Essence of a classic

Main Image: Lockheed Lounge (1985-1986) by Marc Newson. Image courtesy of the National Gallery of Victoria.

—by Alice Blackwood

When Simon Maidment joined the National Gallery of Victoria as a senior curator of contemporary art in 2013, one of the most valuable pieces in the gallery’s contemporary Australian collection was the Lockheed Lounge (1985-86) by Marc Newson. It may seem curious that a design object would be considered more valuable than a contemporary Australian artwork but as Maidment points out, the value of any object or artwork is both layered and highly subjective. Maidment attributes the Lockheed Lounge’s value to Newson’s status at the time as an international designer of growing renown. Indeed, by 2009 the aluminium chaise longue had already broken the world record for the highest price ever paid for furniture by a living designer. The 10 editions of the lounge have continued to set record prices at auction since (one selling for A$4.69m in 2015); a verifiable icon of contemporary design said to have inaugurated a new aesthetic language for the 21st century.

Now the founder of Useful Objects in Melbourne, a gallery specialising in collectable design, Maidment says there are many ways of considering the value of an object.

Intrinsic value and cultural value can be deeply intertwined. Value can be endowed upon an object that exemplifies a designer’s distinctive way of working or encapsulates their ethos as a practitioner.

“[These elements] make [a piece] much more desirable, but also much more valuable as a cultural object,” Maidment says.

He points to the work of Canberra-based artist and designer Elliot Bastianon, whose pieces are produced in very limited runs. His beautifully crafted Oregon Chairs (presented as a set of three) represent Bastianon’s experimentation with copper and its dynamic colour in archetypal and functional furniture forms. The Oregon Chairs, like many of Bastianon’s pieces, typify a particular investigation and speak to a specific period in his practice. As Maidment points out, the value inherent in Bastianon’s work is enhanced by its scarcity and its signature. And it is laden with promise—for the future.

Future value is a consideration that is deeply layered into any piece and for collectors, represents both an impetus for investing and a personal belief in what the artist will go on to do.

When it comes to making a meaningful investment, Collingwood-based art advisor James Makin also believes that the concept of value can be open to personal interpretation, but certain attributes should be considered. He works with ASX-listed companies that hold corporate art collections, as well as private collectors nurturing their own fascinations and magpie-like acquisitiveness.

“Speaking domestically, Australia has a love affair with sporting culture and strangely enough, the art world has had to fall in line,” says Makin, referencing the competitive spirit found in many art prizes where there is little room for second place. Beyond industry recognition, these awards offer artists significant prize money and cultural capital, elevating their stature in the eyes of both galleries— key players in determining the value of art—and collectors.

Future value and provenance each play an important role here. Makin says: “While no one can ‘crystal ball’ the future, we can hypothesise based upon historical examples, such as if [and when] the artist has won a prize, if they have been acquired by a major institution, who has the strongest CV, who has works in the better exhibition, if their works have [that] provenance.” If there is a ‘yes’ on all these counts, then greater future value may be attributed to that artist.

In Makin’s book, to achieve blue-chip status an artist must overcome the challenge of time and the vagaries of their vocation. By staying focused and continuing to produce work year after year they might achieve longevity through accolades and attract both private and institutional collectors.

Like Maidment, Makin believes that high cultural value should be inherent in an artwork of future worth. For example, he posits: “What is that artist adding to the conversation around contemporary Australian art? When we look back in 30 years, will these artists be considered groundbreaking?”

One figure he sees as exemplifying this potential is New Zealand-born, London-based artist Francis Upritchard, a decades-long leader in contemporary art with a multidisciplinary practice that ensures her continued growth and a long list of acquisitions that has already confirmed her longevity. He also cites Australian multidisciplinary artist Abdul Abdullah, who is currently “exploding” on the global art scene while commanding attention for his unique viewpoint as a self-described outsider among outsiders. Tasmanian painter Zoe Grey, the newly minted winner of the $100,000 Hadley’s Art Prize, has also proved her potential as an artist under 30 by impressing the judges in this long-running acquisitive prize.

For those private collectors keen to make their next investment count, Makin emphasises that personal aesthetic taste should remain the guiding principle above all else. He says a good place to start is to look at artists who are interesting and highly technically competent within the areas of one’s personal taste. He also advises being cautious about social media fame, as internet clout does not indicate the quality of an artist’s mastery, nor their future value.

Though Maidment also directs us to buy the thing we love, he proffers the following caveat: “Look carefully at who’s making the piece and think about where they’re at in their career, where they’re going, what they might do.”