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Artworks Sell In Investing Boom

Art continues to perform strongly as an investment, with Colin McCahon’s 1973 painting Jump E4 fetching a phenomenal $303,317 at Webb’s Auction House earlier this week.

5 October 2021

The sale was part of Webb’s second Works of Art catalogue of 2021 and Charles Ninow, Head of Art at Webb’s, says the work by McCahon was the story of the night.

Works by many of the nation’s leading artists went under the hammer, generating total sales of $2.5 million.

Ninow says the auction took place amid rapidly growing interest in New Zealand cultural assets.

“We’ve seen a sensational market boom, with Webb’s leading the way with record sale after record sale.”

Also included in the sale was a suite of works by Tony Fomison, direct from his estate. The four paintings were subject to feverish competition, says Ninow.

“Bidders fought an intense battle over his distinctive 1975 Self Portrait, which closed at a staggering $156,163.

“We also had the opportunity to work with the estate of leading Māori modernist, Dr Buck Nin. Two of Nin’s works were up for auction, and achieved sensational results.

Nin’s untitled work from around 1990 sold for $83,487 against a pre-auction range of $25,000 to $35,000.

“This is a benchmark-setting moment for Nin’s work.”⠀⠀⠀

Another auction highlight was a “fantastic example” of Michael Smither’s work, Three Rock Pools and Lava Flow, says Ninow. The 2004 painting met a buyer at $261,875.

Webb’s final Works of Art auction of 2021 will be held in November. Entries and enquiries are already coming in, further emphasising the huge demand for major artworks in New Zealand right now.

Ninow says people wanting an appraisal of their artworks should contact him to discuss entries to the upcoming auction. In-person appraisals are available nation-wide.

Charles can be contacted by mobile on +64 21 053 6504 or by email at charles@webbs.co.nz.

The auction results can be seen at https://bit.ly/3fPk2uS.

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