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Canadian Art Market Shows Continued Strength with January Online Auction
Media Release
Vancouver - January 30, 2009
Heffel's first auction of the year closed on January 29, 2009. Based on the
solid January results and the results of Heffel's November 2008 live auction,
Heffel 's anticipates that the Canadian art market will continue to see strong
results and record prices. The online auction, which included 90 lots of
Canadian and International artwork, closed bringing a sale total of $212,000
against a presale estimate of $200,000. Bidders rallied throughout the month,
with 445 competitive individual bids totalling an exceptional $1.1 million.
Despite concerns about the economic climate, the Canadian art market has proven
to be resilient with 72% of the 90 lots sold in January, confirming that the
Canadian Art market is at positive levels and that consignors will achieve
values that one would not have achieved in the early part of the millennium.
That is to say that values being achieved today are at par with values of 2004
to 2008, values that were unheard of in the late 1990s and early 2000s.
In recent years, Heffel's January online sales have proved to be the most modest
sales of the year with totals of $46,402.50 in 2005, $103,356.25 in 2006 and
$96,420.50 in 2007.
"Because of the outstanding results in our January sale, we are feeling
optimistic about a strong art market in 2009", comments David Heffel, president
of Heffel Fine Art Auction House.
One of highlights of the sale was the rare print Hyde Park by Sybil Andrews,
which sold for a $23,400 including Buyer's Premium against an estimate of
$15,000 - 20,000; a record for this print. Village Through the Trees, a small
oil on panel by Group of Seven artist A.Y. Jackson, surpassed its estimate of
$7,000 - 9,000, selling for $16,380.00 including Buyers Premium.
The first meaningful test of the art market in 2009 has proved to be remarkably
positive. Next up for Heffel's is the February online auction of Fine Canadian
Art which opens Thursday, February 5.
Heffel Fine Art Auction House is the premier venue to offer important fine art
for sale in Canada. Heffel's continued its tradition of market leadership with
total sales of over $31,000,000 for 2008.
We are now accepting consignments for the Spring 2009 auction season. Heffel's
has the most experienced team of fine art specialists in the business,
providing customers with the best opportunity for maximizing the value of their
works.
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