Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Investors gravitate to cultural investment opportunities

Investors gravitate to cultural investment opportunities during a week of financial turmoil webb's auction report


Webb’s Auction House finished a busy week with more than $2,710,606 being traded across their suite of sales. The week of auctions began with a full house on Tuesday for the Important Paintings & Contemporary Art auction, followed by two outstanding sessions of Fine Jewellery & Watches on Wednesday and concluding the following evening the eager Antiques & Modern Design buyers.

With market commentary centred on the potential for a double dip recession and the global stock market shedding significant value, it was uncertain how the local market would respond to an offering of high end collectables and tangible investment works. But as Director Neil Campbell suggested today; “against all expectation, and in this turbulent market, it was interesting to see most of the high value works and objects finding buyers and many pieces significantly exceeding expectation”.

The Important Works of Arts sale was set to be a benchmark for the week. Offering an eclectic range of high calibre works including significant contemporary works by Francis Uprtichard, Michael Parakowai, Bill Hammond and Shane Cotton, the sale also presented blue chip opportunities in the historical and modern art fields. Turning over $1,567,0185 it was evident that confident demand from the market for significant works remains a truism across the contemporary, modern and historical periods, as Sophie Coupland, Head of Fine Art Department stated.

Gottfried Lindauer’s portrait of Maori chief Ihakara Tukumaru sold for $177,000. This price reflected the quality of the work, its handling and composition and importance of the subject combined. Webb’s now holds all three top prices achieved for Gottfried Lindauer’s work. Another significant historical work, The Nest by Charles Frederic Goldie also found interest and sold at $171,600.

Two signature works by New Zealand modernists achieved excellent results; Don Binney’s Tui Over the Anawhata sold for $145,000 and Bill Hammond’s Choreograph Screen reached $166,000. The iconic Andy Warhol Marilyn attracted strong international interest but was won by a New Zealand collector for $67,000.

The contemporary market also stepped up to the challenge and three works by acclaimed, Walters Prize winning artist Francis Upritchard sold with firm competition for both domestic scaled works.

An important solitaire diamond of 5.04ct achieved $194,500 indicating that focus on alternative investment classes extends beyond fine art to precious stones and high quality jewellery pieces.


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

National: National Backs Businesses With $10k JobStart

National will provide a $10,000 cash payment to businesses that hire additional staff as part of our commitment to keeping New Zealanders in jobs, National Party Leader Todd Muller and Finance spokesperson Paul Goldsmith have announced. Our JobStart ... More>>

ALSO:

DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector ... More>>

ALSO:

Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the ... More>>

ALSO:

ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many ... More>>

ALSO:

Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what 'adequate percentage' of the population is necessary, (estimates predict ... More>>

ALSO:

RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as it struggles with the fallout from Covid-19. More>>

ALSO:

Can Pay, Won't Pay: Cashflow Moves Urged

Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses. More>>

ALSO:

Gordon Campbell: On Why We Should Legally Protect The Right To Work From Home

For understandable reasons, the media messaging around Level Two has been all about “freedom” and “celebration”, but this is not necessarily going to be a universal experience. When it comes to workplace relations, Level Two is just as likely to ... More>>

ALSO:



Auckland Airport: Thousands Of Kiwis Travelling For Queen’s Birthday Weekend


Confidence in domestic travel is beginning to steadily ramp up, with thousands of Kiwis travelling within New Zealand for Queen’s Birthday.
Nearly 400 flights will be operating to and from Auckland Airport over the long weekend... More>>

ALSO:

Science Media Centre: Understanding 5G Concerns – Expert Q&A


Recent attacks on cell phone towers have brought concerns over the rollout of 5G technology into sharp relief.
While scientific research has consistently shown that the technology does not adversely affect human health, public concerns about its impact have spread around the world, fueled in part by growing misinformation online. The SMC asked experts to comment... More>>

ALSO:


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>

ALSO:


Media Blues: Stuff Chief Executive Buys Company For $1

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
"Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders," Boucher said in a statement.... More>>

ALSO:

RNZ: Bar Reopening Night 'much, Much Quieter'

Pubs and bars are reporting a sluggish first day back after the lockdown, with the fear of going out, or perhaps the joy of staying home, thought to be a reason for the low numbers. More>>

ALSO:

Stats NZ: New Zealand’s Population Passes 5 Million

New Zealand's resident population provisionally reached 5 million in March 2020, Stats NZ said today. More>>

NIWA: Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist

Seven weeks of lockdown has provided evidence of how pollution can vanish overnight with benefits for the environment and individuals, says NIWA air quality scientist Dr Ian Longley. Dr Longley has been monitoring air quality in Auckland, Wellington ... More>>

ALSO:

Government: Milestone In Cash Flow Support To SMEs

A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses. More>>

ALSO: