The Year That Was
As this year comes to a close, we can confidently say the Lyons Gallery has had a very exciting and successful year. As the demand for art in Australia has increased, we decided it was time to open a new flagship exhibition and gallery space. Located in the heart of Sydney, Darlinghurst, a stones throw from Oxford Street.
This luxurious space is showcasing some of the most collectable and celebrated contemporary artists of our time, making Lyons Gallery the only space in Sydney that is bringing never before seen art to our shores. Buyers, designers and collectors can now see these remarkable works in person and online.
As the World has been in financial turmoil the art market has been going from strength to strength. The Art Index shows how resilient the art market has been this year, rising by 1.6% between 2019 and 2020, meaning that a work of art is on average worth more at auction this year than last.
Considering the disruption created by global closures of major businesses to fight the spread of COVID-19, Sotheby’s released its sales total for the first half of the year at $2.5 billion. They saw a 2.3% increase in the number of bidders participating at auction in the first seven months of 2020, which is impressive considering Sotheby’s had reported a thinner supply of artwork being put up for auction. This highlights how art as an investment is the safest route to go down. Another reason why, is that art has been compared to gold, having the closest correlation to the price of gold than any other asset class, once again solidifying the demonstration as to why art is a fantastic avenue to go down when diversifying your investment portfolios.
We have noticed that Australia has started to catch up with the rest of the world when it comes to art, with the potential to rival some of the larger art markets such as Hong Kong. Lyons gallery will be at the forefront of this.
'Henri's Armchair' by Brett Whitley (1974-75)
It has been a boom year for the art market not only off our shores but also on them. We saw an extremely successful November Auction at Deutcher and Hackett, with the star lot, Hillside at Lysterfield II selling for $2,209,090 and the total auction pulling in $13 million. We also can’t forget the record breaking Brett Whitley result at Menzies Auction house where Henri's Armchair sold for a staggering $6.136 million including buyers premium, making it the new record price for an Australian artwork at auction.
Menzies auctioneer Justin Turner said he felt "really great" after the sale. "This has been an amazing year for the art market, it took us all by surprise, we expected the worst when COVID hit."
'Bluey' by Nick Leary. From his series "Wild Brumbies of Australia"
There are so many exiting things to come in 2021 at the Lyons Gallery. We as a team are pleased to announce that we will be kicking off the year with “The Greatest of Australia” an exhibition that will champion the unique artistic talent we have here in Australia. We will continue to be at the forefront of the Australian art world, bringing you the best from international and our very special great southern land artists.
We wish you a very Merry Christmas and look forward to seeing you in the New Year.
The Lyons Gallery Team