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$5 painting finds market value

News Release

Tuesday, 23 November 2010

$5 painting finds market value

A painting by Canadian artist, Lawren Harris, sold to an unknown private bidder for NZ$58,000 at an auction in Hamilton last night.

The price includes the hammer price of $51,000 plus the buyer’s premium.

The painting had been bought by three members of a family at a bric a brac sale in Northland earlier this year for $5 before it was revealed as a work by one of Canada’s most sought after artists.

Auction curator and Director of the Fine Art Society New Zealand, Grant Bezett who originally attributed the painting to Harris, said there had been a great deal of interest in Canada and it was uncertain whether the painting would remain in New Zealand.

“There were serious bidders from both Canada and New Zealand but, while we know who the bidder was, we don’t know at this stage where the painting will end up,” Mr Bezett said.

“I’m as confident as I can be that the seller got the full market value for the work which sold for a price at the upper end of my estimated value.”

Mr Bezett said that the confirmation by Sotheby’s in Toronto that the work was a genuine Harris ensured that the Canadian market was fully aware of the auction.

ENDS

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