Dunbar Sloane to invest in European modernists

Press, 21 August 1989, Page 14

Dunbar Sloane to invest in European modernists

NZPA Wellington Dunbar Sloane and European Art is changing the focus of its art purchases for investment, its chief executive, Mr Dunbar Sloane, says. Mr Sloane told last week’s annual meeting French impressionist paintings were becoming too expensive and Dunbar was now moving to buying post-1945 European modernists. A painting by Lucio Fontana, called Conietto, had just been bought for £145,000 ($NZ397,696), a good buy and a fraction of its likely value, he

said. Mr Sloane said the Japanese would move strongly into this form of painting over the next two or three years. Dunbar’s European directors hoped to buy more of these works before prices, went beyond reach. The chairman of Dunbar Sloane and European Art, Mr Trevor Beyer, said Dunbar was “on the way to the winning post” and “well past go.” He said shareholders’ funds were $l5 million after writing off amortisation costs. The revaluation of its investments had

been taken on a very conservative basis.

Mr Beyer said a Monet sold recently for £550,000 (NZ$l.5 million) had a book value on February 28 Of £325,000 ($NZ891,387). “While we can’t apply the same rate of appreciation to our other assets (in the art portfolio), I think we can say they all have risen in value,” Mr Beyer said.

The meeting was a relaxed affair and, unlike last year when Mr Bruce Judge’s board role was questioned, not a shareholdeir spoke. Mr Judge

did not stand for re-elec-tion this time. Mr Sloane struck a warm response when he said Dunbar had just bought half shares in two very large Goldies from the estate of Lord Ranfurly.

Dunbar would sell two key paintings from its Impressionist collection in the June sales, which were expected to be dominated by Japanese buyers. He said Dunbar was unlikely to buy more Australian art at present, but it could buy some quality New Zealand works.