Hundreds of paintings worth more than 1.5 million in total went on sale at knock-down prices yesterday as the credit crunch hits the Scottish art world.
More than 100 painters took part in the country’s largest ever auction of contemporary art, offering their pieces directly to the public in a bid to attract new buyers. Without gallery fees customers were able to bid for their favourite pictures for well under their usual resale value with prices staring from as low as 100 pounds.
However, three quarters of the 450 or so paintings including the most expensive, on sale for 35 thousand pounds, failed to find a buyer.
Glasgow auctioneers, McTear’s admitted the world of art had been badly hit by the global downturn but insisted the day was a success.
Director Brian Clements said “ had we held this just two months earlier I think we would have seen quite a few more paintings sell. But the financial situation means that in the past few weeks the market has plummeted.”
“We had anticipated to sell about 25% of the work and did achieve just about that. All the paintings had a reserve price and those artists who allowed a bit more discretion probably sold better. Everything is affected by the credit crunch. I mean all you have to do is look at the pre-Christmas sales to get the picture.”
“There are now art exhibitions that do not sell out whereas previously they maybe sold out on the preview night. People are holding back.”
“But luckily contemporary art is still doing relatively well because it is more about people’s individual taste and fashion trends are often seen as a long term investment. The level of art we were looking at has not really felt the pinch yet. “
The auction had global interest with bids coming in from as far afield as Australia and India.
On the day the work that did sell fetched between one hundred and six thousand five hundred pounds, and the auction made more than one hundred thousand.
Mr Clements added “Under normal circumstances we could have expected two or three times that. But we are already working on our next big art sale which will take place in April”.
One of the few artists who was successful on the day was Joe Hendry.
The Glasgow painter, 42 had 7 paintings up for grabs including one of Harry Potter creator JK Rowling and another one of actor Robbie Coltrane.
Although the portrait of the famous author did not sell, Mr Hendry felt positive about the experience. He said “There is no doubt things have been slowing. Even the world of art cannot escape the credit-crunch”.
“I know of artists who are struggling because nothing sells any more and I know galleries have been forced to close down for the same reason. However, I have been fortunate enough to enjoy steady sales so far. My paintings sold well yesterday so I will be eating Turkey rather than baked beans this Christmas”
I really enjoyed chatting to reporter Paula Murray and think that she gave a very honest report and didn’t add things in as I have now had happen in several different interviews. What I would say, is that there was a lot that was said which was more positive and isn’t quoted.
THis article, however was really about a negative story, the credit crunch and how it is affecting those who are trying to sell artwork.
For the record, I have been criticised, as have other artist’s for even being involved in the McTears event as it is trying to “undermine galleries”. My paintings at McTears have sold for around about the price that they would in a gallery. The main difference has been that I have framed most art going to McTears wheres a lot of my work in galleries is left box canvas style. The reason for this is that it keeps my outlay as a relatively new artist(The Park Gallery, who sell most of my artwork and I have only been working together for 18months at the time of this publication) down. It also people who buy art to choose a frame of their own preference.
It;s tough times, but we all have to work hard to earn a living. All I can do is paint the best that I can.
I continue to sell at McTears and I have full support from the galleries with whom I work on an ongoing basis.
