$20,000 cash artwork sells for $21,350

Posted filed under Auctions, Australia.

Deutscher and Hackett executive director Damian Hackett with Denis Beaubois’s artwork titled Currency, which sold tonight for $21,350. Picture: Sam Mooy Source: The Australian

“AS an investment, cash is considered a conservative bet. Tonight in Melbourne, a confident buyer took a punt that sometimes, in certain company, cash is worth more as art than money in the bank.

As the opening lot of the Deutscher and Hackett auction, a single wad of $20,000 cash – an artwork called Currency – was sold for $17,500. When the 22 per cent buyer’s premium is added, the total cost comes to $21,350.

The work – by Sydney artist Denis Beaubois, and brought to life with a $20,000 grant from the Australia Council – was divided into two lots of 100 uncirculated $100 banknotes.

Deutscher and Hackett had given it an estimate of $15,000-$25,000, with both extremes sending competing messages about the inflationary value of the work. The notes can still be used as legal tender, according to the artist.

Beaubois said after the sale tonight that he had no idea what to expect with the auction.”

Read on at The Australian