Australia’s Booming Art Market –

Maybe it’s about time I pulled out the old watercolours!

By Geoffrey Maslen
March 4 2003

Australians spent more than $100 million on fine art last year, with a record $80 million passing through the hands of the nation’s art auctioneers. Despite the uncertain economic and world political climate, that record could be broken this year as well-to-do newcomers who boosted sales last year by taking their money out of the sharemarket continue their splurge on paintings, prints and drawings.

Salesroom turnover last year was up by $10 million on the previous year and four times greater than a decade earlier. But the market has been cornered by the local firm Deutscher-Menzies and the two international auction rooms of Sotheby’s and Christie’s.

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