An acclaimed multi-million dollar art collection owned by the Bank of New Zealand since the 1980s is to be sold to fund a charitable foundation.
More than 300 contemporary New Zealand paintings, prints and photographs will be sold by Webb's in two auctions on September 13 and 27. A selection of the artwork will go on tour in August and September in Christchurch, Wellington and Auckland before being sold.
The collection, which includes works by renowned artists Colin McCahon, Rita Angus, Gordon Walters, Toss Woollaston, Gretchen Albrecht, Milan Mrkusich, Don Binney and Ralph Hotere is expected to raise well over $10 million. The proceeds from the auctions will fund a philanthropic foundation set up by the BNZ to help organisations across New Zealand that are working in communities. Webb's will also donate a significant portion of its fees from the sale to the new foundation.
![Tony Fomison's 1982 oil painting The Fugitive will be among those sold from the BNZ iconic art collection. Image / Supplied](https://www.nzherald.co.nz/resizer/v2/UGRSO6TXQYAOEGBZ4OKHFQ6TII.jpg?auth=af674e5f9466e03ff3539fdbc685f4ea2f07c05f9683f1ebe4805530e2557731&width=16&height=11&quality=70&smart=true)
In the early 1980s renowned Wellington art expert and dealer Peter McLeavey was commissioned by the BNZ to put together an art collection that would represent the best of contemporary New Zealand art. On behalf of the bank, McLeavey bought paintings, prints and photographs between 1982 and 1987, an era of economic boom.