Cbus is auctioning off its art collection, estimated at around $9 million.
The Cbus collection of significant Australian art features over 280 works dating from colonial times to contemporary pieces. Artists in the collection include Russell Drysdale, John Olsen, Arthur Streeton and indigenous artists like Anatjari Tjakamarra and Pansy Napangardi.
In a statement, Cbus Deputy Chief Investment Officer Brett Chatfield said: “As part of the ongoing active management of the portfolio, Cbus acquires and sells assets with a focus on maximizing risk-adjusted returns for our members.”
“To achieve the best results for our members, we are now offering the collection for sale.”
The collection, managed by the Latrobe Regional Gallery for 15 years, was established in 1992 with the help of art world figures Joseph Brown and Bernard Smith.
“Cbus is delighted to be able to offer this impressive collection for sale and is grateful to the Latrobe Regional Gallery for their careful management of the collection and their commitment to maintaining and promoting this collection to many regional galleries,” said Cbus Director of investments Kristian Fok.
It will be sold by Deutscher + Hackett in three separate auctions, with the first scheduled for July 27.
“As each work has passed Dr. Joseph Brown’s commercial and academic review to enter the collection, the Cbus auction series will provide collectors with exciting acquisition opportunities,” said Damian Hackett, Executive Director of Deutscher + Hackett.
“We are also delighted to offer the collection using an innovative combination of live and timed online auctions, taking full advantage of the huge market reach of the digital platform.”
Deutscher + Hackett is also involved in NAB’s sale of its corporate art collection. When announced in February, the NAB collection was valued at around $10 million and comprised around 2,500 works.
Specific parts that will be sold by Cbus include Russell Drysdale’s The Fossiker which is valued at up to $400,000 and Margaret Preston’s coastal gum trees whose price is estimated between $180,000 and $240,000.
This article first appeared on Financial Standard
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