By Geoffrey Williams, Founder and Publishing Curator, The Indigenous Art Book
The questions I am often asked are related to the ‘value’ of particular pieces within the Australian Aboriginal Art Movement. ‘How much is it?’ … ‘Will the value appreciate over time?’ … ‘How are the prices determined?’ … and so on.
My understanding of the ‘value’ of anything is that it is entirely subjective and intensely personal. I’m sure we’ve all seen paintings that have sold for millions of dollars and thought instantly that we wouldn’t have paid ten cents for them! And that, of course, is where the ‘experts’ from the mythical ‘Art World’ may judge us for having an alternative opinion to their ‘expert’ views on the value of, well, pretty much anything.
The self-perpetuating industry that is ‘The Art World’, relies on our ignorance and lack of ‘means’, to lock most of us out of a world of beauty, creativity and meaning, in which our participation as audience, admirers and potentially owners, is actually the ‘end game’. Ironically, their purpose often seems to involve excluding us from owning pieces of art, by often inflating prices and the notion of ‘artistic significance’, to generate what is known as ‘market value’. The myth of ‘market value’ is a fascinating one. It goes like this: someone paid 44 million dollars for this painting, so someone else is going to pay at least that for another by the same artist, or hopefully more. And on and on it goes – based on pretty much nothing.
For me, the true value of anything nests within our physiological responses to it – mind, heart and soul. The price is often secondary, or if one has ‘means’, irrelevant. The ‘value’ is in your personal, often immediate and intense love of a piece … where it will live in your home … how often you will have the opportunity to admire it … how you felt when you first saw it … not to mention the simple fact that you haven’t been able to stop thinking about it since you did.
One of the particularly abstract aspects of what determines ‘market value’ is the troublesome trend to expect the value an artist’s work to increase after they have died. Known as ‘The Death Effect’, the passing of an artist can see the value of their work rise in value, ‘… but in truth, it’s a rarity unless they are already a celebrated figure in living times – and in the case of most artists, it is likely that their death will have little impact on selling prices or value.’[1]
It is also important to be wary of market-driven anticipated surges in demand following an artist’s death. ‘The value of your collection will naturally increase if the artist is already in demand and their pieces are limited. And if they’ve died suddenly or prematurely then you [may] also likely see a quick spike in value. But don’t be fooled. Spikes can be based on profiteering, greed, panic, ignorance and impulse, and may not reflect where the true value finally settles. Also be mindful of an artist’s work flooding the market after death. If you’re lucky enough to own art by a famous artist and can see the potential to make money on your investment, you could find yourself as one of many collectors looking to turn a profit. But if everyone wants to sell and nobody wants to buy, then the market can bottom-out rapidly.’[2]
The value of Australian Aboriginal Art can vary widely and is influenced by several factors that are all important considerations if you are contemplating starting (or adding to) your Aboriginal Art Collection.
Aboriginal Art carries deep cultural meanings and connections to the Dreamtime, Country, spirituality, and storytelling, and a piece’s cultural significance will certainly go a long way towards defining its intrinsic value – not just on behalf of the Artist, but also the work’s place in the Australian Aboriginal Art Movement. Works by well-known artists often command higher prices, but emerging artists (particularly family members) may also gain significant value if they continue painting long enough to build their reputations throughout the Movement.
Provenance (as we discussed at length in an earlier blog post) is the history of ownership and documentation of an artwork's authenticity, and unquestionably strong provenance plays a crucial role in its value. Artworks with clear and detailed provenance are often typically valued higher amongst collectors.
The medium – materials used (e.g., canvas, bark, textiles) – and the size of the piece can also affect its value, especially among collectors who have a passion for particular artists, styles, stories and technique. Paintings on bark, and painted in natural ochres from Arnhem Land, can command high prices due to the rarity, cultural significance, and a collector’s passion for the paintings from this part of the world. Similarly, dot paintings from the desert regions can have the same effect on buyers for whom this style and technique is their true passion. And while there is no pre-determinant for which of the primary styles and techniques a collector might prefer, their preference for one over the other is often profound and, again, mostly entirely subjective.
Untitled by Emily Kame Kngwarreye. Painted in 1995. Acrylic on canvas. 95cm x 84cm. Image courtesy of The Bedford Collection and The Indigenous Art Book. © 2024. All rights reserved. Reproduction is strictly forbidden in all national and international jurisdictions.
The contemporary art market’s fascination with Australian Aboriginal Art fluctuates wildly, and as value is often determined by market demand, these tricky and unpredictable circumstances can often impact on a work’s value in positive and negative ways. One spectacularly positive example of what can only be described as a ‘peak’ was 23 May 2007, when Emily Kame Kngwarreye’s 1994 painting Earth’s Creation sold at auction for AUD$1,056,000. The sale set a record for an Australian female artist – Indigenous and non-Indigenous – from the continent. In 2017, Earth's Creation sold again at auction, but this time for AUD$2,100,000, breaking its own record.
While monetary value is certainly important, for me it is the cultural, spiritual, emotional, and ethical dimensions of Aboriginal Art that often holds equal or greater significance for collectors and lovers of Australian Aboriginal Art – in Australia and around the World.
References
1. NFU Mutual. (ND). The Death of an Artist and the Value of a Collection. Accessed 22 October 2024 at: https://www.nfumutual.co.uk/news-and-stories/the-death-of-the-artist-and-the-value-of-a-collection/#:~:text=The%20value%20of%20your%20collection,a%20quick%20spike%20in%20value.
2. NFU Mutual. (ND). Op. cit.
Geoffrey Williams is the Founder and Publishing Curator of The Indigenous Art Book. He is based in Darwin, Australia. The Traditional Owners of Darwin and the surrounding region are the Larrakia (Saltwater) people. Larrakia country runs far beyond the municipal boundaries of Darwin, covering the area from the Cox Peninsula in the west to the Adelaide River in the east. This blog post should not be interpreted as financial and/or investment advice. It is written for educational and knowledge-sharing purposes only.
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