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ROD Menzies, the owner of art auction houses Deutscher-Menzies and Lawson-Menzies, makes no secret of his ambition to be the market leader.
But this week, when he announced his decision to sell a 1954 Picasso painting through his own D-M Sydney auction next month, even industry colleagues were perplexed.
Why sell the painting in Australia and not, say, New York or London? And why auction a work valued at between $5million and $7million at a time of international art market uncertainty and local nervousness about the economy?
Mr Menzies paid $US4.6 million for the vibrant painting, titled Sylvette, at a New York auction two years ago.
The businessman, who made his fortune through cleaning contracting, said the mood of the art market prompted his decision to list the Picasso.
Discuss Add this link to... Bury
But this week, when he announced his decision to sell a 1954 Picasso painting through his own D-M Sydney auction next month, even industry colleagues were perplexed.
Why sell the painting in Australia and not, say, New York or London? And why auction a work valued at between $5million and $7million at a time of international art market uncertainty and local nervousness about the economy?
Mr Menzies paid $US4.6 million for the vibrant painting, titled Sylvette, at a New York auction two years ago.
The businessman, who made his fortune through cleaning contracting, said the mood of the art market prompted his decision to list the Picasso.
Discuss Add this link to... Bury
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