The Aboriginal art market in 2023 has shown remarkable resilience and growth, particularly in the global context.
This trend is part of a broader interest in Indigenous art, which has been gaining momentum in recent years. Here's a detailed analysis of the market's performance, with specific highlights:
Global Recognition and Sales
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Sotheby's New York Auction: Emily Kame Kngwarreye's "Summer Celebration" sold for approximately AU$672,000 at Sotheby's Aboriginal Art auction in New York, showcasing the continued global interest in her artwork..
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Gagosian Gallery's Exhibition: The contemporary giant Gagosian showcased Australian Indigenous art in Hong Kong, marking a significant move to introduce Aboriginal art to the Asian market.
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Swiss Private Investor's Acquisition: Bruno Raschle's acquisition of a large portion of the Kelton Collection for around $AU14 million represents one of the largest single private acquisitions of Australian Indigenous art in history.
Market Trends and Analysis
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Resilience in the Face of Economic Challenges: Despite global economic challenges such as inflation and rising interest rates, the Aboriginal art market has shown resilience, with continued interest from collectors and investors.
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Growth in the Secondary Market: The secondary market for Aboriginal art has seen growth, with auction houses like Cooee Art reporting strong sales and interest in collectible artworks by Australian First Nations artists.
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Digital Transformation: The art market's shift to online sales, accelerated by the pandemic, has continued to impact the way Aboriginal art is bought and sold, with a significant portion of sales occurring through digital platforms.
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Art Fairs and In-Person Events: The return of art fairs and in-person events has boosted the market, with sales at in-person art fairs rising significantly in 2022.
Aboriginal Art Auction Results 2023 (Notable Auction Houses only)
- May 2023 Sotheby’s New York: AUD$4,505,822 (inc. BP)
- May 2023 Deutscher + Hackett, Melbourne: AUD $3,262,950 (inc. BP)
- March 2023 Cooee Auctions, Sydney: AUD$2,211,116 (inc. BP)
- November 2023 Leonard Joel, Melbourne: AUD$755,080 (inc. BP) August and November 2023
Future Outlook
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Optimism Among Dealers and Collectors: Surveys indicate that a majority of dealers and high-net-worth collectors remain positive about the outlook for the global art market, including the Aboriginal art segment, with many planning to buy art in 2023.
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Continued Global Interest: The growing international recognition of Aboriginal art is expected to continue, with more exhibitions and sales in major art markets around the world.
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Cultural and Historical Significance: The market's appreciation for the cultural and historical significance of Aboriginal art is expected to deepen, potentially leading to further growth and interest.
In conclusion, the Aboriginal art market in 2023 has demonstrated significant resilience and growth, driven by global recognition, strong sales, and a positive outlook among dealers and collectors. As the market continues to evolve, the unique cultural and historical value of Aboriginal art is likely to remain a key factor in its ongoing success.