Issue eIGHT / JULY 2012

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ValuaTIon anD ClIenT serVICes

Monique Le Grand Phone + 61 (0) 3 8825 5620Email monique.legrand@leonardjoel.com.au

CorporaTe & prIVaTe ColleCTIons

John Albrecht, Managing Director Phone 0413 819 767Email john.albrecht@leonardjoel.com.au

arT

Briar Williams, Head of ArtPhone + 61 (0) 3 8825 5608Email briar.williams@leonardjoel.com.au

Jewellery

John D’Agata, Head of JewelleryPhone + 61 (0) 3 8825 5605Email john.dagata@leonardjoel.com.au

ClassIC furnITure, obJeCTs anD DesIGn

Guy Cairnduff, Head of Classic Furniture, Objects and DesignPhone +61 (0) 3 8825 5611Email guy.cairnduff@leonardjoel.com.au

ColleCTables

Giles Moon, Head of Collectables and BooksPhone + 61 (0) 3 8825 5635Email giles.moon@leonardjoel.com.au

books anD ManusCrIpTs

Giles Moon, Head of Collectables and BooksPhone + 61 (0) 3 8825 5635Email giles.moon@leonardjoel.com.au

pre–owneD luxury

John D’Agata, Head of JewelleryPhone + 61 (0) 3 8825 5605Email john.dagata@leonardjoel.com.au

naTural HIsTory

Giles Moon, Head of Collectables and BooksPhone + 61(0) 3 8825 5635Email giles.moon@leonardjoel.com.au

THe speCIalIsT ColleCTor for sInGle owner auCTIons

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CoverA Collection of Louis VuittonSold for $13,200

PhotographyRick Merrie

DesignerMaria Rossi

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foreworD

When Oscar Wilde so brilliantly identi-

fied the cynic as the one that could price

everything but value nothing he perfectly

described the difference between measure-

ment and appreciation. Since then the phrase

and the thinking behind it have been vari-

ously applied to all sorts of professions and

individuals. Occasionally the notion has been

applied to "us auctioneers and valuers" over

the years and usually with reference to our

core skill of estimating something for auction.

When the seller is happy with the estimate it

is described as an "art", when the seller is not

happy it is usually described as "that brutal

valuation". A colleague of mine quite some

time ago described the auctioneer's life as

that of someone expert at permanently let-

ting people down; meaning that more often

than not a sellers expectations were higher

than the auctioneers. But while the dynamic

between valuer and client can often be a lit-

tle testy at the estimation stage and a little

"cold", it occurred to me recently that val-

ues and how they are defined is often what

is at the core of misunderstandings between

clients, their valuers and their advisers. If

the determination of value and the distinc-

tions between the various types of valuations

could be presented in a simpler and clearer

manner and then disseminated through the

collecting and professional community more

thoroughly there would, in my opinion, be far

fewer perplexed clients and less argument

about value. Recently this issue raised its

head again and profoundly at Leonard Joel.

A client had accepted on the advice of his

solicitor the insurance value of a collection

as the amount he would accept as proceeds

from a will. The client was unaware (and pre-

sumably the solicitor too) of the distinction

between insurance values and market or fair

market values. So why does this matter? It

matters for one very simple and relevant rea-

son and that is because the insurance value is

designed to ensure the insured individual is

adequately covered to replace the item in the

event of loss but it is not designed to repre-

sent what the item is actually worth to sell on

the open market. Confused? Stick with me.

Many people ask, and understandably, why

the value to replace is not the value to sell?

The answer lies in the fact that insurance val-

ues are driven by retail asking prices whereas

market prices are driven by what retailers are

willing to pay. Herein lies the distinction and

that is that insurance values are "pregnant"

with a margin or difference that is rarely

recoverable when it comes to resale. Unques-

tionably, this distinction remains the most

significant point of confusion for the client

when he or she is contemplating selling and

requires urgent industry attention to ensure

clients and their professional advisers under-

stand the distinction. The client referred to in

this discussion realised a fraction of the total

insured value and had to stomach the reality

that the insured figure on paper should not

have been his guide as to value when it came

to selling. This was disappointing for the cli-

ent but an all too familiar scenario for us and

I wonder what must change to rectify these

continuing and fairly prevalent misconcep-

tions? In valuation documents there are all

sorts of disclaimers and notes that we valu-

ers assume are understood by the client. But

I wonder whether the explanations need to

be more explicit, less legalistic and simpler to

read? To date I have never seen an insurance

valuation that clearly states: THIS VALUA-

TION IS TO ENSURE YOU HAVE PLENTY

OF COVER TO REPLACE YOUR ITEMS IN

A RETAIL ENVIRONMENT WITH SIG-

NIFICANT MARGINS SO IT IS DELIBER-

ATELY HIGH. DO NOT RELY ON THESE

VALUES IF YOU ARE CONTEMPLAT-

ING SELLING ANY OF THESE ITEMS

BECAUSE THAT IS A DIFFERENT TYPE

OF VALUATION BECAUSE PEOPLE WILL

NOT PAY YOU WHAT THEY ARE WILL-

ING TO PAY A RETAILER FOR THAT

ITEM. I think bold and simple disclaimers

are necessary and the sooner the industry

broadly agrees on an approach and starts uni-

formly practicing it the better.

THE PRICE OF EVERYTHING AND THE VALUE OF NOTHING

BY JoHn ALBRECHT

1 JULYleonard

ConTenTs

JULY Contents

CALEnDAR 3

nEWS 4

ART RESULTS 6

PHoToGRAPHIC AUCTIon 7

JEWELLERY RESULTS 8

PRE-oWnED LUxURY RESULTS 9

VInTAGE DAnISH AUCTIon 10

THE GRAHAM GEDDES CoLLECTIon 12

THE WEEkLY 14

CLASSIC FURnITURE, oBJECTS

& DESIGn 15

GRAnnY'S MARkET 16

STREET ART InTERVIEW 17

CoLLECTABLES 18

HERITAGE CRISIS 20

ART BUSInESS 21

GET LEonARD ALL THE TIME

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in Australia, Leonard is the simplest way to remain abreast of all forthcoming

auctions, important sales results, events and auction news. With expert contribu-

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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

A BAR SET BY HERMESSOLD for $1,080 IBP

2 leonardJULY

ForthComing AUCtions

The Weekly Auction Every Thursday in 2012 – 10am333 Malvern Road, South Yarra, Melbourne, Victoria

The Danish Vintage Design Auction Thursday 5th July 2012 333 Malvern Road, South Yarra, Melbourne, Victoria

The Granny's Market Auction Sunday 15th July 2012 – 10am 1098 High Street, Armadale, Melbourne, Victoria

American Civil War Auction Sunday 22nd July 2012 – 11am 333 Malvern Road, South Yarra, Melbourne, Victoria

Photographic Auction Sunday 22nd July 2012 – 2pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Fine Jewellery Auction Sunday 9th September 2012 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Pre-owned Luxury Auction Sunday 9th September 2012 – 3pm 333 Malvern Road, South Yarra, Melbourne, Victoria

The Graham Geddes Collection of Important Antique Furniture & objects Auction Saturday 15th to Monday 17th September 2012 333 Malvern Road, South Yarra, Melbourne, Victoria

The Sunday Fine Art Auction Sunday 23rd September 2012 – 2pm 333 Malvern Road, South Yarra, Melbourne, Victoria

Modern Design Auction November 2012 333 Malvern Road, South Yarra, Melbourne, Victoriaa

Classic Furniture, objects & Design Auction Sunday 18th November 2012 – 12pm 333 Malvern Road, South Yarra, Melbourne, Victoria

CalenDar

EnTRIES InVITED FoR noVEMBER AUCTIon

Leonard Joel is a proud supporter of Arts Project Australia

Auctions and viewing times are subject to change.

MODERNDEsign

EnquiriesEoghan Doherty / (03) 8825 5632 / eoghan.doherty@leonardjoel.com.au

VERNER PANTON A MODEL V-8880 WIRE CONE CHAIR Denmark, 1960sSold for $1,200 IBP

3 JULYleonard

news

PoRCELAIn AnD PoLITICSImagine for a moment Australia had one

or several porcelain factories producing

vast and very often grand quantities of din-

nerware, tea services and all manner of

decorative objects. Now stick with me and

contemplate the possibility that our head

of state or maybe our prime minister might

commission such a factory to produce por-

celain services and objects with topical

depictions; like the swearing in of govern-

ment ministers, maybe the privatisation

ceremony of our national carrier Qantas or

a round table of cabinet ministers after an

historic decision. Seems a bit absurd and

just a little silly? Well yes and no, depend-

ing on one’s perspective. At the most simple

level, the idea that dinner services would be

used to commemorate important historical

events seems, well to me, unnecessary but

at the more nuanced level perhaps the sim-

ple teapot can, convincingly, be not only an

item of utility and beauty but also an effec-

tive article of political communication. In

an age when political and national messages

have largely disappeared from the decora-

tive arts, it is interesting to remember that

200 years ago Napoleon took a very differ-

ent view. Steven Adams in his article Sevres

Porcelain and the articulation of imperial

identity in Napoleonic France describes

methodically the evolution of the use of

imagery in France in the early 19th century

and how the Napoleonic and indeed other

contemporary European empires took very

seriously the communication potential of

what one ate and drank from. No emperor

or king perhaps came close to Napoleon’s

thirst for dominance over prevailing aes-

thetics and tastes and the Sevres factory

at this time was just one element of his

vast arsenal of artisans, artists, architects

and craftsmen eager to be commissioned

to interpret and generate another article

of imperial success or Napoleonic bravery.

The teapot illustrated here is a fine exam-

ple of that imperial identity in action and a

rather interesting reminder of how porce-

lain and politics can interact.

Sophie Ullin, Aboriginal & Tribal Art specialist at Leonard

Joel, is now inviting entries of aboriginal and tribal art for a

forthcoming stand-alone auction scheduled for November 2012.

This tightly curated offering will focus on significant

contemporary aboriginal art, rare tribal art and significant

Hermannsburg works. If you have a single item or collection

contact Sophie Ullin for a complimentary market valuation on

(03) 8825 5609 or email sophie.ullin@leonardjoel.com.au.

A FRENCH PORCELAIN TEAPOT LATE 19TH CENTURYSOLD $15,600 IBP

Consigned for The Sunday Art AuctionSunday 24 June 2012 at 2pm

Lot 35EMILY KAME KNGWARREYE (CIRCA 1910-1996)Wild Flower Dreaming 1995acrylic on canvas123 x 93cmSOLD $13,420 IBP

CURATED ABORIGINAl ART AUCTION

4 leonardJULY

Valerio Ciccone’s work reflects his fascination with the world around

him. With drawing as his primary mode of expression, Ciccone also

effectively employs ceramics and animation to create whimsical

figures and narratives. Since commencing at Arts Project Australia

in 1984, Ciccone’s work has undergone a series of changes:

from his earliest watercolours through the powerful text-based

monochromatic pastel portraits, to his colourful recreation of scenes

from AFL and his enduring repertoire of animals, still life and pop

culture icons, he continues to delight with his gentle insights.

Although warm and gregarious, Ciccone likes to place himself as a

peripheral observer in relation to his subjects, quietly transforming

what he sees into unique visual statements. Spanning almost thirty

years, this major survey exhibition is a testament to the varied

terrain Valerio Ciccone has covered on his rich artistic journey.

Accompanying this major survey exhibition is the Leonard Joel

Series catalogue Valerio Ciccone: Peripheral Observer, which is

the second publication proudly supported by Leonard Joel.Lot 240Louis Marx Range Rider American,clockwork brightly lithographed tinplate rocking cowboy modelled as the Lone Ranger riding his horse Silver, with moving arm and twirling lasso, mounted on curvedtinplate base, in card box (E box G)24.5cm high x 28cm longSOLD $240 IBP

Every month Leonard Joel holds boutique toy and collectables

auctions for small collections and those sellers that can’t wait

for a major sale. If you are a collector of toys or interested in

selling your collection contact Giles Moon, Head of Collectables,

on (03) 8825 5635 or email giles.moon@leonardjoel.com.au.

ToY CoLLECTIonS AnD CoLLECToRS WAnTED

news

SPECIALIST PRInT AUCTIon

Lot 3005DAVID LARWILL (1956-2011)Still Lifescreenprint 23/5069 x 62cmSOLD $1320 IBP

Valerio Ciccone Not titled (After Holbein) 1991 pastel on paper 50 x 66cmCourtesy of MADmusée, Liège

VALERIo CICConE: PERIPHERAL oBSERVER

CURATED BYDr. Cheryl Daye

EXHIBITION OPENINGSat 8 Sep 2012 from 3-5pm

OPENED BYGlenn Barkley, Curator, Museum of Contemporary Art Australia

EXHIBITION DATESSat 8 Sep to Tue 16 Oct 2012

LOCATIONArts Project Australia

24 High Street Northcote VIC 3070

GALLERY HOURSMon to Fri 9am-5pm, Sat 10am-5pm

5 JULYleonard

arT resulTs

JoHn GLoVER (1767-1849) Windsor Castle circa 1824-1826 oil on canvas,145 x 177cm SoLD FoR $90,000 IBP

At the Sunday Fine Art Auction on June 24th

another fresh and varied offering of Austral-

ian and International art was on offer. The

major transactions for the auction were

two rare works by the colonial artist John

Glover (1767-1849) that had been in private

Melbourne hands since their acquisition

in London more than 40 years ago by the

renowned Mark Josem, owner of the Dendy

Cinema chain. Windsor Castle (lot 30 and

illustrated) and Castle Mont Juvat, in the Val

D'Aoste (lot 29) realised $91,500 and $67,100

respectively (IBP) and confirmed the depth

of the Leonard Joel traditional buyers in

an otherwise contracting collector base.

And it was clear that in this more cautious

investment environment $10,000 -$20,000

works were the focus of buyer attention. Of

the Moderns, John Brack's pencil, Reclin-

ing Nude on Couch 1965 (lot 28) realised

$29,280 (IBP) and works by John Perceval,

Ray Crooke and Albert Tucker also enjoyed

strong interest. Connoisseurs were again

out in force and circled the much admired

and rare works by Hugh Ramsay, lots 53

and 54, that realised $12,200 and $20,740

respectively (IBP) and the coloured linocut

by Ethel Spowers titled Swings (lot 208) that

sold for more than five times its low esti-

mate at $19,520 (IBP). Several contemporary

works stood out amongst a strong offering of

modern and traditional period works and as

if to reassure the market that quality Abo-

riginal work still enjoyed a committed buyer

base, Emily Kngwarreye's striking contem-

porary work, lot 35 in pinks, reds and yel-

lows, titled Wild Flower Dreaming enjoyed

strong bidding to sell well above the low

estimate for $13,420 (IBP). The end of the

sale, typically devoted to overseas buyers,

offered a carefully curated section of inter-

national art and works by Jeff Koon, Damien

Hirst and Salvador Dali, rarely seen on the

local markets, enjoyed very strong interest

with the highlight no doubt being the sale

of Koons' delightful sculpture Balloon Dog

(Red) 1995 (lot 127) which tripled its low

estimate to sell for $10,370 (IBP). The auc-

tion achieved a sale total of $840,000 (IBP).

Entries of fine local and international art are

now being sought for our September fine art

and sculpture auction.

For a complimentary market valuation con-

tact Briar William (03) 8825 5608 or email

briar.williams@leonardjoel.com.au .

now consigning for the sePteMBer sunday fine art auction

ART gEMs HIGHlIGHT AN EClECTIC AUCTION

6 leonardJULY

pHoToGrapHIC auCTIon

Photographic AuctionSunday 22 July 2012, 2pm

PreviewWednesday 18 July 2012 9am – 8pmThursday 19 July 2012 10am – 4pm

Friday 20 July 2012 10am – 4pmSaturday 21 July 2012 10am – 5pm

EnquiriesBriar Williams(03) 8825 5608 / 0413 912 307briar.williams@leoonardjoel.com.au

PHOTOgRAPHiC AUCTION

503 AnGUS o’CALLAGHAn (BoRn 1922)Two Spires, Collins Street, archival print on rag paper 2/10, 80 x 80cm$800 - 1,200

584AnGUS o’CALLAGHAn (BoRn 1922) Outside Art archival print on rag paper 1/10 80 x 80cm $800 - 1,200

585AnGUS o’CALLAGHAn (BoRn 1922) Flinders Street Evening archival print on rag paper 1/10 80 x 80cm $800 - 1,200

In Angus O’Callaghan’s photographs, we see

a world at once familiar and distant. With

his sure eye for capturing the minutiae of

every day life, O’Callaghan transports us to

the Melbourne of over forty years ago with

a clarity and freshness that imprints the

tempo of life in the late 1960s and early 1970s

into a contemporary viewer’s experience.

O’Callaghan calls Melbourne “my city, the

city I love”, yet it was not always a comfort-

able existence for the photographer, the

third of twelve children in a family afflicted

by poverty. Born in 1922, O’Callaghan’s

childhood coincided with the years of the

Great Depression, and forced the children

into accepting any work that would assist in

feeding a hungry family. An interest in pho-

tography developed during O’Callaghan’s

military service during the Second World

War, when he was made responsible for

documenting damaged structures in Syria.

This interest in photography remained a

constant, and in 1969, O’Callaghan pur-

chased two Yashicaflex twin lens reflex

medium format cameras, one for black and

white, one colour. O’Callaghan would spend

the next three years photographing his

local city on spare weekends and evenings.

These images would form the basis for a

book prepared with the assistance of his

wife, Annette, but a publisher was not forth-

coming. Bitterly, the couple put the project

aside, and it was not to be revived until after

Annette’s death.

In O’Callaghan’s images, Melbourne is a

familiar backdrop to scenes of everyday

life, but with a sentimental, witty twist. It

is worth noting that capturing these images

in a discreet fashion took some skill: no

zoom lenses to allow the privilege of dis-

tance, cumbersome equipment in a world

in which photography was by no means as

ubiquitous as digital technology now allows.

O’Callaghan needed to move in close to his

subject, and would hold the camera at waist-

height while looking down into the view-

finder at the top of the camera.

Testament to the photographer’s skill, in

O’Callaghan’s photograph of Bay 13, the

crowd watch proceedings impassively, ciga-

rettes never far from the lip, but as a coun-

terpoint, a young boy clutches his Kool-

Mints, enraptured by the game unfolding

beyond his sunglasses. O’Callaghan’s cam-

era captures the detail of the simple summer

dresses, hats and shoes of the spectators,

bare legs visible against the timber benches.

A butcher’s shop-window is witness to ear-

lier tastes: corned brisket and lamb’s fry,

steak and kidney and ox tongue feature

prominently amongst the bold signage,

while a young girl stares at the photogra-

pher through the window.

Life resembles art once again in

O’Callaghan’s image of a wintry Melbourne

evening outside Flinders Street Station.

Reminiscent of John Brack’s Collins St., 5pm

(1955, NGV Collection), commuters flood

across the intersection, lines of light and

dark in front of the brilliantly-lit Station.

The artist’s colour images bring a height-

ened sense of immediacy: a procession of

observers in front of a temporary, outdoors

gallery presents a symphony of greens so

bright it calls to mind the tropics in midsum-

mer. A small sailboat on the Yarra a brilliant

triangle of yellow, its reflection captured in

the still water and behind it, a procession

of buses and signage evocative of travel in a

more leisurely-paced era.

Angus O’Callaghan’s photographic nega-

tives lay untouched in a shoebox for over

forty years until, at the urging of his second

wife, Lynette, they were presented again for

viewing. The renaissance of O’Callaghan

and his scenes of ‘Marvellous Melbourne’

is a true testament to the power of the pho-

tographer to transport the viewer to another

world.

FoCUS onAnGUS o'CALLAGHAn

7 JULYleonard

Jewellery resulTs

now consigning jewellery, watches and Pre owned luxury for sePteMBer 2012

At the Fine Jewellery Auction on Sunday

June 17th 2012 a record number of absen-

tee, telephone and room bidders were

recorded and a packed saleroom only added

to the sense that a healthy auction result

awaited. Big diamond jewellery, precious

metal wristwatches and signed jewellery

was literally “gobbled up” by both pri-

vate and trade clients keen to park some

dollars in precious gems and metals.

The highlight of the sale was lot 206, a

diamond riviere by the Melbourne jewellers

Kozminsky that realised $42,700 against a

low estimate of $35,000. Diamonds seemed

to dominate the top results for the auction

which extended to diamond encrusted

wristwatches with lot 306, a ladies Cartier

Tank Francaise diamond wristwatch, real-

ising $12,800 (IBP) and lot 308, a splen-

did timepiece decorated with diamonds

by Frank Muller (illustrated) that sold

well above its low estimate of $6,000 for

$12,200 (IBP). Of lots sold 105% by value

was realised for an auction total includ-

ing buyer’s premium of $705,000. Fine

diamond jewellery, valuable wristwatches

and luxury items are now being sought

for our September round of auctions.

DIAMONDS PROVE A SAFE HAVEN

THIS LADIES CARTIER TANK FRANCAISE DIAMOND WRISTWATCH WITH ORIGINAL BOx, REALISED $12,660 (IBP)

A FRANK MULLER 'RELIEF' MASTER SQUARE DIAMOND WRISTWATCH SOLD FOR $12,000 IBP

THIS DIAMOND LOVE BANGLE BY CARTIER, REALISED $8,400 (IBP)

A DIAMOND RIVIERE NECKLACE BY KOZMINSKYSOLD FOR $42,000 IBP

WITH NATURAL PEARLS ALL THE RAGE, THIS PAIR OF NATURAL PEARL AND DIAMOND EARRINGS IN GOLD AND PLATINUM, LOT 60, NEARLY TRIPLED THEIR ESTIMATE TO SELL FOR $4,320 (IBP)

8 leonardJULY

pre-owneD luxury resulTs

PRE- OWNED LUxURyThe continued interest in Pre-Owned Luxury of all varieties proved

itself at our highly successful June Auction. Despite Melbourne’s

cold and blustery weather astute buyers came out in force to bid on

a variety of luxury items from up market handbags to select objet

d’art. Amongst the large number of designer pieces on offer was

a Chanel red quilted handbag that sold for $2,280 IBP. The overall

result reflected the continued success of the department at Leonard

Joel and its commitment to serve all its customers, both vendors

and purchasers in this exciting new category. We are now consigning

for our next auction to be held on the 9th of September 2012.

A HANDBAG BY CHANEL STYLED IN RED QUILTED LAMBSKIN WITH GOLD METAL HARDWARE AND CONFORMING WOVEN CHAIN DOUBLE STRAPSOLD FOR $2,280 IBP

9 JULYleonard

VInTaGe DanIsH auCTIon

THE DAnISH VInTAGE DESIGn AUCTIonLeonard Joel in association with Great Dane presents

more than 100 items of Danish furniture and design

personally selected by Anton Assaad of Great Dane.

Throughout the year Leonard Joel and Great Dane will be providing

its clients with unique offerings of the best of Danish vintage design.

The Danish Vintage AuctionThursday 22 July 2012, 7pm

PreviewSaturday 30 June 2012 10am – 5pm Sunday 1 July 2012 10am – 5pmMonday 2 July 2012 10am – 4pm

Tuesday 3 July 2012 10am – 4pmWednesday 4 July 2012 9am – 8pm Thursday 5 July Limited Viewing

EnquiriesEoghan Doherty(03) 8825 5632eoghan.doherty@leoonardjoel.com.au

AUCtion thUrsDAY

5 JULYAt 7Pm

10 leonardJULY

VInTaGe DanIsH auCTIon

11 JULYleonard

THe GraHaM GeDDes ColleCTIon

THE GRAHAM GEDDES CoLLECTIon oF IMPoRTAnT

AnTIqUES & oBJECTSAUCTIon SATURDAY 15 SEPTEMBER To MonDAY 17 SEPTEMBER 2012

MELBoURnE, AUSTRALIA

A GEORGE II CHINOISERIE LACQUERED SECRETAIRE BOOKCASE$40,000 - $60,000

12 leonardJULY

THe GraHaM GeDDes ColleCTIon

The Graham Geddes Collection of Important Antique Furniture & objectsAuctionSaturday 15, Sunday 16 to Monday evening 17 September 2012

PreviewSaturday 8 September 2012 10am – 5pmSunday 9 September 2012 10am – 5pmMonday 10 September 2012 10am – 5pmTuesday 11 September 2012 10am – 5pm

Wednesday 12 September 2012 10am – 8pmThursday 13 September 2012 10am – 8pmFriday 14 September 2012 (by appointment only)

EnquiriesGuy CairnduffHead of The Specialist Collector(03) 8825 5611 / 0407 828 137guy.cairnduff@leonardjoel.com.au

A FINE PAIR OF 19TH CENTURY FRENCH BRONZE FIGURAL LAMP STANDARDSCAST AFTER THE MODEL BY CHARLES-GEORGES FERVILLE SUAN$15,000 - $20,000

A CHINESE CARVED ZITAN BITONGQING DYNASTY (1644-1912)19TH CENTURY$4,000 - $6,000

A FRENCH EMPIRE GILT BRONZE FIGURAL MANTEL CLOCK$1,600 - $2,600

13 JULYleonard

THe weekly

The Weekly Auction – Viewing Wednesdays 9am to 8pm / Auction Thurdays 10am / View online at leonardjoel.com.au

THE DIPLoMAT CoLLECToRTHE ESTATE OF AMBASSADOR WILHELM FABRICIUS

THE WEEklY

AN 18th CENTURY RUSSIAN ICON DEPICTING ANGELSSOLD $1500 (IBP)

At our Thursday June 7th auction Leonard Joel was delighted

to offer a boutique single-owner collection from the estate of

Ambassador Wilhelm Fabricius. Ambassador Fabricius twice

held the post of German Ambassador to Australia and also held

the post of Consul General in Los Angeles. Items sold included

an eclectic offering of religious icons, silver, ceramics, artwork

and furniture. A small collection of antiquities from the same

estate will be offered later in the year at the Leonard Joel

Classic Furniture, Objects & Design auction in November.

THIS RARE CHInESE SILk AnD EMBRoIDERED GoWn oF THE REPUBLIC PERIoD

WITH DRAGon MoTIFS WITH A FRAMED CUFF, LoT 1102, REALISED $3,400 PLUS BP AGAInST ESTIMATES oF

$500 - $700.

14 leonardJULY

ClassIC furnITure, obJeCTs & DesIGn

Auction Sunday 18 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 early September

Specialist enquiries contact Guy Cairnduff on 03 8825 5611

entries inviteD CLASSIC FURnITURE oBJECTS & DESIGn

ClASSICFURNITUREOBjECTSDEsign

On Sunday June 3rd 2012 Leonard Joel offered almost 400 lots of classic furniture, objects

and design. Within the collection was an elegant 19th century teapot with panels depict-

ing soldiers at rest. The teapot carried a rather modest estimate of $800 - $1,200 but with

phone bidders registered from around the world all eyes were on lot 291. After intense and

protracted bidding it was finally sold for $15,860 (IBP) to a Paris buyer, realising almost

twenty times its low estimate. Other exceptional results were realised for both interna-

tional and Australian items. The local highlight was undoubtedly the never-before-seen-

at-auction long case clock by Robert Prenzel (lot 113) that realised $42,944 (IBP) and the

international bronze by Franz von Stuck (lot 140) titled Amazon that realised $23,180

(IBP).

From the Modern era a rare Grant Featherston rocking chair and ottoman (illustrated)

realised $6,100. Single items and single-owner collections are now invited for our forth-

coming calendar of auctions in the second half of 2012.

Enquiries

Guy Cairnduff - Head of Classic Furniture, Objects & Design

Tel: +61 (0)3 8825 5611

Email: guy.cairnduff@leonardjoel.com.au

nAPoLEonIC FEVER AT AUCTIon

GRANT FEATHERSTON (1922-1995) AN R160 ROCKING CHAIR AND OTTOMAN UNMARKEDSOLD FOR $6100 IBP

15 JULYleonard

Granny's MarkeT

A LARgELy UnRESERvED DISpERSAL OF THE STOCk In TRADE OF An ICOnIC MELBOURnE AnTIqUE DEALERSHIp

A VERITABLE TIME CAPSULE

noW on Line

On Sunday July 15th Leonard Joel will be dispersing

more than 1000 items representing the complete

collection from Granny’s Market, Armadale. To many

this High Street emporium was “the shop” to go to for

that curious object, piece of decoration or instrument

that no one else had. The business also became known

as one of the best sources of props for both window

decorators and film producers across the country.

To visit Granny’s Market is to walk back in time and

discover things everywhere that remind one of a

period, a place or a personality. The Granny’s Market

auction will be viewed on site in High Street, Armadale

but sold at Leonard Joel in our South Yarra Rooms.

THE GRAnnY’S MARkET AUCTIon

The Granny's Market Auction atLeonard Joel 333 Malvern Rd, Sth YarraSunday 15 July 2012, 10am

Preview on-sIte at 1098 High Street, ArmadaleWednesday 11 July 2012 10am – 5pm Thursday 12 July 2012 10am – 5pm

Friday 13 July 2012 10am – 5pmSaturday 14 July 2012 10am – 5pm

EnquiriesGuy Cairnduff(03) 8825 5620 / 0407 828 137guy.cairnduff@leoonardjoel.com.au

16 leonardJULY

sTreeT arT InTerVIew

WHEn DID YoU FIRST BEGIn To EnGAGE WITH STREET ART? It was almost thirty years ago in Tasco

(Mexico) – a huge, intricate rustic mural

made of ceramic tiles. That led me to the

works of Diego Rivera. Perhaps around the

same time, I always got a chuckle out of a

piece of political graffiti on a prominent wall

in Albert Park … Peace Through Superior

Fire Power.

IS THERE A MEAnInGFUL DIFFEREnCE BETWEEn GRAFFITI AnD STREET ART? There is to those who practice it, but not

necessarily to outsiders. Graffiti and street

art have different traditions and often

different intentions. Graffiti involves letters,

usually the artist’s tag. Street art also covers

graffiti. A prominent Melbourne street artist

with a graffiti background recently told me

that “there’s nothing like the pure freedom

of writing graffiti.” It seems to me that many

graffiti writers are not looking to impress a

wide audience. Rather, they’re content with

the recognition of their crew and other

writers. Whereas I think most non-graffiti

artists seek recognition from a much broader

audience. One form is no more important or

legitimate than the other, and both can be

produced with approval or without approval.

HAS YoUR VIEW oF STREET ART CHAnGED WITH TIME? The more I’ve learned about graffiti and

street art, and the more artists I’ve met, the

greater my passion has become. It can be

images of startling beauty or poignant pathos,

witty and humourous, or downright sad –

you name it. I love the rebelliousness that is

at the core of street art. You have people who

are prepared to take real risks – sometimes

physical, and oft-times legal – for the sake

of their art. I particularly admire the graffiti

writers and street artists who risk their lives

in totalitarian countries.

WAS THERE A MoMEnT WHEn STREET ART SEEMED To MAkE THE TRAnSITIon To CoLLECTABLE ART?

Toulouse-Lautrec’s advertising posters

spring to mind. In recent times, the tipping-

point came when Banksy started appearing

in major auctions and selling for hundreds

of thousands of dollars. In my opinion, art

by street artists is the next big art movement,

no doubt about it. Most people just haven’t

recognised it yet. In my view, art by street

artists is roughly at the same point that Pop

Art was back in the mid-sixties … ready for an

exponential take-off.

WHAT Do YoU SAY To PEoPLE WHo HAVE To DEAL WITH THEIR EnVIRonMEnTS BEInG SWAMPED BY GRAFFITI AnD STREET ART? My local environment is also so swamped,

although I suspect that my admiration

for much of this stuff is not shared by my

neighbours! It’s abundantly clear that

many people see graffiti as mindless ugly

vandalism, and this view is exacerbated

by the fact that it’s nearly always illegal –

whereas well-executed legal murals are often

readily accepted.

One day last September, I had the pleasure to

watch Aussie artists, New2, Dmote, Reka and

Sofles paint a huge wall directly opposite a

primary school in San Francisco. The school’s

fenced playground was only about fifteen

metres from the wall, and at lunchtime the

children were super excited watching the

boys paint. The kids didn’t know that it was

a legal wall, so I figured this added to their

fascination - adults behaving badly! The

kids were kicking up such a delightful fuss

that the principal appeared, demanding to

know what was going on. Initially, she was

quite hostile, but she calmed down when I

explained the circumstances. She told me

that she had already scheduled an all-school

assembly for later that afternoon, and asked

how she could explain the graffiti and street

art to the children in terms of “an educational

outcome”. Whoa! Reka was painting one of

his fabulous colourful characters, so that was

easy: it’s clearly brilliant whimsical art – but

what of the three graff pieces? Initially, I was

a bit flummoxed, but then it occurred to me

to ask her to think of the graffiti as a word

puzzle. “How so?” Well, just as your computer

has scores of fonts, each graff writer concocts

his own font, his own writing style. Some

of these forms of writing are deliberately

obscure, and seemingly indecipherable – but

they can be read. Look carefully and you will

learn. I think she was relieved. .

BY InTERnATIonAL STAnDARDS, WHERE DoES AUSTRALIAn STREET ART SIT? Australia is blessed with many world-class

street artists who sit very comfortably

alongside their international colleagues.

Melbourne is generally regarded as being

on par with New York, Berlin, London and

San Paulo. With a more tolerant attitude by

authorities, Melbourne could easily become

the world’s premier street art capital. We

have an incredible depth of talent.

WHoM Do YoU ConSIDER To BE THE MoST InFLUEnTIAL AUSTRALIAn STREET ARTISTS? For a start, there are the thirteen artists who

Sandra and I took to San Francisco for our

Young & Free exhibition last year (Anthony

Lister; Kid Zoom; Dabs & Myla; Dmote;

New2; Ben Frost; Meggs; Ha-Ha; Reka; Rone;

Sofles; Vexta). And there are many, many

other fabulous artists from all over Australia.

Do YoU HAVE A VIEW on THE REMoVAL oF STREET ART FRoM PUBLIC SPACES FoR SALE? This doesn’t happen very often because of the

physical constraints of deconstructing and

then reconstructing a brick wall, for instance.

By its very nature, street art is ephemeral. It’s

born on the street, and it should be allowed to

die on the street.

WHAT IS STREET ART’S ConTRIBUTIon To ART? There has never been an art movement

with so many active participants. Indeed,

it’s difficult to visit even the smallest town

or village and not observe where someone

has made their mark. Traditionally, art is

created and displayed indoors, which has its

constraints - whereas street art is obviously

created and displayed outdoors, and it’s often

exposed to thousands of observers, many of

whom may never usually visit a traditional

art gallery or art museum. It’s an egalitarian

art form available to all - and not just the

so-called art elite.

There’s a heck of a lot more to street art

than aerosol paint. For example, Vhils

creates amazing huge portraits using a small

jackhammer to chisel brick and plaster off

walls. And there’s paste-ups, sculpture,

water/reverse graffiti, yarn bombing – all

manner of mediums and techniques.

IF onE WAnTED To VISIT THE InTERnATIonAL EqUIVALEnT oF HoSIER LAnE, MELBoURnE, WHERE WoULD onE Go?Brick Lane in East London, around

Thompson Brewery; Five Pointz in New York

City, and many places in Berlin, especially

around Mitte and Kreuzberg.

HoW Do STREET ARTISTS FEEL ABoUT THE CoMMoDITISATIon oF STREET ART BY BoTH GALLERIES AnD AUCTIon HoUSES? The vast majority of street art for sale is

probably best described as art by street

artists, as very little street art is actually

taken from the streets. So, it’s the artists who

are doing the commoditisation; that implies

that they’re cool with it. On the other hand,

some hard-core, old-style graffiti writers

reckon commercialisation is a cop-out, and

they’re disdainful of those who they perceive

as selling out.

FoR PEoPLE WHo FEEL UnCoMFoRTABLE WITH STREET ART oR SIMPLY Don’T FEEL LIkE THEY CAn ConnECT WITH IT LIkE THEY CAn WITH oTHER ART, WHAT WoULD YoUR ADVICE BE? Forget the word ‘street’. It’s simply

contemporary art. If Sidney Nolan was in

his prime today, I bet he’d be painting on the

streets.

ANDREW King ON STREET ART

RESpECTED LOCAL STREET ART COLLECTORS SAnDRA pOWELL AnD AnDREW kIng ARE FAMOUS FOR THEIR SHIFT FROM “TRADITIOnAL” ART COLLECTIng TO CUTTIng EDgE STREET ART. In THIS InTERvIEW JOHn ALBRECHT SpEAkS WITH AnDREW kIng ABOUT THIS CHALLEngIng ART gEnRE.

17 JULYleonard

ColleCTables

THE BoB SIMPSon AMERICAn CIVIL WAR CoLLECTIon

CARTRIDGE BOx AND SLING$500 - 800

SPRINGFIELD PERCUSSION RIFLE$500 - 800

The American Civil WarAuction Sunday 22 July 2012 at 11am

PreviewWednesday 18 July 2012 9am – 8pmThursday 19 July 2012 10am – 4pmFriday 20 July 2012 10am – 4pmSaturday 21 July 2012 10am – 5pm

EnquiriesGiles MoonHead of Collectables(03) 8825 5635giles.moon@leonardjoel.com.au

This remarkable single-owner collection of American

Civil War memorabilia was amassed by Bob Simpson

during the 1970s-1980s. Many of the items were sourced

direct from U.S. militaria dealers and collectors and have

been identified and meticulously researched by Bob.

The collection is extremely eclectic and includes tintype

and carte-de-visite photographs of soldiers, weaponry,

uniform, acroutrements, documents and other ephemera.

18 leonardJULY

ColleCTables

CARTE DE VISITE OF GEORGE ARMSTRONG CUSTER$500 - 800

SIxTH-PLATE TINTYPE OF MELVAN TIBBETTS $200 - 400

IDENTITY PIN & BADGE OF UNION SOLDIER SGT. OLIVER CARLE$800 - 1,200

COLLECTION OF CAMP EQUIPMENT$500 - 800

INDIAN WARS ERA U.S. CAMPAIGN HAT$300 - 500

19 JULYleonard

HerITaGe CrIsIs

The last few months have seen an interesting

controversy about the neglect of Australian

literature in our schools and universities. Text

Publishing has bravely stepped up to publish

a large number of well-known Australian

books, recognising that if Australia will not

preserve its own intellectual heritage, there

is a good chance no one else will.

Sadly this is only a part of a much larger

heritage problem: the world is in danger of

losing its heritage of ideas altogether. It is not

only Australian literature that is neglected.

Every arm of the humanities disciplines –

literature, history, philosophy and all their

associated fields – in every university in

Australia, and in many other parts of the

world as well, has been cut back, as funding

from governments and philanthropists

continues its relentless shift towards more

vocational courses. Even where student

numbers are bearing up, the humanities

syllabus is increasingly impoverished,

with many important periods, writers

and thinkers not represented at all. Core

subjects like Shakespeare, classical Athens

and epistemology are often not represented

in the courses offered even in our best Arts

Faculties.

There is much to lose and perhaps we

are already starting to lose it. Without a

healthy academic base the humanities’

ability to reach out and affect our lives will

be diminished. This is not only a matter of

leisure entertainment for those fortunate

enough to remember and to enjoy returning

to what they once studied. There are broader

implications for the way we live.

Business leaders continually lament the

difficulty of finding or training staff who

can see the “big picture” and think logically

or creatively. Those complaints were much

less prevalent when the humanities were

recognised as an excellent preparation for

any non-scientific career, and commercial

and functional skills were known to be easily

acquired by those with a basic education.

Why is anyone surprised if those whose

education consists only of commercial skills

struggle to offer a broader perspective? More

funding for the humanities would not be an

indulgence; it might be the best investment

we can make in the future of our economy.

Every day we are reminded of how our

standards of acceptable behaviour towards

each other are slipping. Unthinking

discourtesy to other members of the public, a

fixation with devices rather than the people

around us and road rage are all, in their

different ways, symptoms of a society that

is losing its will to coexist constructively. It

would be foolish to think this can be changed

by reading a few books, but is it altogether a

coincidence that fewer students are studying

the works of great philosophers on the rights

and duties of citizens, or learning how past

societies have risen and fallen, or immersing

themselves in literature that offers an insight

into how other people think and how best to

relate to them?

The fact is, not many problems are new.

Challenging political and military situations

have been addressed by leaders before and

different strategies in different circumstances

have met with differing degrees of success.

It is foolish not to try to learn from that.

Our feelings are not as special or unique as

we might think; poetry and literature can

teach us how to recognise and respond to

feelings in others. Today’s discussions on

the existence of God, even in the hands of the

most admired protagonists, not only violate

basic rules of philosophical logic, but brush

lightly over twenty-five hundred years of

deep thought by brilliant minds on both sides

of the question.

In a world where people seek truth in 140

characters from a 15 minute celebrity, we

cannot afford to lose sight of the great

thinking of the past. Melbourne offers a

supporter base as strong as the humanities

enjoy anywhere in the world and I believe

we can make a difference. Humanities 21

is a group of committed enthusiasts whose

objective is to develop and promote lecture

programs, seminars and conferences that

will bring humanities academics closer to

the community and especially to business.

Our free monthly e-newsletter, Humanities

in Melbourne, contains a comprehensive

list of public lectures, conferences, articles

and seminars in the humanities and

profiles humanities graduates with diverse

careers. Please join our mailing list and

show your support by writing to: barbara@

humanitiesmelbourne.com

Peter Acton has a BA and MA in classics from Oxford

University, an MBA from Stanford and a PhD in Ancient

History from Melbourne University. He was a Vice

President of The Boston Consulting Group for 13 years and

managing partner of its Melbourne Office. He is a Fellow

of the Australian Institute of Company Directors and of the

Australian Institute of Management.

BY PETER ACTon

HERITAGE CRISIS

Detail

Giuseppe Cesari (Called Il Cavalier D'Arpino) (Attributed) (1568 - 1640,

Roman School)

The Judgement of Paris

Oil on copper

43.5 x 51cm

Transacted by Leonard Joel for in excess of $100,000 (AUD)

20 leonardJULY

Inheriting artworks and the resale royalty

Death taxes, long thought non-existent in

Australia, were re-introduced by the Federal

Government when its resale royalty scheme

commenced two years ago.

Valuable Australian artworks inherited

and subsequently sold by beneficiaries of

deceased estates could attract a 5% levy if

bequeathed after June 8, 2010 (the com-

mencement date of the resale royalty

scheme) – however the levy will not apply if

the estate sells the artworks and then distrib-

utes the cash proceeds to the beneficiaries

instead.

This little-understood aspect of the resale

royalty scheme will have great implications

for estate planning the longer the legislation

is in place.

Definition of commercial resale

To see how resale royalty could impact on

estates let’s look at the definition of a “com-

mercial resale” under the legislation.

There are three elements that need to be sat-

isfied for a sale of artwork to attract resale

royalties -

(a) Ownership of the artwork is transferred

from one person to another for monetary

consideration; and

(b) The transfer is not the first transfer of

ownership of the artwork; and

(c) The transfer is not otherwise one of an

excluded class.

If a person inherits an artwork from a per-

son who has died, there is a transfer of own-

ership and the monetary consideration is

deemed to be the value of the artwork at the

time of transfer. This type of artwork trans-

fer is also similar to art swaps between artists

or the gifting of works. Money may not have

changed hands but the right to deal with the

physical artwork certainly has.

In relation to estates Copyright Agency Lim-

ited (CAL), administrator of the resale roy-

alty scheme, advises that “there is no transfer

of ownership until the estate is distributed.”

This means that all estate distributions of

artworks after June 8, 2010 are in effect

transfers of ownership for the purposes of

resale royalty.

Should the artwork subsequently be sold by

the beneficiary it would therefore be viewed

as the second transfer of ownership – which

satisfies the second element of being “not the

first transfer of ownership of the artwork”.

To satisfy the third and final element, the

commercial resale must be transacted by

what is known in the legislation as an “art

market professional” - helpfully the defini-

tion of an art market professional includes

being an auctioneer, the owner or manager

of an art gallery, the owner or manager of a

museum, an art dealer or “a person other-

wise involved in the business of dealing in

artworks”. In other words there would be

few excluded classes capable of dealing with

valuable artworks sufficient to avoid the sale

of an inherited artwork being captured by

resale royalties.

Implications for Estate Planning

Owners of valuable artworks should now be

more thorough with their estate planning.

Knowing the current market valuation of art-

works in a collection is highly recommended

at all times, now part of that valuation pro-

cess will include discovering whether resale

royalties could be liable on works that are

planned to be gifted to beneficiaries.

For example, resale royalties apply for the

life of the artist plus 70 years from the year

of the artist’s death. Arthur Streeton passed

away in 1943 which means there will be no

resale royalty right for this artist in the year

2014.

There are also artists for whom no ‘right

holder’ has been found subsequent to their

passing (such as Ian Fairweather) or who do

not pass the ‘residency test’ (such as Clement

Meadmore) to warrant collection of resale

royalty. (Artworks by Sidney Nolan fall in this

category as discussed in an earlier Art Busi-

ness column).

In the light of the above discussion, it is

incumbent on the trustees and execu-

tors of estates with valuable artworks to

make a decision as to whether in the event

of death, the artworks will be sold by the

estate or whether they will be gifted to the

beneficiaries.

Before the abolition of death taxes in Aus-

tralia a generation ago, it was common for

estate trustee services firms to handle the

sale of valuable collections. The resale roy-

alty legislation, only two years old, may in

time see a revival of this practice.

Ian Fairweather and Clement Meadmore

Exempt from Resale Royalty

Two giants of Australian twentieth-century

modern art, Ian Fairweather and Clement

Meadmore, have been deemed as not cur-

rently subject to resale royalties because both

artists have no successor with the requisite

connection with Australia.

Ian Fairweather’s biographer Murray Bail

described the artist’s life “as unusual as his

art, a solitary life of hardship and adventure,

finally devoted to his art. He lived for twenty

years in a hut on Bribie Island, Queensland,

allowing his life to wander through his work.”

In these circumstances it is not surprising to

learn that Fairweather may not have made

the necessary estate planning contingencies

to enable any of his distant relations to make

claim over the proprietary rights in this art.

Clement Meadmore (1929-2005) is one of

Australia’s best-known contemporary sculp-

tors and his sculptures are highly traded and

sought after. Between 2009 and 2011 a total

of 25 Meadmore works were offered at auc-

tion in Australia with all selling bar one and

total sales proceeds of $760,000 at hammer.

The artist was born in Melbourne and moved

to New York City in 1963. He became a citi-

zen of the United States in 1976 and passed

away in that country in 2005. The United

States does not have a resale royalty scheme.

According to CAL, the exemption concern-

ing artworks by Fairweather and Meadmore

may change when:

• the Australian scheme is extended to

other countries; and/or

• thereisanewsuccessorintitle.

CAL further advises: “all resales with a sales

value of $1000+ incl gst must be reported to

us, whether or not a royalty is payable, and

we determine if a royalty is payable. There-

fore please continue to report resales for the

artists listed above”.

ART BUSINESS

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 Leonard Joel to provide

advice to their clients in relation to artwork

investment in SMSFs. He may be contacted at

michael.fox@superartbusiness.com.au.

Where there’s A WiLL - there’s A reLAtive!RICkY GERVAIS

By Michael fox

21 JULYleonard

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