D & H Stumbles at First Hurdle in Aboriginal Art Stakes
Brimful of confidence D & H offered 243 works worth $2.7-$3.6 million in its first Aboriginal art sale for 2011. Industry observers have been hoping that this sale (the first of three panned by the major auction houses during May/June) would indicate a warming market, after the decline post 2007. Fifteen works worth $1.45 million* carried low estimates in excess of $50,000 with 8 over $100,000. Yet only 5 of these major works sold for a total of $499,200 including buyers premium. By night’s end the sale had generated just 44% of theå $2.7 million low estimate, or $1,247,556 including buyers premium.
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