leonard, issue 1, october 2011

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John Albrecht, Managing DirectorPhone 0413 819 767

Email [email protected]

ART

Briar Williams, Head of Art

Phone 03 8825 5608


Jon Dwyer, Senior Adviser to the Art Department

Phone 0402 751 610


JEWELLERY

John D’Agata, Head of Jewellery

Phone + 61 (0) 3 8825 5605


DECORATIVE ARTS AND DESIGN

Guy Cairnduff, Head of Classic Furniture, Objects

and Design

Phone +61 (0) 3 8825 5611


COLLECTABLES

Giles Moon, Head of Collectables and Books

Phone + 61(0) 3 8825 5635


BOOKS AND MANUSCRIPTS

Giles Moon, Head of Collectables and Books

Phone + 61(0) 3 8825 5635


PRE–OWNED LUXURY

John D’Agata, Head of Jewellery

Phone + 61 (0) 3 8825 5605


THE SPECIALIST COLLECTOR

Guy Cairnduff, Head of The Specialist Collector

Phone +61 (0) 3 8825 5611


THE WEEKLY AUCTION

Shawn Mitchell, Head of Weekly Auctions

Phone + 61 (0) 3 8825 5615


VALUATION SERVICES

Monique Le Grand

Phone + 61 (0) 3 8825 5620


Leonard Joel Specialists

LEONARD JOEL

Primary Salerooms

333 Malvern Road,

South Yarra, Victoria 3141

Australia

Tel: +61 (0) 3 9826 4333

Fax: +61 (0) 3 9826 4544

Subscriptions

Leonard is published 11 times a year by Leonard Joel. If you have any questions regarding Leonard please contact 03 9826 4333

CoverAn exhibiton quality pair of 19th century Sevres style ormolu mounted porcelain lidded vasesSold June 2011 for $40,800 (IBP)

PhotographyRick Merrie

leonardjoel.com.au

When I was first asked to write the introduc-

tion for our first edition of Leonard I was

quite frankly not at all sure what I’d be writ-

ing about. From my first visit in the 1970s

Leonard Joel has grown to mean a lot to me

but Leonard is new and so what it means is

something very different. But having taken

on the exciting but exhausting task of editing

the first issue, I can say that I have a better

idea of what I think Leonard will become

for the clients and friends of Leonard Joel

and Melbourne more broadly. Let me begin

though with this extraordinary 92 year old

auction house known as Leonard Joel.

My first memory of Leonard Joel is my father

Kurt Albrecht walking with me as a young

child from Kozminsky to their old bluestone

auction rooms around the corner and down

the McKillop Street lane in Melbourne’s

CBD. I have a vague memory of Kurt handing

over payment, collecting some treasure and

introducing me to the cashier. That moment

remains a blur and I had no idea at that young

age how fascinating and addictive the econ-

omy for beautiful things (as I like to think

about it) would become for me.

Leonard Joel is, in every sense, the Austral-

ian institution that defined the Australian

auction market for art and antiquities. More

than two decades ago I was lucky to have

found a position there and be part of some

extraordinary moments – the sale of Rupert

Bunny’s “Une Nuit De Canicule” for more

than $1,000,000 to Alan Bond and the disper-

sal of Christopher Skase’s Qintex Collection

were more than exciting moments for me to

witness, they were little pieces of Australian

social history. This is one of the very special

elements of the auction experience – it is,

exceedingly social and fun! So to love being

an auctioneer and owning an auction house

is to enjoy the sport of transacting all manner

of objects for all manner of prices, not just

the very expensive ones.

Leonard Joel is grand in its scope – from the

oldest and most original weekly auction of

its kind in the country to the more rarefied

world of catalogue auctions we are the great

Australian auction house that has evolved

with Australian society. Half a century ago

Leonard Joel himself would not have imag-

ined that his auction house would one day

be offering Featherston chairs, cutting edge

photography as art and Hermes bags. But

that is the nature of an attuned auction

house; one that adapts to and then reflects

the changing tastes of its community. It’s fair

to say that the collecting habits between 1945

– 1985 will more than likely define this next

half century of collecting for us all.

Auction houses are not only very social and

very interesting places to acquire but they

are also very busy and very rushed – except

for those wonderful little periods known as

viewing days! One challenge every auction

house faces is this sheer “busyness” of the

auction process – from set up to viewing to

auction and then collection, it is nothing like

a shopping stroll along Collins Street. New

clients and even existing ones can sometimes

find the pace as daunting as it is addictive. So

too do some younger clients find our ways of

doing business a little antiquated and quirky.

I love auctions; the spectrum of human-

ity that pervades our little economy and

the highly social nature of people com-

ing together to look, to explore , to learn

and maybe to also acquire something that

reminds them of a special time, a place or

perhaps a moment. But what I don’t admire

are the invisible barriers that prevent our

auction world becoming more accessible and

comprehendible for younger clients, timid

collectors or simply people that would love

to visit. These barriers are thawing but they

are as old as the antique trade itself when pri-

vate clients weren’t sure whether they could

even attend an auction let alone purchase at

one, so dominated were they by “those in the

know” that populated them.

In 2011 Leonard Joel retains the expertise

and soul of a great auction house. To attend

one of our auctions or viewings is to very

much sample how an auction house func-

tioned in the 19th century. But if there is

one thing we are committed to at Leonard

Joel for this new century it is to provide all

the expertise and excitement of an auction

house in a completely fresh and open man-

ner. Complicated bidding forms and tightly

held knowledge are just a few of the things

we are changing. How? Well, Leonard is a

big start! In this and every issue you will find

for every month a valuable capsule of recent

results, forthcoming events, helpful tips and

contributions from industry experts.

But while auction catalogues and brochures

have remained largely the same for the last

half century, Leonard will not. Every issue

will change and hopefully (with your feed-

back) improve. If there is something we

know that you would like to know or maybe

something you know that you think we

should know, please let us know and we will

make every effort to bring it to Leonard as

soon as possible.

HELLO! I’M LEONARD

INTRODUCTION

LEONARD JOEL

Primary Salerooms

333 Malvern Road,

South Yarra, Victoria 3141

Australia

Tel: +61 (0) 3 9826 4333

Fax: +61 (0) 3 9826 4544

INTRODUCTION BY JOHN ALBRECHT, MANAGING DIRECTOR LEONARD JOEL

1 OCTOBERLEONARD

CONTENTS

OCTOBER CONTENTS

CALENDAR 3

NEWS 4

MODERN DESIGN SALE 6

OCTOBER ART PREVIEW 7

THE NEW COLLECTOR 8

ART – OCTOBER PREVIEW 10

JEWELLERY 12

CLASSIC FURNITURE AND OBJECTS 14

SCHULIM KRIMPER – PROFILE 15

COLLECTABLES 16

THE WEEKLY 18

PRE OWNED LUXURY 19

VALUATION SERVICES 20

AT AUCTION 20

ART BUSINESS 21

GET LEONARD ALL THE TIME

SUBSCRIBE

With more specialist categories and auctions than

any auction house of its kind in Australia, Leonard is

the simplest way to remain abreast of all forthcoming

auctions, important sales results, events and auction

news. With expert contributors from all fields of col-

lecting Leonard will be an indispensable tool for both

the seasoned auction-goer and the new collector alike.

Leonard is available both free at Leonard Joel and

online or can be subscribed to for an annual fee of $44

inc GST (postage & handling). Visit us online at www.

leonardjoel.com.au or for subscription information

contact [email protected].

FROM SINGLE ITEMS TO COLLECTIONSIf you have a single item or collection you

wish to sell, the Leonard Joel team of spe-

cialists can guide you through the entire val-

uation and auction process. We can provide

you with experts across all collecting fields,

no less than thirteen categories of auction to

select from and the most expansive calendar

of catalogue auctions in Australia. Leon-

ard Joel specialists conduct insurance and

market valuations for the entire spectrum

of clients - private collectors, corporations,

museums, fiduciaries and government enti-

ties are advised by our valuers and special-

ists on a daily basis.

TAILORED TRUST AND ESTATE SERVICESLeonard Joel has a long and distinguished

history of assisting both trust companies and

executors with the dispersal of important

collections. We provide fiduciaries (lawyers,

trust officers, accountants and executors)

with a complete suite of services to manage

accurately and successfully the dispersal

of large and small estates. Our services are

specially designed to aid in the appraisal

and dispersal of fine art, antiques, jewel-

lery, objet d’art, collectables, books & manu-

scripts and general household contents.

THINKING OF SELLING?

Our specialists are now sourcing single items and collections for the following categories:

AUSTRALIAN AND INTERNATIONAL ART

FINE JEWELLERY AND WRISTWATCHES

PRE-OWNED LUXURY

CLASSIC OBJECTS AND FURNITURE

MODERN DESIGN

SINGLE OWNER COLLECTIONS

COLLECTABLE TOYS AND SPORTING MEMORABILIA

MILITARIA

BOOKS AND MANUSCRIPTS

2 LEONARDOCTOBER

In June the Leonard Joel art department

conducted its second annual photographic

auction. The backbone of the auction was

the final historic dispersal of the Wolf-

gang Sievers Estate accompanied by other

period Australian and International pho-

tography. Not surprisingly, a small version

of Gears for Mining Industry by Sievers

(lot 95) realised the highest price of $5368

(IBP) – this iconic image is considered

both domestically and internationally to

be one of the most collectable Australian

photographs. A rare work by Max Dupain

titled Little Nude (lot 191)realised the sec-

ond highest price of $4392 (IBP). The sale

also enjoyed a rare offering of early Mel-

bourne images by Mark Strizic with one

of his works (lot 110) realising $2,440. The

sale realised $156,000 (IBP) and confirmed

that the appetite for photography is grow-

ing amongst local collectors – a trend that

is well advanced internationally. Briar Wil-

liams, Head of Art, commented: “The con-

noisseurship displayed amongst the audi-

ence was extraordinary. These buyers are

very particular about what they want and

what they’ll pay. Of lots sold we achieved

120% by value so essentially the audience

added 20% to our pricing which was most

encouraging for this emerging category”.

FORTHCOMING AUCTIONS

The Weekly Auction Every Thursday in 2011 – 10am333 Malvern Road, South Yarra, Melbourne, Victoria

The Outsider Art Fundraising Auction – By Invitation Only Thursday 13th October 2011 – 7.45pm333 Malvern Road, South Yarra, Melbourne, Victoria

The Sunday Art Auction Sunday 16th October 2011 – 2pm333 Malvern Road, South Yarra, Melbourne, Victoria

Fine Jewellery Auction Sunday 23rd October 2011 – 12pm333 Malvern Road, South Yarra, Melbourne, Victoria

The Pre-Owned Luxury Auction Sunday 23rd October 2011 – 4pm333 Malvern Road, South Yarra, Melbourne, Victoria

Decorative Arts & Fine Furniture Sunday 20th November 2011 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Fine Jewellery AuctionSunday 4th December 2011 – 1pm333 Malvern Road, South Yarra, Melbourne, Victoria

The Sunday Art Auction Sunday 4th December 2011 – 2pm333 Malvern Road, South Yarra, Melbourne, Victoria

Collectables Auction Sunday 11th December 2011 – 12pm333 Malvern Road, South Yarra, Melbourne, Victoria

ANNUAL PHOTOGRAPHIC AUCTION BECOMES A PERMANENT FEATURE

MAX DUPAIN

Little NudeSold $4,392 (IBP)

CALENDAR

Leonard Joel is a proud supporter of Arts Project Australia

3 OCTOBERLEONARD

Consigned by a private vendor on one of

Leonard Joel’s weekly appraisal days, the

vase, lot 337, was identified by weekly auc-

tion staff and specialists as the work of the

Kyoto master, Namikawa Yasuyuki, and was

judged to be a piece of fine quality and in

exceptional condition. Conservatively esti-

mated at $8,000-$10,000, the vase attracted

the interest of buyers from New York and

London, before selling after heated compe-

tition to an Australian collector for $38,400

(including buyer’s premium).

Another notable individual result from

the auction was an outstanding exhibition

quality pair of Sevres style ormolu mounted

porcelain lidded vases, lot 265. Consigned

from the estate of a prominent Toorak col-

lector, a local bidder secured them over a

substantial international commission bid

for $40,800 (IBP).

The collections of High Street antique

dealer, the late Letty Jewell, and local col-

lector, the late Philomena Skurrie, also

proved to be drawcards for attendees at

Sunday’s auction.

Friends, former clients and family in

attendance helped to realise a clearance

rate of 88% for the Letty Jewell collec-

tion, with only a handful of items failing to

find a buyer. Highlights included lot 33, an

assembled Royal Worcester dessert service,

which sold for $7,200 (IBP) and lot 90, a

Chinese export silver tea set, which sold to

a Hong Kong buyer for $5,700 (IBP).

On the heels of the Royal Worcester Austral-

ian Wildflower series vase sold by Leonard

Joel in November last year, three groups of

plates from the series were the most popu-

lar items in the estate of the late Philomena

Skurrie, with a group of three plates, lot 214,

finding a buyer at $4,320 (IBP), and a group

of two plates, lot 216, selling at $2,800 (IBP).

Leonard Joel is now seeking entries for our

November Decorative Arts and Fine Furni-

ture auction. The catalogue must close on

Friday 1st July.

Leonard Joel is delighted to announce the appointment of Jon Dwyer to the

position of Senior Adviser to the Art Department. Jon will enjoy a consulting ar-

rangement with Leonard Joel and continue to manage his extensive private and

institutional client base.

Thirteen years after Jon’s departure from Leonard Joel to Christie’s Australia,

where he headed up the Australian and International paintings department, and

five years after Christie’s closure, the third generation Australian art expert is

returning to Leonard Joel to assist it with its gradual but deliberate return to the

sale of more valuable Australian art, collections and related categories.

Between the 1960s and 1990s Paul Dwyer (Jon’s father) and then Jon Dwyer

directed the Leonard Joel art department that dominated the Australian art auc-

tion landscape. As early as the 1960s, Jon’s father Paul was laying the founda-

tions of the modern Australian art market with the dispersal of historic private art

collections such as George Page Cooper, Sir Hans Heysen, and Charles Ruwolt.

Jon Dwyer’s affinity with Leonard Joel and its clients spans decades and will

provide the firm with enhanced expertise and client contacts.

DECORATIVE ARTS JUNE RESULTS

JON DWYER RETURNS TO LEONARD JOEL

NEWS

SYDNEY JEWELLERY REPRESENTATIVE APPOINTED

Leonard Joel is delighted to welcome Helen

Ilich as Leonard Joel’s Sydney Jewellery rep-

resentative. Helen is contractually engaged as

a Gemmologist FGAA and Jewellery specialist,

based in Sydney.

Helen Ilich, Sydney Jewellery Representative

can be contacted on 0410 920 101Namikawa Yasuyuki VaseSold $38,400 (IBP)

4 LEONARDOCTOBER

A popular installment in the regular round

of weekly auctions are the single vendor

collections often exhibited in our Red

Room. Recently, local antique dealer and

long term Leonard Joel client, Irene Chap-

man, decided to close her last remaining

store in Brighton and cease her trading of

over fifty years. Irene’s stock in trade auc-

tion at Leonard Joel on Thursday 15th

September proved yet again that great

results can be achieved through a select

and focused approach to auctioning private

collections.

As a young girl in the 1940s Irene Chap-

man purchased her first treasure, a piece of

Mary Gregory glass from a local fete. Later,

by way of a favour to her local Parish priest,

she sold on his behalf a box full of antique

buttons to raise funds for much needed

church repairs. These experiences devel-

oped into a lifelong passion for dealing and

trading in antique wares and resulting in a

most eclectic auction offering.

Regular bidders and newcomers alike were

treated to an extensive collection of Eng-

lish and continental silver, Italian porcelain

and Chinese cloisonné.

THE STOCK IN TRADE OF IRENE CHAPMAN ANTIQUES

JewelleryIncluding important signed jewellery, collectable wristwatches, Australian jewellery and pre-owned luxury Entries invited for December sale / Close Friday 28 October

ArtIncluding important international art Entries invited for December sale / Close Friday 4 November

Classic Furniture and ObjectsIncluding modern design and single-owner collections Entries invited for December sale / Close Friday 14 October

CollectablesIncluding toys, sporting memorabilia and militaria Entries invited for December sale / Close Friday 28 October

CONSIGNING NOW

NEWS

The inaugural monthly Toy Sale on 8 September was a resounding success.

Participants in the room competed with international online and absentee bid-

ders for 64 lots of Dinky, Matchbox and Corgi diecast models. The sale was 95%

sold by volume and 100% by value. The highlight of the sale was lot 38, a rare

orange Matchbox 1-75 series Rotinoff Super Atlantic Trailer that realised $1,560

(IBP) against an estimate of $1,400-1,800. The next Monthly Toy sale will be

held on Thursday 6 October.

MONTHLY TOY SALE

Leonard Joel is delighted to announce a four

year partnership with Arts Project Australia.

The partnership will see Leonard Joel pub-

lish a full colour art catalogue, the Leonard

Joel series, each year including Arts Project

Australia’s featured artists. Leonard Joel will

also host an annual fundraising event for Arts

Project as well as providing a space to display

and sell Arts Project Australia artwork.

Arts Project Australia supports people with

disabilities to become practitioners in the

visual arts. The studio and gallery nurtures

and promotes artists with an intellectual

disability as they develop their body of work.

‘This is a really important partnership for

us’, says Sue Roff, Executive Director, Arts

Project, ‘giving our artists the opportunity

to reach a wider audience and whilst our

artists enjoy much success with our exhibi-

tion program, I believe this will bring our

artists to a new audience. I’m also thrilled

that four full-colour annual catalogues will

be published each year, giving yet again

another opportunity for our artists to reach

out through their art.’

‘From my first visit, says John Albrecht,

Managing Director of Leonard Joel, ‘I was

overwhelmed with emotion at what the

people of Arts Project Australia achieve on

a day to day basis. As a father of three, it is

more than poignant for me to see how this

organisation nurtures these special art-

ists. Leonard Joel is delighted to enter into

partnership with Arts Project Australia and

looks forward to an ongoing relationship

that will benefit both organisations’.

Arts Project Australia

24 High Street, Northcote

Gallery open: Monday to Friday 9am - 5pm

Saturday 10am - 1pm

LEONARD JOEL AND ARTS PROJECT AUSTRALIA PARTNERSHIP

A rare orange Matchbox 1-75 series Rotinoff Super Atlantic TrailerSold $1,560 (IBP)

5 OCTOBERLEONARD

MODERN NAMES DRAW OUT MELBOURNE CONNOISSEURS WITH AN EYE FOR DESIGN

MODERN DESIGN SALE

Just under 200 lots of signature European and Australian design went under the ham-mer in August at the second annual Leonard Joel Modern Design auction in Melbourne. Architects, designers and private collectors filled the room and generated keen bidding for the post-war offering. The highest prices paid covered a spectrum of famous living and deceased designers with Kofod-Larsen, Wegner, Featherston and Krimper dominat-ing the proceedings. The highest price on the day was paid for lot 181 (illustrated), a handsome rosewood sideboard by Kofod-Larsen which realised $13,200 (IBP). Dining suites by Wegner, Featherston and Krimper also attracted strong bidding with lot 180 achieving the highest price in this category,

finally selling for $7,560 (IBP). Leonard Joel was also delighted to offer a collection of Featherston furniture that had been in a private Melbourne collection for more than half a century – lots 126 to 128 from this collection realised in excess of $16,000. The sale was also interspersed with interest-ing objects, jewellery and more utilitarian design and confirmed Leonard Joel’s status in Melbourne as the only auction house committed to the development of this important and emerging category. Modern Design entries are now being invited for our November round of auctions. To discuss your Modern Design collection contact Guy Cairnduff on 03 8825 5611 or email [email protected]

AUGUST SALE RESULTS

Kofod-Larsen SideboardSold $13,200 (IBP)

6 LEONARDOCTOBER

OCTOBER PREVIEW – SPANISH SCHOOL

OCTOBER ART PREVIEW

SPANISH SCHOOL (EARLY 18TH CENTURY)Portrait of a Courtly CoupleOil on canvas, 182 X 91 cm (each)Estimate $15,000 – $20,000The Sunday Fine Art Auction – 16 October at 2pm

7 OCTOBERLEONARD

THE NEW COLLECTORWhen the world’s most famous international

art dealer Joseph Duveen made the connec-

tion between the plentiful supply of Euro-

pean art and antiquities and the voracious

American appetite to acquire and collect,

what began was the most profound shift in

the art economy for centuries. Before the

20th century the acquisition and assembling

of collections was the preserve of nation

states, monarchies, public museums and

nobility. American dollars changed all that by

at least beginning the process of redefining

what it meant to collect. No longer would the

art and objects offered for sale be restrained

by the prevailing tastes of the “art intelligent-

sia” but the collecting habits and bents of

individuals, with profound financial capac-

ity, would broaden dramatically the scope of

what it meant to collect and what one was

“allowed” to collect.

The turn of the 19th century and the early

20th century was arguably the first and most

profound change when collectors looked

beyond the great traditional manners of

painting and ventured (yes, it was considered

bold at the time) in to the galleries offering

first Impressionist and then Abstract art.

Then, in the first half of the 20th century

American magnates and heirs, unrestrained

by prevailing English and European tastes,

began to widen the berth of the collecting

field. Fast forward approximately a further

30 years and the extremity of this collecting

(r)evolution culminated in the acceptance of

comic, sexualised, contemporary, pop star

subject matter as art worth collecting in the

form of works by the now perhaps “not so

out there” American Jeff Koons. Fast for-

ward another two decades and Damien Hirst,

the artist famous for presenting preserved

sharks suspended in tanks of formaldehyde

with pretentious titles has come to epitomise

the extent of collecting boundaries or, if you

take the Robert Hughes approach, the end of

art as it becomes simply another commodity.

But these great shifts in art and taste over, say,

the last 120 years were not simply about what

art or antique periods should be collected or

considered “collectable” but also about actu-

ally what could be collected. Put simply, if

the 1900 – 1960s was still stuck in discussions

about whether to collect Georgian or Victo-

rian furniture or whether Edwardian design

was not as historically important as the Art

Nouveau movement, the 1960s onwards

marked the period within which collecting

mantras about age, medium, rarity, produc-

tion techniques, artistic merit and utility

were shattered. Now one could collect Coke

bottles, petrol station signs or anything with

a thematic logic and one was a collector. And

while these manifestations of collecting are

often giggled at by the purists or the connois-

seurs (whatever that now means) the effect

of this “democratisation of collecting” meant

that design and utility would no longer be

excluded from collecting and art discourse.

In this new era a simple chair, a working

radio, a piece of luggage, a toy robot or a cor-

porate photo began to be reinterpreted not

just as functional but as beautiful.

It is easy to forget that photographers were

not really considered “artists” until the sec-

ond half of the 20th century when trail-

blazers such as Max Dupain and Wolfgang

Sievers proved that there was a difference

between “snapping a picture” and creating

a compelling photographic image. But pho-

tography, in the context of the rise of fashion,

has arguably enjoyed one of the more easy

progressions to collectable status. Other cat-

egories that have in some ways, seemed to

just appear from nowhere are still develop-

ing their own followings and space within

the international collecting community.

What is now described as modern design (or

post-war utilitarian objects and imagery) has

enjoyed the greatest growth amongst collec-

tors and an authentic acceptance by more tra-

ditional collectors that just because objects

or imagery may have been “birthed” on a

production line do not mean they cannot also

claim to possess artistic merit. In my view,

this new, more open and perhaps more play-

ful approach to collecting and appreciation

has not demeaned or lessened the periods

and connoisseurship that went before it but

rather has added new dimensions and paths

for collectors to travel, less restrained by art

history and traditional collecting thinking.

I remember an extraordinary gentleman that

frequented Leonard Joel and other auctions

houses in the early 1980s who quite liter-

ally bought up all the 1960s and 1970s Ital-

ian glass that he could get his hands on. He

bought everything for a song during a period

when Italian glass was largely viewed as

“that strange looking vase that Mum and Dad

brought back from their overseas trip that

sits on the mantelpiece”. Not only was this

type of art glass largely scoffed at by dealers

and collectors at the time but also it quite lit-

erally escaped them that artistic and histori-

cal merit lay within these quirky items. After

a 15 year collecting period this same gentle-

man transacted his collection of art glass

internationally for a handsome sum and at

the time it was considered one of the great

international collections.

The minds and the eyes of these collectors are

ultimately the ones that extend our apprecia-

tion of the arts, of design, of beauty and of

what it might mean to be a new collector.

BY JOHN ALBRECHT

THE NEW COLLECTOR

Originally published in Art and Antiques – August 2011

8 LEONARDOCTOBER

FEATURE

WOLFGANG SIEVERS Gears for Mining Industry Sold May 2010 $20,400 (IBP)

9 OCTOBERLEONARD

OCTOBER ART SALEClifton PughNude 1982Oil on boardSold $21,600

TIM STORRIER (BORN 1945) Point to Point 1985, Mixed media on paper, 87 x 116cm, Estimate $25,000 – $30,000

ALISON REHFISH (1900-1975)Mixed bunchOil on board, 30 x 26cmEstimate $1,000 – $2,000

EVELYNE SYME (1888-1961)MooringsOil on board, 60.5 x 40cmEstimate $6,000 – $8,000

18TH CENTURY EUROPEAN SCHOOLClassical Harbour Scene with FiguresOil on canvas, 101 x 134cmEstimate $4,000 – $6,000

CHARLES BLACKMAN (BORN 1928)Camp Fire by MoonlightOil on glass, 58.5 x 74cmEstimate $25,000 – $35,000

AuctionSunday 16 October 2011, 2pm

PreviewWednesday 13 October 2011 9am – 8pmThursday 14 October 2011 9am – 5pmFriday 15 October 2011 9am – 5pm

Saturday 15 October 2011 10am – 5pmSunday 16 October 2011 10am – 2pm

ART – OCTOBER PREVIEW

10 LEONARDOCTOBER

In March 2011, the art department was

delighted to revive a Leonard Joel tradition,

with the launch of our Specialist Print auction

series. These auctions bring together Austral-

ian and international graphics of various tech-

niques, ranging from early 19th century hand

coloured engravings on natural history to

modern and contemporary screenprints and

lithographs.

The inaugural Specialist Print auction was

a resounding success, realizing a clearance

rate of 90% by lot and over 100% by value and

these sales have set a number of record auc-

tion prices for artists in this medium including

Raymond Arnold’s History II which sold for

$1,080 (illustrated).

Our Print Auction in September confirmed

the appetite for this specialist category and

featured rare historical prints such as John

Lycett’s early views of Australia and natural-

ist engravings by Charles Alexandre Lesueur.

In addition this auction had a strong section

of Japanese woodblocks and also showcased

some of Australia’s best contemporary print

makers such as Charles Blackman, Brett

Whiteley and John Olsen.

The Specialist Print Auction provides enthu-

siasts of this often overlooked medium, a

fantastic opportunity to acquire exceptional

and interesting historical and contemporary

prints.

We are currently consigning for our

November Print Auction. Contact Nicole

Salvo on 03 8825 5624 or email nicole.salvo@

leonardjoel.com.au with enquiries.

ARTSPECIALIST PRINT AUCTIONS

OCTOBER ART SALERAYMOND ARNOLD (BORN 1950) History II 1990 copperplate engraving 2/4 129 x 88.5cmSold $1080 (IBP)

A late 19th Century/Early 20th Century Wunda Shield SOLD $1920 (IBP)

NOW CONSIGNING FOR THE DECEMBER SUNDAY FINE ART AUCTION

ART

In August a fine collection of artefacts from

the South Pacific, Papua New Guinea, Tiwi

Islands and the Western and Central Desert

Regions of Australia was sold in our special

weekly art auction. The collection was origi-

nally assembled by Edward Blaine, Lina Bry-

ans maternal grandfather, who practiced as

a solicitor of the Supreme Court of the Cook

Islands and in 1901 was appointed Commis-

sioner of the Eastern Pacific and later became

Acting Chief Justice of the High Court of the

Cook Islands.

SOLD – THE LINA BRYANS COLLECTION OF TRIBAL ARTEFACTS

11 OCTOBERLEONARD

PREVIEW OF OCTOBER FINE JEWELLERY

AuctionSunday 23 October 2011, 12pm

PreviewWednesday 19 October 2011 9am – 8pmThursday 20 October 2011 10am – 4pmFriday 21 October 2011 10am – 4pm

Saturday22 October 2011 10am – 5pmSunday 23 October 2011 10am – 12pm

JEWELLERY

A rare Type IIa Natural Fancy Purplish Pink diamond ringEstimate $120,000 – $150,000

An Art Deco emerald and diamond brooch Estimate $2,500 – $3,000

A Russian Diamond and pearl pendant necklace modeled on Catherine the Great’s original Estimate $45,000 – $55,000

12 LEONARDOCTOBER

PREVIEW OF OCTOBER FINE JEWELLERY

ART DECO DIAMOND JEWELLERY SHINES AND PATEK PHILIPPE

At the Leonard Joel Fine Jewellery & Watches auction period jewellery from

the 1920s again confirmed its attraction and timeless appeal. Lot 90, an Art

Deco diamond plaque ring of the more rare oval design with delicate pierced

work, realised $13,200 (IBP) against estimates of $7,000 – $9,000. Lot 220, a

Marquise diamond ring, realised $37,000. Later in the auction lot 205, an Art

Deco ruby and diamond necklace, realised $6,600 (IBP) against estimates of

$4,000 – $5,000. An interesting highlight of the auction was lot 225, a rare

star sapphire ring that realised $9,600 (IBP). Historical items also fared well

with lot 101, a rare miniature depicting one of the family members of the Fre-

mantle family, selling for $1,920 (IBP). Amongst the watches on offer highest

prices went to two watches by the watch-masters Patek Philippe – lot 22 was

of the rare rectangular design in platinum and realised $6,600 (IBP) and lot

24 was one of the more modern 18 carat yellow gold circular designs and

realised $7,200 (IBP).

NOW CONSIGNING JEWELLERY, WATCHES AND PRE OWNED LUXURY FOR DECEMBER 2011

JEWELLERY

An Art Deco diamond bracelet Estimate $10,000 – $12,000

A diamond and enamel horse and jockey brooch Estimate $1,000 – $2,200

Results from the August Fine Jewellery Sale

On Saturday 22nd October Fermoy Estate will be conducting a wine tasting event exclu-

sively for Leonard Joel jewellery clients in our upstairs gallery. For further information

contact Monique Le Grand on 03 8825 5620

PREMIUM MARGARET RIVER WINEMAKER VISITS LEONARD JOEL

Marquise Diamond RingSold $37,000 (IBP)

13 OCTOBERLEONARD

CLASSIC FURNITURE AND OBJECTS

THE SPECIALIST COLLECTOR

On Sunday the 25th September, over 300

bidders gathered in the grounds of 20

Barry Street, Kew, in eager anticipation of

the auction of the Clendinnen Collection,

which promised to be a landmark house

contents dispersal of the type seldom seen

since the 1980s. When the sale commenced

at midday, the standing-room-only crowd

were not disappointed – the auction even

attracted the attention of the ABC, who,

with host William McInnes, filmed the

progress of the auction from the setting up

of the marquee, to the public viewing, the

champagne preview and the excitement of

auction day.

A total of 439 lots went under the hammer

during the day, including fine English and

Continental furniture, clocks, scientific

instruments, decorative arts and paintings

from the collection of Lorraine Clendinnen

and her late husband, Ian. The composition

of the collection reflected Ian’s lineage to a

family steeped in scientific innovation and

endeavour. A general practitioner himself,

Ian’s grandfather, Frederick John Clendin-

nen (1860-1913), was recognised as the first

medical practitioner to introduce x-ray to

Victoria and much of the contents of his

Collins Street consulting rooms are now

held in the collections of the Melbourne

Museum.

Among the most interesting features of the

auction, was the house itself. It was impos-

sible to ignore the grandeur of Ian and Lor-

raine’s stately Victorian mansion, with the

imposing staircase at the main entrance

leading the way to a myriad of corridors

and rooms to be explored, each decorated

in period style with fine antique furniture,

clocks and objects.

Highlights from the auction included lot

202, an outstanding cedar and rose mahog-

any cellaret; lot 109, a Victorian mahogany

tester bed and lot 85, a Regency Cary’s

celestial globe. Lot 60, a superb quality Chi-

nese embroidered silk panel, was the sub-

ject of intense international interest.

As the history of the collection in the

Clendinnen family’s ownership came to a

close, Sunday’s auction marked the begin-

ning of a new story in the homes of other

avid collectors.

Auction Sunday 20 NovemberMelbourne

Now Consigning

Australian and International Modern Design; European and Australian

Furniture; Porcelain; Silver; Clocks; Australian Decorative Arts; Asian

Works of Art; Single Owner Collections

Entries must close Friday 14 October

Specialist enquiries contact Guy Cairnduff on 03 8825 5611

HISTORY CONTINUES FOR A LANDMARK KEW COLLECTION AT THE CLENDINNEN AUCTION

ENTRIES INVITED CLASSIC FURNITURE OBJECTS & DESIGN

CLASSICFURNITUREOBJECTSDESIGN

A STERLING SILVER MOUNTED CAMEO GLASS SCENT BOTTLEAttributed to Thomas Webb and Sons, English, circa 1880Depicting a swan, cameo cut in white overlay on a blue ground, 23 cm long.Estimate $12,000–$18,000Decorative Arts and Fine Furniture Auction – 20 November 2011

14 LEONARDOCTOBER

SCHULIM KRIMPER

Schulim Krimper (1893-1971) is the latest in a

procession of Australian post-war designers

to be re-discovered by the art buying public,

offering the promise of re-invigorating the

stagnant furniture market, which may finally

see collectors’ demand for Australian design

gain on their appetite for contemporary Aus-

tralian paintings.

Renowned as much for his eccentric persona

as for the exquisite articles of furniture he

produced, Krimper’s oeuvre is character-

ised by meticulously considered design and

exacting standards of craftsmanship. His

uncanny ability to take functional compo-

nents such as dovetail joints, drawer han-

dles and locking mechanisms and reinter-

pret them as design features is testament to

both his curious nature and his innovative

approach to design. Krimper was also unique

for producing designs which emphasised the

natural beauty of the woods he worked with,

at a time when experimentation in synthet-

ics was the fashion. He worked in a variety

of Australian woods including Queensland

blackbean and silky oak, but his interests also

extended to more exotic species from Africa,

New Guinea and New Zealand.1

Krimper’s rise to prominence coincided with

a watershed period in Australian design his-

tory. After WWII renewed consumer confi-

dence and demand for luxury goods led to

the emergence of a plethora of design stu-

dios aligned with major department stores

and an increased general awareness of Aus-

tralian design.2 He stood apart from his post-

war design contemporaries such as Grant

Featherston, Clement Meadmore and Doug-

las Snelling, resisting the trend toward mass

production, preferring instead the autonomy

and quality control afforded by a commis-

sion based business.3 The extreme side to

Krimper’s personalised approach to his cli-

ents is recalled in stories of visits to his cli-

ent’s homes and the issuing of instructions

on how their homes were to be decorated in

order to complement his furniture.4 This was

balanced by the fond childhood recollections

of the son of one of Krimper’s former clients

accompanying his parents to the High Street

workshop and playing in the piles of sawdust

while his parents discussed their prospective

purchase with the craftsman.

One of a generation of Jewish European

immigrants displaced by the spread of fas-

cism in Europe in the nineteen thirties,

Krimper rose from humble beginnings to

be in the vanguard of Australian post-war

design during the nineteen fifties and sixties.

Born on 28 July 1893 in the Eastern European

town of Bukovina, Krimper later thwarted

his family’s attempts to steer him toward a

professional career, opting instead to under-

take an intensive four-year apprenticeship as

a cabinetmaker.5

Following a period of military service during

World War I, Krimper settled in Berlin, rev-

elling in the cultural and intellectual stimula-

tion offered by the metropolis. However, the

rise to power of Adolf Hitler and the ensuing

ground swell of anti-Semitism in Germany

prompted Krimper to enter a retraining pro-

gram with the intention of emigrating.6

In August 1939, Krimper and his wife Els-

beth arrived in Australia and joined family

in Melbourne. He resumed cabinet making

in a workshop and shop front on High Street

St Kilda, initially in partnership with his

brother-in-law and a friend and then in his

own right.7

While the High Street workshop signified the

achievement of a long held ambition to own

his own business, the production restrictions

and austerity of the interwar period meant

that Krimper was reliant on government

contracts for producing ammunition boxes,

from which he derived a subsistence living.

It was not until 1947, when his work came to

the attention

of family friend and National Gallery of Vic-

toria assistant director Robert Haines that

Krimper began to gain widespread recogni-

tion. The association with Haines led to the

gallery’s acquisition of examples of Krimp-

er’s work, and the staging of an exhibition of

Krimper’s furniture at the gallery of Haines’

former employer Georges Ltd. This was fol-

lowed in 1956 by the exhibition of twelve

Krimper pieces at the Rockefeller Centre, in

New York.8

In 1975, following Krimper’s death in 1971,

a memorial retrospective exhibition of his

work was held at the National Gallery of

Victoria, with the catalogue by Krimper

authority and curator at the National Gal-

lery, Terence Lane, now considered to be the

definitive text on the craftsman.

Provenance, exhibition history and the all-

important designer’s signature are hallmarks

of the most sought after Krimper furniture.

This rule of thumb has been demonstrated in

the outstanding prices achieved for Krimper

furniture at auction over the past decade. In

August 2011, a signed blackbean sideboard

offered at Leonard Joel realised $7,800 (IBP).

Two further pieces were offered in the same

auction, including a blackbean dining suite

and a teak coffee table.

In May 2006, a Queensland blackbean book-

case exhibited in the 1975 memorial retro-

spective of Krimper’s work at the National

Gallery of Victoria sold at auction in Sydney

for $24,000.

So, when next thumbing through the pages of

an auction catalogue, why not also consider

acquiring an elegant blackbean sideboard

to offset that new John Coburn painting?

Or perhaps a sleek cabinet in African wal-

nut to display that Giles Bettison murrine

glass vase? The renewed interest in Schulim

Krimper serves not only as a reminder of the

artistic heritage in our own backyard, it also

gives the decorative arts a well deserved turn

in the limelight and reinforces the idea that

good art and good design are one and the

same thing.

PROFILE OF AN ECCENTRIC

CRAFTSMAN

MODERN DESIGN

BY GUY CAIRNDUFF THE SPECIALIST COLLECTOR

1. Lane, Terence, Schulim Krimper: Cabinet-maker, A Tribute by Mark Strizic and Terence Lane, Gryphon Books, 1987, p.212. Bogle, Michael, Design in Australia, 1880-1970, Craftsman House, 1998, pp. 68, 78.3. Lane, Terence, Schulim Krimper: Cabinet-maker, A Tribute by Mark Strizic and Terence Lane, Gryphon Books, 1987, p. 174. Ibid, p. 23.5. Ibid, p. 12.6. Ibid, p. 14.7. Ibid, p. 16.8. Ibid p. 17

Schulim Krimper SideboardSold $7,800 (IBP)

15 OCTOBERLEONARD

In 2010 Leonard Joel was entrusted with the sale of one of the finest

collections of radios in Australia. This private one owner collection com-

prised more than 600 Australian, American and European radios from

1920s-1950s. The two part sale realised more than $700,000(IBP) and set

several records including the highest auction price for an Australian radio;

a unique marbelized white and brown Airzone Symphony Leader sold for

$26,400(IBP).

An important football presented to Tom Banks, captain of 1895 VFA Premiership win-

ners Fitzroy was the highlight of our highly successful May sale. The ball was used in

Fitzroy’s final match of the season versus South Melbourne. A hard fought draw secured

an historic first premiership for Fitzroy. The ball was keenly contested by several pri-

vate collectors and was finally knocked down for $12,000 IBP, well beyond the pre-sale

estimate of $5,000-8,000. The sale overall was 80% sold by volume and produced strong

prices for diecast toys, film posters, classic radios and railway memorabilia. Standout

prices included a rare Dinky 989 Car Carrier for $3,840 IBP (estimate $1,200-1,600), an

Australian daybill poster for ‘War of the Worlds’ for $1,140 IBP ($900-1,200), a French

1950s chrome Excelsior radio for $2,400 IBP (estimate $600-800) and a Diesel Locomo-

tive number plate ‘S 302’ for $2,640 IBP (estimate $800-1,200). For collectables enquiries

contact Giles Moon on 03 88255635 or email [email protected]

RADIOS

COLLECTABLES

COLLECTABLES ROUNDUP

Airzone Symphony LeaderSold $26,400 (IBP)

An Important 19th Century Football Sold $12,000 (IBP)

16 LEONARDOCTOBER

Set of USLobby CardsSold $1,920 (IBP)

The 4 September Collectables sale included

an eclectic range of more than 300 lots of

vintage toys, classic radios, film posters

and lobby cards, sporting memorabilia and

other nostalgia. Competition was fierce

between saleroom and international online

bidders resulting in very strong prices

throughout all categories. The sale was 93%

sold by volume and 100% sold by value. One

of the highlights was lot 303 a rare set of

US lobby cards for the swashbuckling Errol

Flynn movie The Adventures of Robin

Hood that realised $1,920(IBP) against an

estimate of $800-1,200. Lot 273, an iconic

Australian blue bakelite Astor Baby ‘Foot-

ball’ radio sold for $4,080(IBP) against an

estimate of $1,600-2,200. Vintage football

memorabilia also shone, notably lot 283;

two uncut sheets of Allen’s Australian Foot-

ballers cards sold for $720(IBP) against an

estimate of $500-800.

During 2010 Leonard Joel also sold two

important private collections of vintage

cameras. The Collections of Dinesh Parekh

and Blair Russell featured cameras and

optical material dating from the 1840s to

the 1960s, including early wooden cased

cameras, 19th century detective cameras

and Leica cameras from 1920s to 1960s.

The two collections realised more than

$440,000(IBP). The Parekh collection of

cameras literally encapsulated the entire

history of photography and was keenly

sought by local and international clients.

New benchmark prices were set for all

manner of makes and models with a natu-

ral enthusiasm for the splendid offering

dating between the 1840s to 1960s. The

collection ranged from early wood body

camera, optical toys and detective cameras

to sub miniature ‘spy’ cameras and Leicas

and accessories. Highlights included a Pol-

yrama Panoptique optical toy which sold

for $2,952 (est $450-550), a special edition

Rolleiflex 2.8f Aurum sold for $7,800 (est

$1,800-2,500). The pick of the Leicas was

a rare 250GG Reporter camera which real-

ised $7,200 (est $4500-5500).

With a sale total of $303,564 IBP, a pre-sale

estimate of $160,000-220,000 and a sale by

value of 163%, the auction was a resound-

ing success and it has further cemented

Leonard Joel’s reputation as the foremost

Australian auctioneers for specialised

international collections.

CAMERA COLLECTIONS SNAPPED UP BY INTERNATIONAL AUDIENCE

THE SEPTEMBER COLLECTABLES SALE

COLLECTABLES

Kodak Ektra Outfit Sold $4,320 (IBP)

17 OCTOBERLEONARD

THE WEEKLY

After 90 years Melbourne’s most idiosyncratic weekly auction is now fully illustrated online at leonardjoel.com.au

THE WEEKLY

A DANISH ROSEWOOD PEDESTAL DESKwith six front drawers and open shelf compartments to the reverseEstimate $1000 – $1500The Weekly Auction – 13 October

VIEWINGEvery Wednesday from 9am to 8pm literally thousands of private clients and members of

the antique and arts trade have made visiting Leonard Joel one of their weekly rituals. All

items offered for sale can be viewed on this day and we have expert specialists available

to answer any questions you might have. The auction can also be viewed on our fully

illustrated website from 10am Wednesday morning.

AUCTIONEvery Thursday beginning at 10am Leonard Joel auctions the most fascinating and

expansive array of objects, art, design and interior furniture in the country – it is no

exaggeration to state that after 90 years our weekly auction has become a Melbourne

institution that in so many ways retains the original character and atmosphere of a 19th

century auction room.

18 LEONARDOCTOBER

PRE- OWNED LUXURY

PRE OWNED LUXURY

At the August Pre-Owned Designer Cloth-

ing, Accessories and Furs Auction, Leonard

Joel’s status as “the Melbourne auctioneers”

for this exciting new category was cemented.

More than 150 people packed the saleroom

for the second time this year to snap up vin-

tage leather goods, clothing and accessories

from every major fashion house and designer.

Handbags from global fashion houses and

fine quality furs were keenly contested and

one bidder quipped that not only was it fun to

acquire select pieces from this era but it was

also “sustainable shopping”. When asked

what she meant her reply was: “I can go in to

a fashion house and pay retail for new leather

and fur and feed the problem of the animal

trade or I can buy here and at least shop from

the pool of what has already been produced

globally – this approach ticks all the boxes

for me”. Highlights from the sale included

lot 465, a Le Talentueux handbag by Louis

Vuitton, which realised $1,800 (IBP) and lot

581, a black diamond mink jacket by Seymour

Cornelius, which realised $1,020. The auc-

tion generated in excess of $60,000 with an

exceptional sale rate of 86% by value and 73%

by volume.

For Pre-Owned Luxury enquiries contact

John D’Agata on 03 8825 5605 or email

[email protected]

VINTAGE COUTURE COMES OF AGE IN MELBOURNE WITH A SUSTAINABLE EDGE

Over 100 items of fashion clothing including this exquisite Christian Dior New York gown from the 1950’s.Auction Thursday 27 October 2011, at 10.30am

VINTAGE CLOTHING FROM THE SANDIE BIZY COLLECTION

A BIRKIN HANDBAG BY HERMESThe 30cm handbag in graphite ostrich leather and silver metal hardware, with original boxEstimate $16,000.00 – $22,000.00Pre-Owned Luxury Auction – 23 October 4pm

19 OCTOBERLEONARD

At Leonard Joel, there are four methods of

bidding: in person, via absentee bid, via our

complimentary telephone bidding service

(excluding weekly auctions) and now via the

popular online live-bidding platform Artfact.

BEFORE YOU BIDTo participate in bidding activity at one of

our auctions, you will be required to establish

a valid client account via either our absentee

bidding form or in person when you attend

our auction. Registration information can

be obtained online or by simply calling our

Front of House on +61 (0)3 9826 4333.

BIDDING IN PERSONOnce you have successfully completed your

registration you will be issued with a buyer’s

number card. To place a bid, simply hold up

your bidding paddle so that the auctioneer

can clearly see it. Decide on the maximum

amount that you wish to pay, exclusive of

buyer’s premium and GST, and continue bid-

ding until your bid prevails or you reach your

limit. If you are the successful bidder on a lot,

the auctioneer will acknowledge your paddle

number and bid amount.

ABSENTEE BIDDING / TELEPHONE BIDDINGIf you are unable to attend the auction in

person, we will be happy to execute writ-

ten absentee or telephone bids on your

behalf. This service is free, completely con-

fidential and your bid will be executed as

cheaply as possible. Leonard Joel publishes

an absentee/telephone bidding form at the

back of each catalogue and you may also

download or complete an online form at

www.leonardjoel.com.au.

LIVE BIDDING ONLINELeonard Joel is delighted to have partnered

with Artfact, the world’s largest live online

bidding platform with more than 1,300,000

members. Establishing an account is simple

and for a modest fee you can bid at all Leon-

ard Joel special catalogue auctions from the

comfort of your home or office.

INSURANCE VALUATIONSWhile the storage and display of your col-

lection can protect against obvious domestic

damage, it is not enough to guard against a

loss caused in more dramatic circumstances.

To ensure your collection is fully protected

both a valuation and relevant insurance cov-

erage is essential. Leonard Joel can assist

you with expert, thoroughly researched and

documented valuations for insurance pur-

poses so that in the unfortunate event of loss,

your collection is fully covered at current

replacement values. Leonard Joel insurance

valuations are fully documented to provide

both the insurer and insured with a record of

assets at current retail values.

MARKET VALUATIONSGenerally speaking, clients considering sell-

ing items at auction require a market valua-

tion. A market valuation reflects the value of

an item in the current auction market and is

the best indicator of the likely selling price

for that item - market valuations are also

used for estate, tax, and family division pur-

poses and reflect prices paid for equivalent

items at auction.

SUPERANNUATION INVESTMENTS & COLLECTION MANAGEMENTAt Leonard Joel we recognise that some cli-

ents needs extend beyond simply requiring a

valuation for selling or insurance purposes.

As the regulatory environment for art and

related investing becomes more complex so

to does the advice required. Leonard Joel

provides a uniquely tailored advisory service

for those clients with superannuation issues

or collections that they require advice on.

Michael Fox, specialist consultant to Leon-

ard Joel, is recognised as an expert in this

field and is now available for consultations.

This specialised advisory service is ideal for:

• Individuals with art-related superannua-

tion investments

• Financialplanners

• PrivateWealthManagementAdvisers

• FinancialServicesProfessionals

• Accountants

• Lawyers

MAKE AN APPOINTMENTLeonard Joel can provide specialist expertise

across all categories with valuers approved by

the Australian Government. Scheduled on-

site valuations for insurance, market, family

division and other purposes can be arranged

or for simple verbal market valuations you

may prefer to visit us by appointment at our

salerooms on Mondays and Fridays. If you

are considering selling, verbal valuations are

provided on a complimentary basis.

Written Valuations

Fees for formal written valuations are based

on hourly rates for specialists and travel

where applicable.

For an appointment please contact

Monique LeGrand on 03 8825 5620 or email

[email protected]

VALUATIONS & ADVICE

AT AUCTION – NOW FOUR WAYS TO BID

VALUATION SERVICES

TYPES OF VALUATIONS

20 LEONARDOCTOBER

ARTBUSINESS

One year ago the former Federal Arts

Minister, Peter Garrett, unwittingly provided

support for self-managed superannuation

fund (SMSF) investment in the arts, at a talk

at Melbourne University.

Referring to an image of an Eubena Nampitjin

painting which had been left on screen by the

previous speaker, Garrett remarked on the

beauty of the work as well as the importance

of investing in the Aboriginal art market.

Unknown to Garrett, that particular artwork

belonged to an SMSF collection at a time

the Government was proposing to prohibit

such future acquisitions. Less than a month

later during the 2011 election campaign

this proposal was abandoned following a

concerted campaign against it by the Save

Super Art campaign led by Tom Lowenstein

and run by the author.

Instead of banning SMSF investment in the

arts the Gillard administration pledged to

introduce new regulations by 30 June 2011

and indeed that is what was delivered via

the Superannuation Industry (Supervision)

Amendment Regulations 2011 (No.2) legis-

lated on that day.

These new laws are certainly more onerous

than the previous regulations, however, they

do not represent “the arts end of superan-

nuation”, as a certain academic described it

in April this year.

So what are the new regulations and what

are the most important aspects of the

changes? In the absence of an official educa-

tion campaign to inform the art market

about these new laws I make the following

comments:

1. The new regulations do not apply to

collections held at 30 June 2011 for

another five years. In other words, collec-

tors may rely on the previous regulations

concerning SMSF artworks acquired on or

before 30 June 2011 until 30 June 2016. If

these artworks are still held on 1 July 2016

without complying with the new regula-

tions, the SMSF will find itself in breach

and this will have consequences for all of

its investments.

2. “Related party transactions” are now

outlawed. A good example of a related

party transaction is where SMSF artworks

are displayed and leased to a company

or individual associated with the SMSF.

Under the new regulations, these arrange-

ments will not be allowed. Further, the

definition of private residence has been

expanded to include land used for private

purpose and buildings on that land, such as

a garage or shed.

3. These provisions also capture same-

sex couples through legislation that was

passed in 2008, which amended the defini-

tion of a “spouse”. A spouse is now defined

as “another individual who, although not

legally married to an individual, lives with

them on a genuine domestic basis as a

couple”.

4. The “in-house asset” rule has been

scrapped. As it applies to artworks, the old

regulations allowed an SMSF to hold five

per cent of its total asset value in the form

of art in the private residence of a trustee

or member. (Of course this became a polit-

ical hot-potato due to the perception that

wealthy collectors were enjoying SMSF-

financed artworks in their own homes

while the less fortunate could not. It also

led to a position adopted by the ATO but

never tested in a court room that the mere

enjoyment of such artworks was some

form of pre-retirement benefit!)

5. There are new requirements for storage.

Effectively, collectors should note that

storage solutions should be at hand even

before the decision is made to buy a new

artwork. There will need to be a written

record of the decision relating to storing the

artwork and this record must be kept for at

least ten years after the decision is made.

6. There are new requirements for insur-

ance. Collectors will need to have ready

access to art insurance because the SMSF

has no more than seven days to insure new

artwork acquisitions and failure to do so

will result in the SMSF being in breach

of the new regulations. Insurance firms

will have certain expectations concerning

the way artworks are stored. For example,

the building would have to be secure and

weatherproofed, artworks must be profes-

sionally stored and they would likely insist

a monitored alarm system linked to a secu-

rity service be put in place.

7. Artworks may only be transferred out of

the SMSF at a value determined by a quali-

fied independent valuer.

8. The new regulations also apply to jewel-

lery, antiques, coins, manuscripts and

certain other collectables with the proviso

that such collectables cannot be used by

related parties of the SMSF.

In summary, SMSF artwork investment

is still alive, albeit a more conservative

strategy may now be warranted. In these

new circumstances acquiring works through

the secondary market will have more upside

than down.

BY MICHAEL FOX

“ANYTHING THAT DISCOURAGES

THE BUYING OF ARTWORK IS STUPID”

COLIN LANCELEY, JULY 2010

ART BUSINESS

Michael Fox is a qualified accountant and professional fine art valuer who successfully ran the Save Super Art campaign to prevent the prohibition of artworks from self-managed superannuation funds (SMSFs). He is a member of the Leonard Joel Valuation Panel and is engaged exclusively by Joel to provide advice to their clients in relation to artwork investment in SMSFs. He may be contacted at [email protected].

21 OCTOBERLEONARD

LOOK OUT FOR THE NOVEMBER ISSUE.

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leonard, issue 1, october 2011

Documents