Issue 47
August 2011
In this issue:
Dear subscriber,
Welcome to our 'bumper' August edition.
We apologise for our brief hiatis while working on our new look Art Insight! We hope you enjoy the revised 'look and feel', particularly the images which can now be enlarged for better viewing.
In this edition, we take a look at the effects of recent stock market turmoil on the state of the art market and answer the question "what's different this time?"
On the cultural side of things, Art Equity heads into its exhibition season after a series of events around Australia. Stunning works have started arriving for Chen Ping's exhibition which opens next Thursday 18th August in our Barrack Street gallery. Chen has produced another extraordinary body of paintings, as his worldwide reputation grows. If you are in Sydney, join us for drinks with the artist from 6-8pm or call in and view the show before it closes on September 2nd.
We are also running seminars in Sydney and Melbourne over the next two months and will be holding a Contempo Access Art discussion about the Asian art market in conjunction with Chen Ping on Sepember 1st. Spaces are limited so make sure you book for this one.
Sadly, since our last issue, Australia has mourned the loss of influential greats Margaret Olley and David Larwill. In the words of the Roar Studio "life is short but art is long" - their legacy will not be forgotten.
We also wish the best to Ken McGregor as he walks the 1000 kms west from Alice Springs to Kiwirrkurra to raise funds for Western Desert dialysis.
Sit back and enjoy the read. There is plenty to be excited about in art!
All the best,
Ralph
Chen Ping
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Click to enlargeOpening 18 August, 6-8pm
Current until 2 September, 2011
Chen Ping's exhibition titled Metaphysics lays down a challenge to its audience; this is a body of paintings that do not give up their soul easily. Beautifully painted, within the picture plane there are secrets that reveal themselves over time. The paintings invite contemplation whilst at the same time creating a sense of dynamism that keeps the eye moving. Chen is an artist who makes you think by engaging and drawing you deep into his ethereal world.
Ancient poems, eastern and western philosophy collide within his contemporary abstraction. The ghosts of Rothko and Goya pervade this exhibition and the works, which are executed with the exquisite skill of a Tang Dynasty swordsman. Indeed the nuances of Chen's mark making are the key to the success of the paintings; delicate glazes give way to a heavenly viscous oil paint. A mark made on the canvas could be painted a hundred times yet never replicated, every one unique and impassioned.
Chen's inherent understanding of the human form allows him to use it as the vehicle to link the composition of his paintings together. Fading in and out of sight, the figure is the conduit not just to anchor the eye as a starting point to the visual adventure - his ultimate goal is for you not only to see the work but to feel it. The identification of a figure gives us a key to the underlying philosophy of the picture, rooted in thousand year old tales. It makes sense for this to be an integral part of the work - it is the essence of the human condition to feel emotion and the challenge of the artist to portray it, something Chen does with the upmost integrity.
Having recently exhibited at Art Scope, Basel, Chen Ping's successful New York and Beijing gallery representation indicate that he is an artist with a genuine international following that is both rare and exciting. Upon viewing this exhibition, there is no doubt that Chen will continue to captivate the art world and his audiences with his immense conceptual talent and uncompromised technical ability.
Ralph Hobbs
August, 2011
Join us for the opening for Chen Ping's exhibition,
Metaphysics, at Art Equity on Thursday
18th August 2011, 6-8pm.
Art Equity News
Click to enlargeDavid Larwill, Dog, Etching and lino-cut, Edition of 50, 78x59cm
Farewell to friends
Art Equity was deeply saddened by the loss of two of Australia's
most lauded and loved artists, Margaret Olley and David
Larwill.
Ms Olley was the Dame of the Australian art market and will be
long remembered for her exuberant still life paintings. Not only
did she contribute to Australian art with her own work - she held
around 90 solo shows throughout her career. Ms Olley was a generous
benefactor to state and regional art galleries. Her portrait by Ben
Quilty was the winner of this year's Archibald Prize.
David Larwill, the irreverent Godfather of the avant garde Melbourne art scene through the 1980's, lost his battle with lung cancer on a final journey into his beloved Central Australia in late June. Known for his vibrant tribal imagery, he, along with Mark Schaller, founded the Roar Studios - a breath of fresh air on a stalled cultural scene in the 1980's.
Announcing...Art Equity Premium
Art Equity is thrilled to launch our exclusive membership service, Art Equity Premium. Designed for our most discerning clients, Premium provides the highest level of customised art advisory and reporting services. Members also benefit from pre-release offers, VIP invitations and valuable discounts and benefits from Art Equity and our preferred suppliers.
Art Equity Premium offers outstanding value for a conservative annual fee and the benefits of the membership are not restricted to artworks purchased from Art Equity.
Contact us if you'd like to know more about the benefits, special privileges and advice that come from being an Art Equity Premium member.
Click to enlargeBoys at Mt Liebig loving their new bmx bikes
Bikes for Bush
We are pleased to announce that our charity, Bikes for Bush, has recently been classified by the ATO as a public Benevolent Institution (PBI) and endorsed as a Deductible Gift Recipient. This information is on the public domain and can be viewed at https:///abr.gov.au/ (ABN 64 145 677 818).
If you or your business is interested in supporting the foundation in any way, please contact us. For more information about the foundation and its objectives, CLICK HERE.
Click to enlargeRalph Hobbs and Raj Nanda with Edmund Capon at the Contempo Acquisitions Party last year
Edmund Capon retires after 33 years in AGNSW’s top job
Edmund Capon AM OBE has announced he will retire as director of the Art Gallery of NSW at the end of this year. Having made an extraordinary contribution to the arts in Australia, Mr Capon's absence will be widely felt.
The President of the Board of Trustees of the Gallery, Mr Steven Lowy AM, made the comment, "Rarely, if ever, has a single person so embodied the spirit and ambition of an institution as has Edmund."
Attendance at the Art Gallery of NSW has risen from 329,000 in 1978, his first year in the job, to more than 1.3 million last year.
There has been no indication of a successor at this stage.
Click to enlargeKen McGregor pounds the outback bitumen on his 1500km walk to Kiwirrkurra
Ken McGregor's Desert Walk for Dialysis
Arts writer, manager and Art Equity friend, Ken McGregor set off on his Desert Walk for Dialysis in conjunction with Art Series Hotels on August 1st. The 1300-1500 kilometre walk will take him across the Western Desert to some of the most remote Indigenous communities in Australia. From Alice Springs he will head to Kiwirrkurra via Mt Liebig, Haast Bluff, Yuendumu and Kintore.
Ken's aim is to raise money for life-saving dialysis treatment for people suffering from kidney failure in the desert. Ken is covering around 35 kilometres each day - an amazing feat given the heat and the Dunlop Volleys on his feet!
Ken talks about the walk and its significance.
Watch the Desert Walk for Dialysis segment on 6.30 with George
Negus
ten.com.au. 01/08/2011
Art Equity is a proud supporter of the Desert Walk for
Dialysis
Help us help Donate
here
Click to enlarge2010 Contempo Acquisitions Party at the Art Gallery of New South Wales
Join Contempo and save
As sponsor of Contempo at the Art Gallery of New South Wales (AGNSW), Art Equity is privileged to be able to offer our clients excellent savings and benefits for Contempo membership.
As an Art Equity client you save $10 when you join the Gallery and you'll also receive a free ticket to the latest blockbuster exhibition at the AGNSW.
Membership offers a host of benefits and more than 400 unique events each year. You'll also receive a complimentary subscription to the acclaimed monthly art magazine Look.
More
information on membership
CALL (02) 9225 1878 AND QUOTE 'ART EQUITY ' TO REDEEM.
Market Wrap
 oil on canvas 112x168cm_lrg.jpg)
Adam Nudelman
Sporadic economic and political turmoil has ensured that the jitters continue to rattle through the markets. Concerns early last week surrounding the US facing a default for the first time in history set the tone for a volatile week culminating on Friday (Aug 5) with a 5% drop for the day on the domestic stock market.
The downgrade by Standard & Poor's to AA+ status on US Treasury bonds and continued concern surrounding sovereign debt in the EU, have seen investors braced for another volatile ride this week. This anxiety was played out in alarming scenes as markets tumbled on Monday night, giving stocks the wildest ride and investors scurried for safe havens - the spot price on Gold is currently nudging US$1,750.00 per ounce.
The New York Times headline on Friday was far from cryptic announcing "Stocks in worst tumble in 2 years amid Global worry" and despite successive intervention efforts by the Swiss National Bank and the Bank of Japan, the forex markets remain horrendously volatile. It is not surprising that investors feel a little punch drunk and that market confidence has been dented a touch.
Yet one of the New York Times' headlines on Thursday last week had a contrary message; "Luxury Goods Fly off the Shelves". Christies and Sothebys have both announced record ½ year results over the course of the last couple of weeks - Christies with turnover at US$3.2billion and Sotheby's recording a massive US$3.48billion which, despite their current disagreement with the fine art handlers, suggests that they will comfortably exceed their record 2010 of US$4.8billion in 2011. Furthermore, Sothebys' estimates on Litzlberg am Attersee by Gustav Klimt at US$25M for the New York November sale are generally being dismissed as being too low.
The Mei Moses World All Art Index is up 7.86% YTD with the Contemporary Index currently tracking up 28.74%. This would certainly confirm to the analysis in the Cap Gemini - Merrill Lynch World Wealth Report which suggests that the appeal of Fine Art is as much in the tangible, long term value in the asset as in its lack of, and insulation against, volatility. Chen Ping's work in Art Equity's upcoming exhibition are the same price today as they were on Friday.
We are told that retail figures are at 50-year lows, yet we are sitting in an economy that has the luxury of a 4.75% cash-rate. Fiscally, Australia is looking in pretty good shape at the moment - although one could argue this is because the comparatives are looking so blooming terrible!
From an art market perspective, certainly the secondary market is clearly going through a transition phase and has to face a number of challenges moving forward. Year to date we have seen AU$44.23M turnover at auction domestically which is up 7.60% on 2010, with 4 works selling for in excess of AU$1M representing 11% of turnover. We have also seen a new auction record set for a living Australian artist in 2011. No, not Jeffrey Smart, Charles Blackman or John Olsen but sculptor Ron Mueck. Mueck's Big Baby sold for AU$1.375M with Christies during the June London sales.
There is also a healthy dose of misunderstanding over the changes in legislation surrounding art within Self Managed Super Fund's (SMSF's) which has spooked investors in this space. So what lies ahead for the art investor in the foreseeable future? While confidence is low and there is a degree of uncertainty in the market generally, great buying for one thing.
To find out more, please subscribe to receive the Full Market Report by contacting info@artequity.com.au
Artists in Focus
Click to enlargeNicholas Blowers, Torso, 2011, Oil on paper, 108x120cm
Nicholas Blowers features in Australian Art Collector
Nicholas Blowers has spent the past 12 months developing a new body work following his 'decaying' landscape series which was met with great commercial and curatorial success. His dynamic new work will be featured by Australian Art Collector in its next edition, released in early October.
Click to enlargeKaty Woodroffe, Pearl Necklace 1, 2011, Acrylic & pigment on paper, 120x75cm
Katy Woodroffe draws crowds
Katy Woodroffe's extraordinary following was seen at the recent opening of her solo exhibition Treasure Island at Colville Gallery in Hobart. Four hundred people attended opening night and two thirds of the show sold. The work was inspired by her recent international art residencies in Spain, Greece and India.
Already this year Katy has been a finalist in the Prometheus Visual Arts Award, and "Twelve" both in Queensland, the CPM National Print Awards in NSW, the A4 Contemporary Print Exhibition in the UK and the World Art Print Annual in Bulgaria.
Katy is about to embark on a new body of work, "Paradise Garden", based on her experiences in India. The Burnie Regional Art Gallery has also scheduled an exhibition with Katy in 2012.
Click to enlargeGeorge Gittoes, Roses made naked, Jalalabad 2011-12, Watercolour on paper, 104.7x75cm
George Gittoes in the USA
George Gittoes has taken America by storm with his recent exhibition entitled Witness to War at the Station Museum of Contemporary Art in Houston, Texas.
The first ever major presentation of Gittoes work in America, Witness to War is a confrontingly poignant investigation into the darker side of the human condition, intensified during times of conflict. Having received growing international critical acclaim, with one critic emphatically describing him as "a true genius", Gittoes continues to produce work of outstanding technical mastery without compromising the challenging subject of war. Witness to War has been extended until September 17, 2011.
In June, Art Equity launched a collection of beautiful watercolour paintings, painted in gardens in Jalalabad and Kabul - oases in the heart of conflict.
Recent Reviews:
The Brooklyn Rail, Jul-Aug 2011
Artsjournal.com, June 16, 2011
Click to enlargeAndrew McIlroy talks about his art practise
Andrew McIlroy on SBS
Andrew McIlroy has produced a stunning video showing him 'paintbrush in hand' in his inner Melbourne studio. He talks about his painting technique, the European Masters that influence his art practise and the inspiration behind his current body of work. Watch Video
SBS will air an edited version of the footage as part of 'an
artist at work' on their Sunday Arts program in the later part of
2011.
Andrew heads to Paris in September for 3 months to study and work
on a new body of work for an Art Equity exhibition in
2011. Based in a beautiful studio in Montmatre overlooking
Sacré-Coeur, he is unlikely to be pushed for inspiration!
Click to enlargeMorten Lassen, Electric, 2011, Oil and spray on canvas, 137x198cm
Morten Lassen 'international'
It has been a monumental six months for Morten Lassen since moving with his family from Denmark to Melbourne last December. He enjoyed a near sell-out solo show with Art Equity in late March, opening on the same night as his successful London exhibition at Rebecca Hossack Gallery.
Back to the studio, Morten has been working tirelessly on his next exhibitions which include the Art-fair Singapore with Rebecca Hossack Gallery and a solo exhibition in Denmark, both in November, followed by a solo show in Stockholm, Sweden in mid-January 2012.
Diary Dates
Click to enlargeRob Tucker, Pepperoni filled, 2011, Mixed media, 120x120cm
Rob Tucker solo exhibition
Art Equity presents new works by Rob Tucker
in association with Iain Dawson Gallery
Opens at Iain Dawson Gallery
443 Oxford Street, Paddington NSW
Thursday 25th August, 6-8pm
Current until 3rd September, 2011
Click to enlargeJames Robertson, The Entrance, 2011, Oil on Linen, 167x122cm
James Robertson Solo Exhibition
Opens at Art Equity on
Thursday 15th September, 6-8pm
Current until 30th October, 2011
James' exhibition opening is kindly supported by Wiliam Grant &
Sons and The Balvenie Scotch Whiskey.
Click to enlargeContempo members at the Access Art printmaking event in March
Contempo Access Art Event at Art Equity
Art Equity looks forward to co-hosting another Contempo Access Art event in our Barrack Street Gallery on September 1st. Chen Ping: Crossing Boundaries will explore Asian art practise and trends in the Asian art market with a focus on the dynamic career of Chen. He will take part in the discussion with Ralph Hobbs and give a first-hand insight into this rapidly emerging art market.
Thursday 1 September | 6pm -
7.30pm
Art Equity, Level 6, 16-20 Barrack Street, Sydney
$25 members | $35 non-members
Click to enlargeRalph Hobbs conducting a seminar at Art Equity in Sydney
Art Equity Education Seminars
What to look for in the Australia Art Market in
2011-12
SYDNEY Seminar
Date: Wednesday 7th September, 2011
6.15 for 6.30 start - 8.30pm
RSVP
Location: Art Equity
Level 6, 16-20 Barrack Street
Sydney
___________________________________________________
MELBOURNE Seminar
Date: Wednesday 25th August, 2011
6.15 for 6.30 start - 8.30pm
RSVP
Location: To be confirmed
We value your feedback!
Back Issues
- #46 - April 2011
- #46 - March 2011
- #45 - November 2010
- #44 - August 2010
- #43 - May/June 2010
- #42 - February 2010
Art Equity is a regular art market commentator for leading arts and investment publications, newspapers and Switzer TV.
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