BNZ should not be auctioning off valuable artwork, says Helen Clark

The Bank of New Zealand will be selling some of the country’s most expensive and significant artworks from tomorrow.

Two hundred valuable New Zealand mid-century artworks – collectively valued at more than $10 million – will go under the hammer at Webb’s Auction house.

The bank is auctioning off artworks by some of the country’s most important artists, including Colin McCahon, Rita Angus, Gordon Walters, Toss Woollaston, Gretchen Albrecht, Milan Mrkusich, Don Binney and Ralph Hotere.

However, the potential sale of such significant art pieces to private buyers has led to criticism from former New Zealand prime minister Helen Clark.

Clark said the BNZ should not be selling millions of dollars worth of art that was initially purchased when the bank was state-owned.

“What would need to be checked is if the treasury ever advised that there was a valuable art collection funded by what was then a state bank which should’ve been separated out at the time of privatisation,” Clark told RNZ.

“These are very significant New Zealand works of art which were acquired by a state company.”

The most expensive artwork is expected to be Colin McCahon’s ‘Is there anything of which one can say, look, this is new?’ which is estimated to fetch $1.5 million to $2.5m.
Photo: Screenshot / Colin McCahon

The most expensive artwork is expected to be Colin McCahon’s ‘Is there anything of which one can say, look, this is new?’ which is estimated to fetch $1.5 million to $2.5m.

Clark wants the Ministry of Culture and Heritage to intervene.

“The question is whether the export control mechanism which the Ministry of Culture and Heritage administers would cover any of the artworks. There is a provision in that for a ban on export of items which are more than 50 years old and are of significant interest to New Zealand.”

Meanwhile, Webb’s Auction director of art Charles Ninow said it was one of the most significant auctions in New Zealand history.

The first group of paintings being auctioned tomorrow was expected to fetch more than $10 million, he said.

“We have never sold a collection like this before, this is the best of the best of New Zealand art and they are the highest-valued collection ever to be sold in New Zealand.

“It includes some of the most important artworks ever produced by New Zealand artists,” Ninow said.

The highest valued item is by Colin McCahon and is expected to be worth around $2 million, Ninow said.

“The highest value artwork is one of McCahon’s last three paintings ever made.

“It is the only chance you will ever get to buy a work from this series which is easily his most iconic series.”

New Zealand has a vibrant and healthy art market, but Clark said this collection should be for the public to see.

“New Zealanders may not be able to see the significant art works ever again if they are sold at auction,” she said.

All of the vendors’ proceeds will be used to set up a philanthropic foundation and Webb’s will also contribute to funding the foundation from any fees incurred.