced.
“If you seek well provinced work which is produced consistently with focus, you will be getting quality art” Ms Mossenson said.
“The reason Aboriginal art is so great is that artists are drawing on 30,000 years of history and stories – there is a lot of soul, spirit and culture in the work, which people are often not aware of.”
An exhibition of Rover Thomas’ works is on display at the WA Art Gallery until March 6.
