BONHAMS & GOODMAN ART AUCTION TO SHOWCASE ICONIC JOHN OLSEN PAINTING DISCOVERED IN ADELAIDE

. October 23, 2007

Australian, International & Aboriginal Art, Monday 20 November, Melbourne

149_0_main.jpgOn Monday 19 November, Bonhams & Goodman will offer a rare and important painting by John Olsen discovered in Adelaide at an auction of Australian, International and Aboriginal Art in Melbourne.
The impressive oil titled Dutton’s Island, 1984 is a diptych measuring 184 x 246cm. The story behind its recent valuation and consignment for auction is fascinating.

The painting was purchased at an Olsen exhibition at Tynte Gallery in Adelaide in April 1985. It was bought by a private collector, a prominent Adelaide academic known for his interest in young and emerging South Australian artists. It was placed in his home and valued by Ian Bruce of Theodore Bruce Auctions (now Bonhams & Goodman in Adelaide) along with several other paintings a year later in 1986.

“Back then an insurance valuation of $25,000 was placed on the work by my father,” says James Bruce Managing Director of Bonhams & Goodman’s Adelaide office. “Earlier this year, the owner, now retired, started to undertake some research into the market value of Olsen’s work. He approached me and asked us to revalue the work which had not been valued for over 20 years. I think he was quite astounded when we informed him that his initial investment of $20,000 had increased to $400,000-600,000!” says Mr Bruce.

Category: Auction News

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