Cbus art collection sells well but what was the ROI to members?

At the same time as the Australian Prudential Regulation Authority (APRA) has been urged to pursue greater transparency around superannuation fund unlisted investments, major industry super fund, Cbus, completed the $9,892,677 sale of its art collection.

The auction house, Deutscher and Hackett, announced the sale of 100 lots, noting that 96% had sold by volume with 145% selling by value.

Cbus has been one of a handful of superannuation funds to maintain an art collection – something which has generated interest in terms of how the sale proceeds from the auction translate in terms of an overall return on investment.

According to the auction house, the Cbus auction was significant not least because five new artist auction records were realised: Margaret Preston, Coastal Gums, 1929, also known as Australian Gum Blossom ($613,636): Godfrey Miller, Trees in Quarry, c.1952 – 56 ($466,364); Eveline Syme, Tuscan Landscape, c.1930 ($147,273): Bernard Hall, In the Studio, c.1924 ($73,636); and Arthur D’Auvergne Boxall, Building of the Sydney Harbour Bridge, 1930 ($46,636).

The following represents the top 10 results from the auction:

SIDNEY NOLAN

Crossing the River, 1964

ESTIMATE: $600,000 – 800,000

SOLD for $1,080,000 (inc. BP)

ARTHUR BOYD

Shoalhaven Riverbank and Large Stones, 1981

ESTIMATE: $250,000 – 350,000

SOLD for $613,636 (inc. BP)

MARGARET PRESTON

Coastal Gums, 1929

also known as Australian Gum Blossom

ESTIMATE:$180,000 – 240,000

SOLD for $613,636 (inc. BP)

GODREY MILLER

Trees in Quarry, c.1952 – 56

ESTIMATE: $150,000 – 200,000

SOLD for $466,364 (inc. BP)

WILLIAM DELAFIELD COOK

Hillside, Ellerston, 1990

ESTIMATE: $150,000 – 200,000

SOLD for $454,091 (inc. BP)

RUSSELL DRYSDALE

The Fossicker, 1949

ESTIMATE: $300,000 – 400,000

SOLD for $429,545 (inc. BP)

JEFFREY SMART

Children Playing, 1965

ESTIMATE: $200,000 – 300,000

SOLD for $368,182 (inc. BP)

ARTHUR STREETON

Balmain and Leichhardt, from Holtermann’s Tower, c.1921

ESTIMATE: $250,000 – 350,000

SOLD for $294,545 (inc. BP)

FRED WILLIAMS

Sapling Forest, c.1960 – 62

ESTIMATE: 180,000 – 240,000

SOLD for $282,273 (inc. BP)

ROSALIE GASCOIGNE

Lasseter’s Reef, 1993/1996 – 97

ESTIMATE: $150,000 – 200,000

SOLD for $245,455 (inc. BP)