
Records Fall as Millions Spent on Paintings, Diamond
21 April 2021Financial Review | Gabriella Coslovich
Three million-dollar paintings, six new auction records, and Australia’s first million-dollar diamond were all realised in Sydney on Tuesday night, emphasising the ongoing strength of the secondary art market. Deprived of their international getaways, Australia’s richest, many of whose fortunes have grown during the pandemic, are splashing out at home, and the auction industry is a clear beneficiary. The money needs to go somewhere, and why not on art and luxury goods – tangible art and luxury goods no less.