Issue seVeN / JUNE 2012

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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

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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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in Australia, Leonard is the simplest way to remain abreast of all forthcoming

auctions, important sales results, events and auction news. With expert contribu-

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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

2 leonardJUnE

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

4 leonardJUnE

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

6 leonardJUnE

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

7 JUnEleonard

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

8 leonardJUnE

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

9 JUnEleonard

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

10 leonardJUnE

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

12 leonardJUnE

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

14 leonardJUnE

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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