Webb's Makes History with the Bank of New Zealand Art Collection

ArticleArt

7 Oct

With the Bank of New Zealand Art Collection, Webb’s made auction history. Total sales across Part I, Part II, and Part III of the collection realised more than $15.3 million, making the Bank of New Zealand Art Collection the highest value single vendor art collection ever sold at auction in New Zealand.

This incredible result came on the back of two eradefining live auctions: Part I on 18 September and Part II on 27 September, followed by the online Part III, which closed on 3 October.

Part I set a flurry of price records, including the highest price for an artwork ever achieved at auction in New Zealand.

That honour belonged to Colin McCahon’s extraordinary 1982 work, Is there anything of which one can say look this is new?, which sold for $2.45 million. Tony Fomison’s The Fugitive realised the second highest price of the auction at $1.86 million, completely eclipsing the previous record for a work by Fomison — $516,500, set by Webb’s in late 2020. In total, all-time price records were set for 14 artists and the auction was a white glove sale, with all 50 lots selling on the day.

The marathon evening sale of Part II followed a similar pattern to the incredibly successful Part I. More than 150 lots were on offer, and they were met with vigorously competitive bidding. Many of the artworks realised prices that considerably exceeded their pre-auction estimates, in some cases, 3-4 times the high estimate.

**Artwork pictured:** Colin McCahon
*Is there anything of which one can say look this is new?*
1982
Est $1,500,000 – $2,000,000
Price realised $2,448,500

**Milan Mrkusich**
*Golden Centre with Two Elements*
1965–72
Est $180,000 – $320,000
Price realised $226,450

The highest price from Part II was achieved for Ian Scott’s Asymmetrical Lattice No 2, which sold for $73,455. Other standouts included Dick Frizzell’s Look, which found a buyer at $48,970, and a magnificent suite of five paintings by Joanna Margaret Paul — all of which sold for well over their high estimates. Colin McCahon’s 1957 lithograph set, Van Gogh – Poems by John Caselberg Plates I-V sold for $45,900 setting a record price for print works by McCahon in the process. Part III presented a selection of paintings, prints, works on paper, and ceramic objects.

Buyer interest remained very strong, and the items were snapped up by keen-eyed collectors who were looking to secure a work from this famous collection. Total sales came to $162,000 — well above the upper end of the estimated range for Part III. This cemented the single-vendor record, already set during the Part II live auction. With this phenomenally successful BNZ campaign, Webb’s has raised the bar for art auctions in New Zealand once again. We are leading and defining the market for New Zealand art, and we have unparalleled client reach. If you are considering bringing your cultural assets to market, get in touch with our team of specialists. We would love to hear from you.