PRINCE OF WALES (MIDPUL)

Prince of Wales has proven to be a most successful artist in the secondary market since he first appeared at auction in 2003. Of 25 works offered all but 4 have sold. Ten of these have exceeded at the high estimate and all but one of the remainder has sold in the mid-estimate range. This is quite extraordinary when compared to average results across all artists at auction where no more than 10% of all artworks sell above the high presale estimate and up to 50 % sell between the reserve and the low estimate.

Although he began painting as early as 1994 all 14 of the works listed as having sold for more than $5,000 were produced from 1998 onward. Yet only 4 works have sold for more than $25,000 and his results are skewed by the spectacular $156,000 paid for Body Marks 2001, at Sotheby’s in July 2007 (Lot 94), by far and away the artist’s most spectacular result to date.

All of the paintings that occupy his top 10 results were created between 1998 and 2002, the year he passed away. Prince of Wales paintings rose in value on both the primary and secondary markets immediately following his winning the Telstra general painting award in 2001, and his late career work, particularly those painted on a large scale, have commanded escalating prices since that time. The record price set in 2007 more than doubled the high estimate of $70,000 at Sotheby’s July sale ( Lot 94) despite this having been the highest presale estimate ever placed on one of his works at sale. The artist’s second highest result was far more conservative for a work measuring 161.5 x 125cm. Body Marks 2001, which sold a year earlier at Sotheby’s October sale (Lot 46) was an inversion of the work that won him the general painting prize in the 2001 Telstra Award. White dots jump out against a dark blue background. The colours are deep, and subtle and it is only by looking closer into the depth of the blue that black dots, layered on the background, become apparent. There is a sense of unity and harmony in both paintings, which is a hallmark of the best of this artist’s works.

2008 was not a good year for the artist at auction with two works carrying estimates of $20,000-30,000 in Sotheby’s October sale failing to attract buyers (Lots 120 and 121). Of 3 paintings on offer that year only the small 55 x 55 cm. Body Marks 1999 sold in its estimated mid range at Joel Fine Art (Lot 200) and with such small numbers presented at auction this resulted in his clearance rate dropping from 91% to 84% and his being one of only a tiny handful of artists whose AAMI dropped during the year. It resulted in his falling from 42nd to 46th ranked artist in the history of the movement.

There is no doubt that major paintings by this artist, whose career was cut short just as his success had ignited intense interest in his art, will increasingly attract interest from informed collectors, with consequent growing prices. His record-breaking work was by far the largest painting ever presented for sale and this can be seen as part of a trend by serious collectors to pay a premium for important works that are strictly limited in availability. Works by Prince of Wales fit perfectly in to the contemporary aesthetic despite their deep cultural significance. Expect them to increasingly escalate in value thereby rewarding their collectors both visually and financially.