leonard, issue 7, june 2012
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If you would like to receive Leonard you can subscribe online at leonardjoel.com.au for free digital delivery.If you would like to receive a printed version you can collect a free copy at Leonard Joel.If you’d prefer to be sent Leonard by mail you can subscribe to Leonard for $44 per year for postage and handling.
ValuatIoN aND ClIeNt serVICes
Monique Le Grand Phone + 61 (0) 3 8825 5620Email monique.legrand@leonardjoel.com.au
Corporate & prIVate ColleCtIoNs
John Albrecht, Managing Director Phone 0413 819 767Email john.albrecht@leonardjoel.com.au
art
Briar Williams, Head of ArtPhone + 61 (0) 3 8825 5608Email briar.williams@leonardjoel.com.au
Jewellery
John D’Agata, Head of JewelleryPhone + 61 (0) 3 8825 5605Email john.dagata@leonardjoel.com.au
ClassIC furNIture, obJeCts aND DesIgN
Guy Cairnduff, Head of Classic Furniture, Objects and DesignPhone +61 (0) 3 8825 5611Email guy.cairnduff@leonardjoel.com.au
ColleCtables
Giles Moon, Head of Collectables and BooksPhone + 61 (0) 3 8825 5635Email giles.moon@leonardjoel.com.au
books aND MaNusCrIpts
Giles Moon, Head of Collectables and BooksPhone + 61 (0) 3 8825 5635Email giles.moon@leonardjoel.com.au
pre–owNeD luxury
John D’Agata, Head of JewelleryPhone + 61 (0) 3 8825 5605Email john.dagata@leonardjoel.com.au
Natural HIstory
Giles Moon, Head of Collectables and BooksPhone + 61(0) 3 8825 5635Email giles.moon@leonardjoel.com.au
tHe speCIalIst ColleCtor for sINgle owNer auCtIoNs
Guy Cairnduff, Head of The Specialist CollectorPhone +61 (0) 3 8825 5611Email guy.cairnduff@leonardjoel.com.au
tHe weekly auCtIoN
Eoghan DohertyPhone + 61 (0) 3 8825 5632Email eoghan.doherty@leonardjoel.com.au
DIgItal MeDIa
Clare Greig, Digital Media Manager Phone + 61 (0) 3 8825 5613Email clare.greig@leonardjoel.com.au
Leonard Joel Specialists
LEonARD JoEL
Primary Salerooms
333 Malvern Road,
South Yarra, Victoria 3141
Australia
Tel: +61 (0) 3 9826 4333
Fax: +61 (0) 3 9826 4544
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Leonard is published 10 times a year by Leonard Joel. If you have any questions regarding Leonard please contact 03 9826 4333
Cover206A DIAMOND RIVIERE NECKLACE BY KOZMINSKY $35,000 - 45,000
Auction Sunday 17 June 2012
PhotographyRick Merrie
DesignerMaria Rossi
leonardjoel.com.au
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foreworD
THE GooD oLD-FASHIonED VEnDoR CoMMISSIon (oR SELLER’S CHARGE)If memory serves me correctly (to borrow
my favourite phrase from the introduction
of Iron Chef ) auction charges were a simple
affair until the late 1980s. In the good old
days clients were charged one simple com-
mission rate that covered everything. At this
time commission rates hovered between 12
and 16% and when GST was not even a twin-
kle in John Howard’s eye. Then the big inter-
national houses, probably genuinely, realised
that the vendor commission as the only mar-
gin an auction house could “make” would
not be enough to sustain the ever-growing
complexity and sophistication demanded by
clients for more beautiful displays, more dra-
matic auction rooms, better administration
of their collections and slicker marketing and
communications.
THE BUyER’S pREMIUMEnter the buyer’s premium! I vividly remem-
ber a Leonard Joel auction in the late 1980s
when we declared on the rostrum that we
“had not and would not” introduce a buyer’s
premium. The dramatic, hasty and rather
naive declaration was met with roars of sup-
port from the antique dealers in the room.
We felt terrific but we had no idea what
we were saying! What had been recognised
internationally; that a simple sub-20 com-
mission rate was an unsustainable margin for
an auction house that “did everything” in a
vastly more complex consumer environment,
would soon be recognised by Leonard Joel
and its peers in Australia too. The buyer’s
premium now is a well established charge to
the buyer at auction and is not greeted with
the howls of protest and outrage that it gen-
erated some twenty years ago and is now a
rather simple affair that 99% of the audience
understand and accept as part and parcel of
the purchase price.
So while buyers have a fairly straight forward
experience vendors now are, in my opinion,
spoilt for choice or perhaps bombarded
(depending on how they feel) with alterna-
tives – let me briefly explain.
THE MoDERn DAy VEnDoR CoMMISSIonThe simplest method for a seller at auction
these days involves negotiating a commission
rate, accepting an indemnity fee (previously
known as an insurance charge) and usually a
nominal set fee for handling and storage. But
beyond these arrangements vendors have
other levers at their disposal- namely, the
guarantee and the advance.
THE GUARAnTEEThe guarantee is available at Leonard Joel
for more valuable single items and my simple
explanation of a guarantee is the following.
A guarantee is in effect getting the auction
house to commit to an absentee bid at a set
price before the auction. If there is no third
party bid at the guarantee price or no fur-
ther bidding beyond the guarantee price or
“house bid”, the item is sold to the house and
the seller receives those funds less any nego-
tiated charges. But if the item sells for more
than the guarantee price, the difference (or
the “upside” as it is known) is typically split
between auction house and seller. The guar-
antee therefore offers a client a guaranteed
result with the opportunity for some upside.
The price for the guarantee I hear you ask?
Sharing the upside with the auction house.
The guarantee is a useful tool for those want-
ing to “lock in” a minimum sale price but still
share in any upside that may be achieved
come auction day.
THE ADVAnCEFinally there is the far simpler to explain
advance. With sometimes long lead times
between auctions and extended settlement
periods after an auction, some sellers find
the delay between “agree to go to auction”
and “funds in the bank” just too long to wait.
For these clients and if the value of the item/s
justifies it, a cash advance can be sought for
a fee that can be secured against items before
they go to auction. This advance is then either
deducted from the proceeds of sale or set-
tled against items held by the auction house
in the event of items going unsold; however
generally speaking advances are structured
to ensure that the items value comfortably
covers the amount advanced.
MoRE CoMpLExITy BUT MoRE CHoICESThere is no doubt that we live in a more com-
plex auction world and there are those that
find “alternative” selling arrangements just
too complex to bother with but for those that
are looking for a more flexible approach to
selling or one that simply provides them with
more certainty, then the advance, the guar-
antee or a bespoke solution that is a blend of
the two represents a welcome expansion of
the options that the auctioneer can provide
the seller who may need something more
than just the “good old fashioned vendor
commission”.
ONCE UPON A TIME THERE WAS A SIMPLE VENDOR COMMISSION By JoHn ALBRECHT
1 JUnEleonard
CoNteNts
JUNE CoNtENts
CALEnDAR 3
nEWS 4
JUnE ART 6
THE AnDy MAC CoLLECTIon 12
THE GRAHAM GEDDES CoLLECTIon 14
CLASSIC FURnITURE, oBJECTS
& DESIGn 15
THE WEEkLy 16
UpCoMInG AUCTIonS 17
JEWELLERy 18
CoLLECTABLES 20
TRIBAL ART 22
MoDERn DESIGn 23
VALUATIon SERVICES 24
ART BUSInESS 25
GET LEonARD ALL THE TIME
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With more specialist categories and auctions than any auction house of its kind
in Australia, Leonard is the simplest way to remain abreast of all forthcoming
auctions, important sales results, events and auction news. With expert contribu-
tors from all fields of collecting Leonard will be an indispensable tool for both
the seasoned auction-goer and the new collector alike. Leonard is available
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of $44 inc GST (postage & handling). Visit us online at www.leonardjoel.com.au
or for subscription information contact keryn.gilchrist@leonardjoel.com.au.
FRoM SInGLE ITEMS To CoLLECTIonSIf you have a single item or collection you
wish to sell, the Leonard Joel team of spe-
cialists can guide you through the entire val-
uation and auction process. We can provide
you with experts across all collecting fields,
no less than thirteen categories of auction to
select from and the most expansive calendar
of catalogue auctions in Australia. Leon-
ard Joel specialists conduct insurance and
market valuations for the entire spectrum
of clients - private collectors, corporations,
museums, fiduciaries and government enti-
ties are advised by our valuers and special-
ists on a daily basis.
TAILoRED TRUST AnD ESTATE SERVICESLeonard Joel has a long and distinguished
history of assisting both trust companies and
executors with the dispersal of important
collections. We provide fiduciaries (lawyers,
trust officers, accountants and executors)
with a complete suite of services to manage
accurately and successfully the dispersal
of large and small estates. Our services are
specially designed to aid in the appraisal
and dispersal of fine art, antiques, jewel-
lery, objet d’art, collectables, books & manu-
scripts and general household contents.
THINkINg Of SEllINg?
Our specialists are now sourcing single items and collections for the following categories:
AUSTRALIAn AnD InTERnATIonAL ART
FInE JEWELLERy AnD WRISTWATCHES
pRE-oWnED LUxURy
CLASSIC oBJECTS AnD FURnITURE
MoDERn DESIGn
SInGLE oWnER CoLLECTIonS
CoLLECTABLE ToyS AnD SpoRTInG MEMoRABILIA
MILITARIA
BookS AnD MAnUSCRIpTS
CLASSICAL
Classic Furniture, Objects & Design AuctionSunday 3 June 2012 at 12pm
178A BOXED SET OF PLASTER RELIEF PLAQUES AFTER THE ELGIN MARBLES19TH CENTURY, JOHN HENNING (1717-1851) $2,500 - 3,500
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ForthComiNg AUCtioNs
The Weekly Auction Every Thursday in 2012 – 10am333 Malvern Road, South Yarra, Melbourne, Victoria
Classic Furniture, objects & Design Auction Sunday 3rd June 2012 – 1pm 333 Malvern Road, South Yarra, Melbourne, Victoria
The Specialist print Auction Thursday 7th June 2012 – 11.30am 333 Malvern Road, South Yarra, Melbourne, Victoria
Monthly Toy Auction Thursday 14th June 2012 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria
Fine Jewellery Auction Sunday 17th June 2012 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria
pre-owned Luxury Auction Sunday 17th June 2012 – 3pm 333 Malvern Road, South Yarra, Melbourne, Victoria
The Sunday Fine Art Auction Sunday 24th June 2012 – 2pm 333 Malvern Road, South Yarra, Melbourne, Victoria
The Danish Furniture Auction Thursday 5th July 2012 333 Malvern Road, South Yarra, Melbourne, Victoria
The Granny's Market Auction Sunday 15th July 2012 1098 High Street, Armadale, Melbourne, Victoria
Collectables, Toys & Sporting Memorabilia Auction Sunday 22nd July 2012 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria
photographic Auction Sunday 22nd July 2012 – 2pm 333 Malvern Road, South Yarra, Melbourne, Victoria
Modern Design Auction Sunday 19th August 2012 333 Malvern Road, South Yarra, Melbourne, Victoriaa
The Graham Geddes Collection of Important Antique Furniture & objects Auction Saturday 15th to Monday 17th September 2012 333 Malvern Road, South Yarra, Melbourne, Victoria
CaleNDar
Leonard Joel is a proud supporter of Arts Project Australia
Auctions and viewing times are subject to change.
ANGELO LELLI A TRIENNALE THREE ARM FLOOR LAMP Italy, c. 1952Sold for $9,600 IBP
3 JUnEleonard
News
LUxURy AT LEonARD JoELIn little more than twelve months Leonard Joel has established
the largest secondary market in Australia for Hermes and other
leading international brands. John D’Agata, Head of Pre-
owned Luxury (POL) at Leonard Joel, is now offering his clients
quarterly POL auctions for their excess luxury and a surprisingly
buoyant market that has more than once realised prices that
have exceeded retail prices! On this page we highlight Hermes
at auction over the last twelve months at Leonard Joel.
ASIAn AnTIQUE ART
220A CHINESE CARVED JADE BOWL AND CARVED BOXWOOD STANDQING DYNASTY, 19TH CENTURY$3,000 - $5,000
227A PAIR OF JADE ‘PHOENIX’ VASES WITH STANDS19TH/20TH CENTURY $1,500 - 2,600
A KELLY HANDBAG BY HERMESSold for $7,800 IBP
A BIRKIN HANDBAG BY HERMESSold For $12,000 IBP
A BLUE JEAN BIRKIN HANDBAG BY HERMESSold for $7,200 IBP
Classic Furniture, objects & DesignAuction Sunday 3 June 2012 at 12pm
previewWednesday 30 May 2012 9am – 8pmThursday 31 May 2012 10am – 4pmFriday 1 June 2012 10am – 4pmSaturday 2 June 2012 10am – 5pm
EnquiriesGuy CairnduffHead of Classic Furniture, Objects & Design(03) 8825 5611 / 0407 828 137guy.cairnduff@leonardjoel.com.au
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News
pHoToGRApHy
This Month’s toy auction showcases vintage and contemporary
English and European diecast models spanning from the 1950s
through to 2000. Highlights include lot 52, two BMC/400 ice
cream vans (Estimate $140-$240), lot 60, two Tekno Ford Taunus
Transit Vans (Estimate $200-$300), and lot 49, three Somerville
models including Standard Flying 12 no.106; Anglia tourer
no.117; and Sunbeam Talbot 90 MK2 (Estimate $400-$500).
Information nights for new clients or for those simply
interested in the auction world. This is a simple
and informal overview of the auction world.
Date: First Wednesday of every month
Venue: Leonard Joel, 333 Malvern Road, South Yarra, Victoria, 3141
Time: 6.30 - 7.30 pm
Bookings:
Monique Le Grand
(03) 8825 5620
monique.legrand@leonardjoel.com.au
MonTHLy Toy AUCTIon
nEW CoLLECToR nIGHTS
TWO TEKNO VW VANS INCLUDING 405-26 VW 'GILLETTE' AND 405-46 VW 'TEKNO'Sold $480 (IBP)
Leonard Joel is now seeking entries for its forthcoming
Photography Auction to be held in July 2012.
Already consigned is a fantastic collection of Bruno
Benini’s fashion photographs, works by Rai Banda and
Nathan Miller’s snapshots of the Mississippi.
For all enquiries contact Briar Williams
(03) 8825 5608 / briar.williams@leonardjoel.com.au
NATHAN MILLER (BORN 1950), Fame and Fortune on Highway 61, silver gelatin print
AUCTIon THURSDAy 14 JUnE AT 12pM
EnquiriesGIles Moon(03) 8825 535 / giles.moon@leonardjoel.com.au
AUCTIon SUnDAy 22 JULy 2012
attentIon FIne art sellers
IS yoUR FInE ART AUCTIon HoUSE RETURnInG yoU 105% oF THE SALE pRICE?
To enhance your art return contact:briar williamsHead of Art(03) 8825 5608briar.williams@leonardjoel.com.au
If not speak with a Leonard Joel art specialist who are now offering sellers of valuable art a 105% return on the final sale price. If we sell your painting for $40,000 or more, you will enjoy no transaction costs PLUS a 5% rebate over and above the sale price.Conditions apply.
5 JUnEleonard
JuNe art
CH
OP
PE
R
98AnTHony LISTER (BoRn 1980) A Life of Laughing Enemies & Crying Friends- Portrait of Mark ‘CHOPPER’ Read 2006 mixed media on canvas 250 x 170cm $7,000 - 9,000
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JuNe art
AuctionSunday 24 June 2012, 2pm
previewWednesday 20 June 2012 9am – 8pmThursday 21 June 2012 10am – 4pm
Friday 22 June 2012 10am – 4pmSaturday 23 June 2012 10am – 5pm
EnquiriesBriar Williams(03) 8825 5608 / 0413 912 307briar.williams@leoonardjoel.com.au
JUNE ART SAlE28 JoHn BRACk (1920-1999), Reclining Nude on Couch 1965, pencil on paper, 55 x 75cm $25,000 - 30,000
70JAMES GLEESon (1915-2008The Equation, oil on canvas, 133 x 178cm $35,000 - 45,000
88DAVID BoyD (1924-2011) Kneeling Figure with Cockatoo 1970, oil on board, 49.5 x 62cm $20,000 - 30,000
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Hugh Ramsay’s death at the age of 28
robbed Australia of one of her most
gifted artists. Despite the brevity of his
life, he was prolific and mature beyond
his years. As a student at the Melbourne
Gallery School (1894-99) his precocious
talent won him many prizes prompting
his teacher Bernard Hall to describe him
as his “most gifted student” during 41
years as Director and Head of the Paint-
ing School.
Hall promoted the tonal realism of
Velasquez and his nineteenth century
followers, notably Whistler. Studying
these examples Ramsay gained a sound
understanding of composition and of
subtle tonalities, particularly in render-
ing flesh in his nude studies. Although
competent in other areas, his student
training equipped him to specialize in
portraiture and figure painting.
Like his contemporaries he was ambi-
tious to study abroad. He arrived in
Paris in 1901 and trained at the Cola-
rossi Academy with George Lambert.
Working from dawn till late at night and
studying the Old Masters in the Louvre,
Ramsay’s work matured and he became
a mentor to fellow Australians, notably
Lambert and Ambrose Patterson.
In April 1902 the New Salon accepted
four of his paintings and “hung them on
the line”--an exceptional honour for one
so young, particularly a 24 year old Aus-
tralian exhibiting for the first time.
Salon success led to commissions. Nellie
Melba invited him to paint her portrait
in London, where he identified with the
fashionable Edwardian portraitist, John
Singer Sargent. At this crucial point in
his career Ramsay was diagnosed with
tuberculosis, a result of overwork and
neglect of diet in Paris. He immediately
returned to Melbourne leaving Melba’s
portrait unfinished.
Back home, he defied doctors’ warnings.
Continuing to paint, he produced some
his largest and best canvases from his
sickbed, including his Sargent-inspired
masterpiece, The Sisters, 1904. He died
two years later aged twenty-eight.
This sensitive portrayal (in lot 53) of
a young girl looking down is typical of
the artist’s Melbourne student period.
Painted against a neutral olive back-
ground, the careful finish and attention
to texture, notably in the hair and fur
collar shows deference to Whistler’s
soft tonalism. (See Jessie with doll, 1897,
NGV 1)
By contrast, the contre-jour head of the
man (lot 54), broadly painted in warm
creams and browns with a touch of red
against a pale ground, gives a jaunty mas-
culine dynamism to this character from
the Paris Left Bank. (See A Mountain
Shepherd, 1901/02, NGA2)
Patricia Fullerton
1 Fullerton, Patricia, Hugh Ramsay: His Life and Work, cat. 51, p. 1962 Ibid, cat.123
HUGH RAMSAyThe Fine Art Auction
Sunday 24 June 2012
Lot 53
HUGH RAMSAy (1877-1906)
Head of a Young Girl Looking Down,
Melbourne late 1890s
oil on canvas
54 x 45cm
$15,000 - 20,000
Lot 54
HUGH RAMSAy (1877-1906)
A Mulatto Artist, Paris 1901-02
oil on canvas
signed 'RAMSAY' lower right
45 x 35cm
$10,000 - 15,000
53
54
JuNe art
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InTERnATIonAL ART
279HEnRI TAnoUx (FREnCH, 1865-1923) Harem Beauties oil on canvas 71 x 58.5cm $8,000 - 10,000
282AUGUSTE EMILE pInCHART (FREnCH, 1842-1920) The New Addition oil on canvas 78 x 63.5cm $12,000 - 18,000
JuNe art
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ConTEMpoRARy ART
130DAMIEn HIRST (BoRn 1965) I Once Was What You Are, You Will Be What I Am (Skull 2) 2007 hand-inked photogravure on arches paper 28/48 93 x 85cm $5,000 - 8,000
80pETER WALSH (1958-2008) Hybrid Landscape 2 2004 oil on linen 127 x 183cm $1,500 - 2,500
62 pETER BooTH (BoRn 1940), Drawing (Man and Trees) 2007, pastel, casein and watercolour on paper, 13 x 27.5cm, $3,000 - 5,000
now consIgnIng For the sePteMBer sunday FIne art auctIon
JuNe art
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NORMAN LINDSAY
201noRMAn LInDSAy (1879-1969) The Funeral March of Don Juan 1924 etching 17/55 23.5 x 30cm $3,000 - 5,000
202noRMAn LInDSAy (1879-1969) Summer Day Andante 1925 etching 14/55 33.5 x 37.5cm $3,500 - 4,500
203noRMAn LInDSAy (1879-1969) Death in the Garden 1923 etching, engraving and stipple 43/55 32 x 26.5cm $3,000 - 5,000
204noRMAn LInDSAy (1879-1969) Toilet 1920 soft ground etching, engraving and stipple 28/50 16 x 13.5cm $1,500 - 2,000
205noRMAn LInDSAy (1879-1969) The Death of Pierrot 1919 etching 18/40 26 x 28.5cm $3,000 - 5,000
206noRMAn LInDSAy (1879-1969) Light Lyrics 1926 etching 9/45 30 x 25cm $2,500 - 3,500
206
204
203
201
205
202
AUSTRALIA'S pRE-EMInEnT pRInT MAkER
JuNe art
11 JUnEleonard
On Sunday May 6th at 12 noon more than
500 works of art, objects and furniture from
Andy Mac’s personal collection went under
the hammer.
This was the first time in Australian history
a comprehensive and authentic survey of
Australian and international street art has
come up for auction in the country and the
catalogue results will now form the corner-
stone for street art pricing in Australia.
Expectations were high when the iconic
installation from The Big Day Out 2004 con-
cert, titled Freeze Muthastika, came up for
auction. The two coveted multi-panel works
carried ambitious but logical estimates of
$40,000 - $60,000 each. Each set comprised
no less than 26 panels and represented a
who’s who of Australian street art over the
last decade. Tentative bidding ensued and
both lots 200 and 200A were finally trans-
acted after the auction for $68,320 inclusive
of buyer’s premium. The price represented
an Australian record for local street art and
will be remembered as the moment street
art came of age at auction.
Briar Williams, Head of Art, commented:
“Creating a new market is never easy but
it is probably the most satisfying because it
involves extending not just the scope of the
economy for art transacting but also the dis-
course around it. We did this for the photog-
rapher Wolfgang Sievers not so long ago and
I’m thrilled that Leonard Joel will now also
be remembered as the local auction house
that got the auction market going for this
exciting new category.
tHe aNDy MaC ColleCtIoN
StrEEt ART COMES Of AgE AT AUCTION
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tHe aNDy MaC ColleCtIoN
Set of 26 collaborative panels ‘Freeze Muthastika’ 2004acrylic and enamel on coreflute panels 184 x 122cm (largest approx)2.7 high x 15.8m wide total
Set of 23 collaborative panels ‘Freeze Muthastika’ 2004acrylic and enamel on coreflute panels 184 x 122cm (largest approx)2.7 high x 15.8m wide total
13 JUnEleonard
tHe graHaM geDDes ColleCtIoN
The Graham Geddes Collection of Important Antique Furniture & objectsAuctionSaturday 15, Sunday 16 to Monday evening 17 September 2012
previewSaturday 8 September 2012 10am – 5pmSunday 9 September 2012 10am – 5pmMonday 10 September 2012 10am – 5pmTuesday 11 September 2012 10am – 5pm
Wednesday 12 September 2012 10am – 8pmThursday 13 September 2012 10am – 8pmFriday 14 September 2012 (by appointment only)
EnquiriesGuy CairnduffHead of The Specialist Collector(03) 8825 5611 / 0407 828 137guy.cairnduff@leonardjoel.com.au
THE GRAHAM GEDDES CoLLECTIon oF IMpoRTAnT AnTIQUES& oBJECTS
AN IMPORTANT NORTHERN WEI PERIOD GREY STONE FIGURE OF THE PREACHING BUDDHA386 -535 A.D$110,000 - $120,000
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ClassIC furNIture, obJeCts & DesIgN
Classic Furniture, objects & DesignAuction Sunday 3 June 2012 at 12pm
previewWednesday 30 May 2012 9am – 8pmThursday 31 May 2012 10am – 4pmFriday 1 June 2012 10am – 4pmSaturday 2 June 2012 10am – 5pm
EnquiriesGuy CairnduffHead of Classic Furniture, Objects & Design(03) 8825 5611 / 0407 828 137guy.cairnduff@leonardjoel.com.au
Decorated in the Arts and Crafts style, with a
beaten and embossed brass Roman numeral
dial, engraved pewter hands and a weight
driven eight day quarter striking movement
on two bells, hour striking on one bell, the
hood boldly carved with gryphons to each
corner within foliate surrounds extending
to either side on a stippled ground, centred
by the relief carved motto ‘Time / and Tide
/ Wait for / No / Man,’ above a frieze carved
with five individual moon caricatures, the
casement door inset with a panel depicting
a gryphon in elongated form, applied with a
beaten metal escutcheon and strapwork, the
lower section with a carved panel depict-
ing a gothic mask head, stamped ‘ROBT
PRENZEL / CITY ROAD / SOUTH MEL-
BOURNE / EUROPEAN LABOUR ONLY’
to the interior and to the top of the hood,
raised on a plinth base 240cm high.
Provenance: by repute, the Black family,
Glenormiston homestead, Western District,
Victoria
Circa 1942 to present - by descent, the Rob-
erts family, Victoria
History: According to Roberts family his-
tory, the long case clock presented here
with a case carved by the renowned Mel-
bourne wood carver, Robert Prenzel, was
purchased by the current owner’s father, Mr
Harold Roberts, from the sale of furniture
from Glenormiston homestead in Victoria’s
Western District circa 1942. At the time,
the Roberts family were living in the previ-
ous caretaker’s residence on the Glenormis-
ton estate and Mr Roberts was working as
manager of Trufood Australia, a company
in which the Black family of Glenormiston
held an interest.
Steuart and Isabella Black were among
Prenzel’s greatest patrons. From 1905 to
1910 they commissioned Prenzel to design
and construct numerous pieces of fur-
niture and architectural ornamentation,
including a comprehensive bedroom suite,
newel posts and panels for the staircase of
Glenormiston. Heavily carved with both
European and Australian floral and fau-
nal motifs, these works are today consid-
ered to be icons of Prenzel’s oeuvre. The
long case clock is heavily influenced by
both the Arts and Crafts movement of
the late 19th/early 20th century, combined
with Gothic Renaissance motifs which are
most often found in Prenzel’s works dating
from the late 19th century up to 1910. The
maker’s stamp on the clock lists Prenzel’s
address at that time as City Road, South
Melbourne, a site which he occupied from
1904 to 1909, which helps to substantiate the
dating of the clock’s manufacture to circa
1910.
The clock has been in the Roberts family
since its purchase circa 1942, initially pass-
ing to the vendor’s youngest brother by
inheritance, then to the vendor following
his brother’s passing. The clock’s movement
was extensively serviced over a three month
period in 1992, with worn and missing parts
repaired and replaced, but the case is largely
untouched, the only blemish being a burn
mark to the back lower left hand edge.
The work of Melbourne clockmakers
Johann (Fritz) Frederick Wilhelm Ziegeler
(1855-1936) and his son Johann Frederick
Wilhelm Jnr. forms an integral part of many
of the iconic public buildings constructed in
Australia in the late 19th century until 1928.
Specialising in the manufacture of tower
clocks, they were responsible for the mak-
ing clock movements for buildings includ-
ing Flinders Street Station and Royal Arcade
in Melbourne, as well as numerous post
office buildings throughout Australia. The
movement for the clock presented here was
manufactured in Melbourne by the Ziegeler
firm, although it is uncertain as to whether
it was made by father or son.
Reference: Hose, Ken and Judy, Ziegeler:
Melbourne’s Clockmaker, Melbourne 2008.
By GUy CAIRnDUFF
113ROBERT PRENZEL (1866-1941)$20,000 - 30,000
CLASSIC fURNITUREObJECTS & DESIgN
15 JUnEleonard
tHe weekly
The Weekly Auction – Viewing Wednesdays 9am to 8pm / Auction Thurdays 10am / View online at leonardjoel.com.au
THEWEEklYEVERy WEEk LEonARD JoEL pRoVIDES A DISTInCT AUCTIon FoR THE RApID DISpERSAL oF MID-VALUE ITEMS.
In a recent weekly auction our Objects & Collectables department
sold this rather rare Meiji period Japanese bronze monkey on
wooden base for $7,200 (IBP), more than tripling its low estimate.
JAPANESE MEIJI BRONZE MONKEY SEATED ON A CARVED WOODEN TREE TRUNK, SIGNED TO BASESold for $7,200 IBP
16 leonardJUnE
upCoMINg auCtIoNs
MoDErNDESIgNnoW ConSIGnInG FoR AUGUST 2012
A LARgELy UnRESERvEd dISPERSAL Of THE STOCk In TRAdE Of An ICOnIC MELbOURnE AnTIqUE dEALERSHIP
AUCTIon SUnDAy 15 JULy 2012
THE GRAnny’S MARkET AUCTIon
Viewing on-site at 1098 High Street, ArmadaleAuction at Leonard Joel 333 Malvern Road, South Yarra
EnquiriesGuy Cairnduff(03) 8825 5620 / monique.legrand@leonardjoel.com.au
CONSIgNINg NOWFine JewelleryIncluding important signed jewellery, collectable wristwatches, Australian jewellery and pre-owned luxury Entries invited for September sale
Fine Art & SculptureIncluding important international art Entries invited for September sale
Classic Furniture and objectsIncluding modern design and single-owner collections Entries invited for November sale
CollectablesIncluding toys, sporting memorabilia and militaria Entries invited for September sale
CONSIgNINg NOW
EnquiriesEoghan Doherty (03) 8825 5632 / eoghan.doherty@leonardjoel.com.au
HIROE SWEN (BORN 1934)SHINTO, CIRCA 1974Sold for $2,400 (IBP)
17 JUnEleonard
Jewellery
Conflicting myths concerning black
diamonds appear in different cultures. In
India, black diamonds were considered to
bring bad luck by the upper classes and were
only worn for adornment by the poor. In Italy
touching the stone could save the marriage
of quarrelling couple as their troubles would
leave them and enter the stone. The Karloff
Noir diamond is believed to be the world's
largest cut black diamond at 88 carats and
legend has it that when touched it endows
the person with good luck, fortune and
happiness.
Although black diamonds have always been
used in jewellery, the later part of the 20th
century saw a shift in their use as fashion
jewellers used the stones mainly with white
diamonds to take advantage of the beautiful
contrast between the two. This was a take on
the art deco pallet. Because of their durability
diamonds are very practical; suiting our
busy and active lives. Black diamonds, like
white diamonds have an adamantine luster
and go hand in hand with our modern way
of dressing. The cult television show “Sex
and the City” did much to popularize this
trend when Mr. Big gives the heroine Carry
Bradshaw a black engagement ring. This
forever cemented the black diamond as part
of the essential jewellery repertoire.
Fine Jewellery AuctionSunday 17 June 2012, 12pm
previewWednesday 13 June 2012 9am – 8pmThursday 14 June 2012 10am – 4pm
Friday 15 June 2012 10am – 4pmSaturday 16 June 2012 10am – 5pm
EnquiriesJohn D'Agata
(03) 8825 5605 / john.dagata@leonardjoel
By JoHn D'AGATA
blACk & WHITE DIAMONDS
217A BLACK AND WHITE DIAMOND DRESS RING $1,800 - 2,200
223A BLACK AND WHITE DIAMOND BROOCH/PENDANT $800 - 1,200
215A BLACK AND WHITE DIAMOND RING $2,600 - 3,600
224A PAIR OF BLACK AND WHITE DIAMOND EARRINGS $4,000 - 5,000
218A BLACK AND WHITE DIAMOND PENDANT $2,400 - 2,800
18 leonardJUnE
Jewellery
When one thinks of jewellery men rarely
come into the picture, unless they are the
purchaser of course. Although men are
limited in the jewellery attire that they can
wear tastefully, nothing is more suitable
to complete a look than a fashionable
wristwatch and a smart pair of cufflinks.
With the advent of the quartz movement
in the early 1970’s the use of a wristwatch
as a fashion accessory almost died. The
advent however opened up a new market
for savvy collectors who appreciated
the look and mechanisms of the vintage
wristwatches. Watch makers noticing the
trend began releasing new models of old
classics, as well as contemporary styles
with mechanical movements again. In a
world of attachment to mobile phones, it
is interesting that in the business world
wristwatches have become de rigueur.
The wristwatch is now considered the
ultimate male accessory.
In a similar vein, cufflinks had been
discarded as “Old Hat” as men conformed
to less formal attire. Now there are a
myriad of choices on the market from
older styles such as Essex crystal to
modern novelties of animals, aircraft,
dice and the list goes on. All designer
brands produce a range of cufflinks each
season to compliment their range. The
late 1980’s and early 1990’s saw a shift in
men’s business attire. More formal suits
and accessories were being worn as well as
a wide variety of French cuff shirts. What
better way to complete the outfit than a
pair of cufflinks? Even today as fashion
trends lean back to informality, cufflinks
are still worn to dress up even the most
casual of male attire.
FoR THE GEnTLEMEn
321A WHITE GOLD ROLEX OYSTER PERPETUAL DAY-DATE WRISTWATCH $14,000 - 18,000
311A BVLGARI GOLD SCUBA DIVER WRISTWATCH $6,000 - 8,000
315A JAEGER LE COULTRE MEMOVOX MASTER COMPRESSOR WRISTWATCH $12,000 - 15,000
347A PAIR OF CUFFLINKS AND TIE BAR BY GEORG JENSEN $400 - 600
172A PAIR OF CUFFLINKS BY BVLGARI $400 - 600
310A BVLGARI DIAGGIO SPORT WRISTWATCH $1,500 - 2,000
19 JUnEleonard
ColleCtables
AS WE AppRoACH THE MIDDLE oF THE AFL SEASon GILES Moon, HEAD oF SpoRTInG MEMoRABILIA, SHoWCASES SoME oF THE MoRE InTERESTInG AnD MEMoRABLE FooTBALL ITEMS THAT HAVE FoUnD THEIR WAy To LEonARD JoEL FoR AUCTIon.
AUSTRALIAn RULES
1895 VFA Premiership Football Presented To Fitzroy Captain Tom BanksSold for $12,000 IBP
Gold Medallion Presented to Fitzroy Football Player Len Wigraft, 1923Sold for $1,200 IBP
Carte de Viste Australian Rules FootballerSold for $1,320 IBP
20 leonardJUnE
ColleCtables
Two Uncut Sheets For A Set Of Allen’s Australian Footballers 1934Sold for $720 IBP
Part Set 1920 Schuh (Magpie) Footballer Cigarette CardsSold for $240 IBP
L.J. Gerry Gee Essendon Football Club Barracker Ventriloquist Doll, Circa 1950sSold for $1,140 IBP
Collection of Sixteen Glass Plate Negatives for 1922 & 1923 Don Photo Series Football PostcardsSold for $1,440 IBP
21 JUnEleonard
trIbal art
1. After the auction of these five items, a
collector commented that we achieved
international quality prices. What does
this say about the market in Australia for
such objects?
That the desire for quality, rarity and objects
of cultural significance is universal. The
digital age has eradicated geographical
borders for collecting and the tribal market is
truly international.
2. With such conservative estimates,
the obvious question is “if you’d priced
the items collectively at, say $40,000 -
$60,000, would they have sold?
There was not much precedent for these
objects, particularly the Aboriginal
pieces. So I set the low estimate close to
the highest auction price achieved for a
transitional object, which acknowledged
their exceptional quality and simultaneously
would harness the auction mechanisms and
potential of encouraging competitive bidding
to allow the objects to find their current
market.
3. What is different about valuing tribal
works of art for auction?
While aesthetics play a role in both fine art
and tribal art, the identity of the creator is
usually unknown for artefacts. Therefore
period and date become major determinants
of value along with anthropological aspects,
as well as the cultural context /significance
and ceremonial purposes of an object.
4 How significant is provenance and the
history of a piece when it comes to tribal
artefacts?
The pedigree of an artefact cetainly has a clear
ability to elevate it above its unprovenanced
counterparts, thereby increasing its collectab
ality and value exponentially /accordingly
. An object once belonging to a prominent
collector, say Norman Rockefeller, by default
maintains a strong link to and embodies the
context and weight of the once complete
Rockefeller collection. A different kind, but
no less relevant, imprimatur is invoked by
a single, identifiable provenance - the PNG
pigment bowls and dance ornament in our
March sale carried the provenance of Capt
Edgar Johnston and were important not due
to notions of fame, but his presence in the
region on the cusp of foreign involvement,
underscored by his key task of surveying
the country for landing strips. This project
facilitated the opening up of PNG to the
wider world and inevitably led to significant
cultural changes, whereby objects such as
carved pigment bowls of such quality ceased
to be made.
5. How did most non-Australian artefacts
find their way to our shores?
Variously . Using PNG as an example of trade
between Papua New Guinean and Aboriginal
peoples; from the 1960s "Missionary"
galleries in major cities that sourced artefacts
directly from the field and within the local
community they were serving; commercial
galleries and dealers exporting to Australia
and ex-pats and Australian citizens bringing
the objects with them following time living
or travelling abroad.
6. What indigenous artefacts cannot be
traded and why?
Objects that are encoded with very sacred
and secret information. For example
Aboriginal stone and wooden tjuringas
are highly culturally sensitive objects that
should not be handled by unititiated males
and furthermore should not be viewed by
women. They carry sacred songs, stories and
ceremonies and the spirit of the ancestors
(who are thought to have made the tjuringas)
and are considered to possess powerful
magical properties.
7. If one were looking to collect tribal
artefacts at this point in time where would
you recommend that they look?
Leonard Joel of course! Casting the net
wider, I would recommend specialist dealers
and other auction rooms offering tribal
art. Educating oneself through museums,
discussions with tribal specialists, attending
auctions and exhibitions and exposure to
relevant literature is always an advisable
strategy.
8. Does tribal art experience the same sort
of nation-centric collecting that say art
does? For example, Australian art tends
to be solely collected by Australians.
No, tribal collectors have a very international
outlook. They cross all borders in the search
for special artefacts. Some of the most ardent
collectors of Aboriginal artefacts come from
Belgium, France, Germany, the Netherlands
and the United States.
9. When did people begin collecting tribal
artefacts and art?
Throughout the millenium - it is an age-old
compulsion! Whenever a race or country
explored new territories or invaded foreign
lands their artefacts and art were pillaged
and acquired - just think back to the Romans.
10. And separately, when did it begin to be
traded as a collecting category?
As a collecting category of note, it began
around the mid 19th century as explorers
and missionaries infiltrated and mapped
Australia's interior. Likewise, at the same
time, but beyond our shores, it gained
popularity as Europeans and Americans
embarked on the "Grand Tour". Tribal art
collecting grew in tandem with the pursuit of
leisure, travel and exploration...essentially as
our curiousity and exposure to other cultures
manifested itself.
FINELY DETAILED KWOMA YINA FIGURE with strong red pigment, mid 20th century. Washkuk Hills, Papua New Guinea. Yam ceremony. 123cm (height)Sold for $1,680 (IBP)
10 QUESTIonS WITH A SpECIALISTRECEnTLy AT A LEOnARd JOEL AUCTIOn SOPHIE ULLIn, OUR AbORIgInAL & TRIbAL ART SPECIALIST, MAnAgEd THE SALE Of fIvE TRIbAL ITEMS wITH A COMbInEd ESTIMATE Of $10,500 fOR $63,000 (IbP). In THIS InTERvIEw SOPHIE dISCUSSES THE fInE ART Of THE ESTIMATE, HOw TO PRICE UnIqUE TRIbAL ARTEfACTS And wHy TRIbAL ART IS SO COLLECTAbLE.
22 leonardJUnE
MoDerN DesIgN
On Sunday May 20th 2012 Leonard Joel
dispersed more than 250 items from a
single-owner collection of Australian
and International Design. The collection
traversed all manner of objects and utility
from interesting chairs, desks and cabinetry
to items as playful as decorated plastic trays
from airline flights from the 1970s. The
packed room was filled with an audience of
private collectors who were very specific
about what they wanted. Exceptionally rare
and well designed pieces were bid for eagerly
and one of the highlights of these bidding
frenzies was the sale of lot 129, Angelo
Lelli’s Triennale Three Arm Floor Lamp,
that almost doubled its low end estimate
to sell for $9,600 (IBP). Amongst the top
lots transacted at the auction were items by
such iconic designers as Verot & Clement,
Rosando Bros, Piero Fornasetti and Charles
and Ray Eames. One of the more unusually
interpreted items was lot 93, a drinks cabinet
from an ocean liner complete with back
lit circular windows (illustrated), which
realised $8,400 (IBP). The sale achieved
a very pleasing sale rate of 76% by lot and
further cemented Leonard Joel’s position
as the auction house for the transaction of
post-war art and design. For a complete sales
results listing visit our “Results” section
under the “Auction” tab at www.leonardjoel.
com.au. We are now inviting consignments
for our next Modern Design auction in
August 2012.
DISCERNINg EYES fOCUS ON SERIOUS DESIgN
E. VEROT & R. CLEMENT A DRINKS CABINET/SIDEBOARD FROM AN OCEAN LINER France, c.1930sSold for $8,400 IBP
23 JUnEleonard
ValuatIoN serVICes
BEFoRE yoU BIDTo participate in bidding activity at one of
our auctions, you will be required to establish
a valid client account via either our absentee
bidding form or in person when you attend
our auction. Registration information can
be obtained online or by simply calling our
Front of House on +61 (0)3 9826 4333.
BIDDInG In pERSonOnce you have successfully completed your
registration you will be issued with a buyer’s
number card. To place a bid, simply hold up
your bidding paddle so that the auctioneer
can clearly see it. Decide on the maximum
amount that you wish to pay, exclusive of
buyer’s premium and GST, and continue bid-
ding until your bid prevails or you reach your
limit. If you are the successful bidder on a lot,
the auctioneer will acknowledge your paddle
number and bid amount.
ABSEnTEE BIDDInG / TELEpHonE BIDDInGIf you are unable to attend the auction in
person, we will be happy to execute writ-
ten absentee or telephone bids on your
behalf. This service is free, completely con-
fidential and your bid will be executed as
cheaply as possible. Leonard Joel publishes
an absentee/telephone bidding form at the
back of each catalogue and you may also
download or complete an online form at
www.leonardjoel.com.au.
LIVE BIDDInG onLInELeonard Joel is delighted to have partnered
with Artfact, the world’s largest live online
bidding platform with more than 1,300,000
members. Establishing an account is simple
and for a modest fee you can bid at all Leon-
ard Joel special catalogue auctions from the
comfort of your home or office.
InSURAnCE VALUATIonSWhile the storage and display of your col-
lection can protect against obvious domestic
damage, it is not enough to guard against a
loss caused in more dramatic circumstances.
To ensure your collection is fully protected
both a valuation and relevant insurance cov-
erage is essential. Leonard Joel can assist
you with expert, thoroughly researched and
documented valuations for insurance pur-
poses so that in the unfortunate event of loss,
your collection is fully covered at current
replacement values. Leonard Joel insurance
valuations are fully documented to provide
both the insurer and insured with a record of
assets at current retail values.
MARkET VALUATIonSGenerally speaking, clients considering sell-
ing items at auction require a market valua-
tion. A market valuation reflects the value of
an item in the current auction market and is
the best indicator of the likely selling price
for that item - market valuations are also
used for estate, tax, and family division pur-
poses and reflect prices paid for equivalent
items at auction.
SUpERAnnUATIon InVESTMEnTS & CoLLECTIon MAnAGEMEnTAt Leonard Joel we recognise that some cli-
ents needs extend beyond simply requiring a
valuation for selling or insurance purposes.
As the regulatory environment for art and
related investing becomes more complex so
to does the advice required. Leonard Joel
provides a uniquely tailored advisory service
for those clients with superannuation issues
or collections that they require advice on.
Michael Fox, specialist consultant to Leon-
ard Joel, is recognised as an expert in this
field and is now available for consultations.
This specialised advisory service is ideal for:
• Individuals with art-related superannua-
tion investments
• Financialplanners
• PrivateWealthManagementAdvisers
• FinancialServicesProfessionals
• Accountants
• Lawyers
MAkE An AppoInTMEnTLeonard Joel can provide specialist expertise
across all categories with valuers approved by
the Australian Government. Scheduled on-
site valuations for insurance, market, family
division and other purposes can be arranged
or for simple verbal market valuations you
may prefer to visit us by appointment at our
salerooms on Mondays and Fridays. If you
are considering selling, verbal valuations are
provided on a complimentary basis.
Written Valuations
Fees for formal written valuations are based
on hourly rates for specialists and travel
where applicable.
For an appointment please contact
Monique LeGrand on 03 8825 5620 or email
monique.legrand@leonardjoel.com.au
VAlUATIONS & ADVICE
AT AUCTIon – noW FoUR WAyS To BID
TypES oF VALUATIonS
AT LEonARD JoEL, THERE ARE FoUR METHoDS oF BIDDInG: In pERSon, VIA ABSEnTEE BID, VIA oUR CoMpLIMEnTARy TELEpHonE BIDDInG SERVICE (ExCLUDInG WEEkLy AUCTIonS) AnD noW VIA THE popULAR onLInE LIVE-BIDDInG pLATFoRM ARTFACT.
24 leonardJUnE
Increases in public expenditure on the arts of
more than $60 million have been included in
this year’s Federal Budget.
When figures like this are reported, requests
for even greater assistance can take on a dis-
tinctly People’s Front of Judea look - what
has the government ever done for the arts?
But the need for government policy to stimu-
late the creative economy is real. What is
not being reported is whether such policy
should be directed at more public funding of
museums and other cultural institutions – or
whether taxation policy could be used to pro-
vide a private sector stimulus for the arts.
One day before the release of the Fed-
eral Budget the Department of the Arts
announced that the long-awaited-for
National Cultural Policy (NCP) was to be
delayed – again.
Since it was first announced by former Min-
ister for the Arts Peter Garrett in October
2009, waiting for the delivery of the NCP has
taken on all the characteristics of a Samuel
Beckett play. The current Minister Simon
Crean says it will be released ‘later this year’.
In announcing the delay, Mr Crean fore-
shadowed "cultural measures in the 2012-13
budget” and indicated they would have a
“…relationship with the finalisation of the
national cultural policy".
With the current malaise of Federal politics
continuing without end it is timely to con-
sider whether the NCP will be effective in its
aims - particularly as the brief to develop the
policy seems to view the role of taxation in
relation to the visual arts as irrelevant.
In fact taxation issues weigh heavily upon the
arts in all sorts of areas that are not widely
known or easily understood.
For example, one real effect of the introduc-
tion of the GST in July 2000 was to trans-
form all artists into small businesses. Sud-
denly all Australian artists had to prove that
their artistic practices were legitimately
geared towards making a profit regardless
of merit. Under the pre-GST regime artists
could obtain an exemption from paying sales
tax on their materials by providing their sales
tax certificate to their suppliers without this
onus of proof.
Like other later financial reforms (the super
art laws being the most notorious) the arts
sector was not given special consideration.
As a former gallery owner what I have dis-
cerned from the GST changes has been a
gradual dulling of the visual arts scene since
it was introduced. This may be coinciden-
tal but it may also be unsurprising. For art-
ists to complete BAS statements four times a
year to claim back their GST inputs requires
a rigour of administrative discipline which
is the polar opposite to free thought and
experimentation.
Non-commercial loss provisions for busi-
nesses were also introduced as part of the
GST reforms in 2000. Artists who earn more
than $40,000 per year from their non-busi-
ness activities (wages, interest and dividend
income etc) are not allowed to claim losses
on their arts practice - other than in very
restricted circumstances. The reality for
most artists is that they will incur losses early
in their careers but the threshold figure of
$40,000 has not changed in 12 years. In order
to claim the losses on their arts practice art-
ists must either live in penury or rely on gov-
ernment grants to survive.
The Australian taxation system seems full
of arbitrary thresholds when it comes to the
arts – and these thresholds never seem to
change with the passage of time.
Art collectors have had to cope with the same
capital gains tax exemption level for 25 years.
In most instances artworks acquired for $500
or less and sold for a profit do not attract cap-
ital gains tax. This may have been fine in 1986
but if the consumer price index was applied
to this threshold the exemption should really
be closer to $1,500 in today’s money.
It would seem the reasoning behind the CGT
exemption for artworks was an attempt by
the Government to encourage (or at the very
least not to discourage) purchases of art-
works – mostly by emerging artists or at the
lower end of the secondary market historic
undervalued paintings - by rewarding inves-
tors with a tax-free profit. Imagine the stimu-
latory effects an increase of the CGT exemp-
tion from $500 to $1,500 would have on the
art market in Australia? Yet this very simple
idea is nowhere to be found within the for-
mulation of the NCP – despite a recent albeit
inadvertent taxation policy that did assist the
arts.
In early 2009 the Federal Government intro-
duced an investment allowance for busi-
nesses that purchased equipment for use
inside their business. There were two main
criteria to qualify for the investment allow-
ance: (1) the equipment had to be capable of
being depreciated; and (2) it had to cost at
least $1,000.
Recognising that artworks were listed on the
official Australian Taxation Office deprecia-
tion table (although at the lowest rate possi-
ble of 1% per year over 100 years) I applied
for a ruling from the ATO as to whether
businesses could receive the investment
allowance by buying artworks worth at least
$1,000. In July 2009, when I received the
ATO’s advice agreeing with my request, news
of the ruling quickly spread throughout the
arts industry.
What came to be known as the artwork
investment allowance in 2009 and 2010
had an extremely positive effect on the arts
industry. I was told by certain galleries that
the artwork investment allowance had ena-
bled them to continue trading. Without this
incentive some of these galleries would have
closed their doors.
But the official reaction was quite different.
The ATO officer who had issued the ruling
contacted me on several occasions express-
ing alarm at the reporting of the artwork
investment allowance in the newspapers. It
seems the ATO had not given much thought
as to how important a simple tax law inter-
pretation would be on the arts sector.
This might explain why the recent Budget
measure to allow businesses to immedi-
ately write off assets up to the value of
$6,500 excludes artworks. In the fine print
of this legislation is a clause for assets with
an expected life of 25 years or more. These
assets are not written off immediately, rather
they can be written off at a rate of 5% per
year. These assets are artworks.
Art bUSINESS
art busINess
Michael Fox is a qualified accountant and
professional fine art valuer who successfully
ran the Save Super Art campaign to prevent
the prohibition of artworks from self-managed
superannuation funds (SMSFs). He is a member
of the Leonard Joel Valuation Panel and is
engaged exclusively by Leonard Joel to provide
advice to their clients in relation to artwork
investment in SMSFs. He may be contacted at
michael.fox@superartbusiness.com.au.
WhAt hAvE thE romANs EvEr doNE For Us?MONTY PYTHON’S LIFE OF BRIAN, 1979
By MIchael Fox
25 JUnEleonard
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