BNZ's multi-million dollar art collection is being previewed at CoCA in Christchurch this week. Photo / Supplied
The public's first look at a remarkable multimillion-dollar art collection owned by the Bank of New Zealand since the 1980s and which is to be sold to fund a charitable foundation is under way in Christchurch.
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 is going 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.
A key highlight is Canterbury artist Tony Fomison's 1982 work, The Fugitive.
The work has a price estimate of $600,000 – $800,000 and is expected to set a new price record for a work by Fomison, with the current record of $516,500, set by Webb's in late 2020.
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.
The first preview opened at CoCA in Christchurch on Wednesday evening and the works will remain on view until Sunday.
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.
The works were to be displayed in the bank's new BNZ Centre and other branches throughout the country.
At one stage the collection, which included sculpture, grew to more than 700 works. But by 2013 the collection had been downsized to 350.
"Since the 1980s, BNZ has been the proud caretaker of a precious collection of fine New Zealand art," said BNZ chief executive Dan Huggins.
"But after 40 years it's appropriate to call time on that role and pass the privilege on to others.
"BNZers will be equally proud of the ultimate legacy of the art collection which, through the creation of the foundation, will enhance our ability to help communities create a better future for themselves."
Webb's director of art, Charles Ninow, who has been working behind the scenes for months to secure the collection, said McLeavey set out to build an "amazing" collection of contemporary New Zealand art on behalf of the bank.
"Everything in the collection is the best of the best."
'He has disregarded our voice and continued with this divisive kaupapa.'