In a year marked by global art trends, Australian collectors favored quality over fleeting fads, driving up the prices of established Australian artworks.
While a controversial banana sculpture sold for millions globally, Australian art collectors focused on quality over fads. Fourteen paintings fetched over $1 million each in 2024, including works by prominent Australian artists like Whiteley, Russell Drysdale, and Sidney Nolan. This trend, according to art experts, reflects the high value placed on Australian cultural treasures.
Private collectors often loan or gift these valuable works to major galleries, which lack taxpayer funding for art purchases. The flight to quality is expected to continue in 2025 as cost-of-living pressures impact the lower end of the art market. The year began with a record-breaking auction in April, with Deutscher and Hackett achieving a $16.7 million turnover - the highest in 17 years.
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