For more than 50 years Henry Newrick, director of Whanganui-based Heritage Art Auctions, has been buying and selling art, rare books and photographs, not just through his recently established, local auction house, but using auction houses in Wellington, Auckland, Australia and the United Kingdom.
Heritage Art Auctions is ideally placed to sell medium-priced artworks (up to $10,000) to its fast-growing database of collectors, and excellent prices have been achieved. This includes the sale in October of a 400-year-old Dutch painting showing a naval battle between the English and the Spanish for $10,000 when it had been valued at just $100 by a well-known Wellington auctioneer.
Recognising that his own auction house fills a clear market need, Henry is also conscious there exist in Whanganui and surrounding regions many higher-priced artworks that are best offered in a major centre such as Auckland with its 1.65 million population and thousands of serious art collectors.
With the advent of Covid, many industries have changed forever – and auction houses are no exception. Before Covid, a typical auction auctioneer might have had 100 people in the saleroom and 100 bidding online. Now that same auction house will have no one in the saleroom and up to 4000 people bidding online from the comfort of their homes. More and more auctioneers are now moving to the online model.
What this means is instead of three or four people bidding on a single lot, now there may be seven or eight. It also means instead of an auction consisting of say 200-250 lots manually closing at the rate of 60-80 an hour, now there may be more than 1000 lots automatically closing in blocks of 8-10 every two minutes (240-300 an hour). With up to seven or eight bidders chasing any particular lot, prices have risen considerably.