Why? Because the exchange rate has appreciated 40% and Contemporary Australian Art in London has weakened in line with the global art market. Let’s work through a typical example.
There are good stocks of Sidney Nolan paintings residing in London. Several years ago priced at around 36,000 Pounds or at the prevailing exchange rate of 0.3600 around $100,000 Australian Dollars With prices weaker or stable at best that 36,000 Pound painting can be picked up at current exchange rates of 0.6300 or $57,000 Australian Dollars. That is a great discount for an iconic artist! If that is your flavour, let me know and I’ll put you in touch with Australia’s leading expert.
“By Shane Clinton”