Webb’s A Modern Tradition

Webb’s - A modern tradition

New Zealand’s Premier Auction House

Webb’s A Modern Tradition Prepared by Neil Campbell and Sophie Coupland for Peter Simmons, Director, Simmons Corporate Finance Limited

Webb’s – A Modern Tradition. Copyright Webb’s 2013. This document is for the addressee only and may not be passed to any third party without the consent of the author.

Illustrated cover: Bill Hammond, Last nightjar in congested sky, achieved $293,125

Webb’s - A modern tradition

Webb’s – A Modern Tradition Webb’s brand equity rests on over 37 years of authentic service in the field of cultural investments. When a business is operating in this field, high brand values, trust, expertise and transparency are paramount.

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Webb’s contribution to the development of the art market in this country is extensive.

Archive New Zealand holds over 900 individual entries with regards to Webb’s.* In the early 1950s, Peter Webb held a position as the Assistant to the Keeper at the Auckland Art Gallery under its first director Eric Westbrook. In 1958, Peter started one of New Zealand’s first dealer galleries and opened with Colin McCahon’s first Auckland exhibition, paintings of French Bay. Peter was the founding director of auction house John Cordy Limited in 1963 (which still operates today) and resigned to take up a second post at the Auckland Art Gallery of Exhibitions Officer for the period from 1970 to 1974, during which time he arranged the biggest exhibition of John Constable’s paintings ever held outside of Great Britain: John Constable, The Natural Painter.

Peter launched the Barrington Gallery for its owners in 1975 bringing three major exhibitions to Auckland from New York: Jim Dine, Works on Paper; Photo-Realism; and Picasso’s 66 etchings for La Celine.

Peter reopened his own gallery (Peter Webb

Galleries) in High Street in 1974 and, with the late Ross Fraser as editor, launched the quarterly art magazine, Art New Zealand.

This magazine remains in print today as New Zealand’s leading art publication and, up until two years ago, Peter remained a shareholder.

During the late 1970s, Webb’s introduced a regular programme of New Zealand art auctions and these very successful sales gradually brought about a significant change in the market and encouraged the gallery to evolve into New Zealand’s leading fine art auction company. With Peter’s connections with artists and the contemporary art market, Webb’s played a pivotal role in developing a secondary market for contemporary art in New Zealand. Webb’s has also developed a comprehensive range of specialist auction services to meet the demands of the day: jewellery, fine wine, rare books, vintage cars, rare motorcycles, and Maori and Oceanic artefacts, to name a few. All of these remain as departments within Webb’s current portfolio of market services.

Integrity, trust and honesty were and are

the basis of Webb’s success. Amongst the rampant rise and fall of the ’80s’ art market, Webb’s set a policy of not owning/ buying-in stock, of transacting to the vendor’s greatest advantage and of being transparent in all negotiation situations.

This integrity remains today as a cultural currency within the business and also holds a wealth of value for collectors and the industry at large.

See also: Icons of New Zealand (http:// culturalicons.co.nz/episode/peter-webb) where Peter Webb discusses his history with the late Dr Rodney Wilson.

Webb’s has built up a strong presence overseas with the business now considered to be a trusted auction house internationally. Over the years, Webb’s has worked with the largest auction houses in the world and sold complex international works on to the global market.

As the largest privately owned, specialist auction house in the country (+25 staff, a 1,220sqm gallery and a turnover of $17.2 million in the 2012 calendar year), Webb’s has evolved into an iconic New Zealand brand across a range of sophisticated

*(refer: http://archive-nz.com/nz/w/webbs.co.nz/2012-09 21_308084_1/Home_Webb_s_New_Zealand_s_Premier_Auction_House_Fine_Tribal_Decorative_Arts_Jewellery_Books_Wine_Cars_Bikes_Valuations/).

New Zealand’s Premier Auction House

micro-markets. Webb’s is synonymous with fair and ethical trading and top-end bespoke marketing within the art market and other complex cultural markets such as wine, jewellery, antiques, tribal art, and vintage cars and motorcycles.

2011 – 2013 – Webb’s year- on- year growth.

When you look under the hood at Webb’s, you see a very dynamic young team, mixed with strong credibility and history in the auction field, particularly in the fine art market led by Sophie Coupland. The turnover figures alone reflect this, with over seven million dollars of auction and private treaty sales last year, all effectively driven

by Sophie and her team. This provides a very viable base for the business. When you then add on the expansion of the Jewellery department, and the Fine Wine and Oceanic arts categories, Webb’s has an unrivalled position in the market place. New market innovations driven by Neil Campbell, such as BuddyBid.com, Oceanic arts and Vintage Motorcycles, are broadening both popular appeal and revenue for Webb’s. Curated auctions such as Improbable Gifts for Impossible People are providing Webb’s with a creative profile and are effectively giving the company the status of a ‘taste maker’.

Underneath these facets of the business, sit the weekly estate sales and antique auctions, giving a solid turnover hum that also adds to the full picture of Webb’s being New Zealand’s leading auction house.

In 2008, as the market was recovering from the financial crisis, the New Zealand art collectables market experienced a rise in demand as investors diversified their portfolios into different classes of assets that were not strongly linked to adjacent fields of investment. Art and related cultural assets benefited from this thinking.

Continuing Peter Webb’s philosophy of excellence, Webb’s leads the market across all fields of specialist auction service within New Zealand. Now being led by Sophie Coupland (Peter and Annie Webb’s daughter) and her husband Neil Campbell, Webb’s continues to expand.

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Webb’s - A modern tradition

Explanation of How Revenue is Earned

Webb’s is a transactionbased business that relies on auction as its primary price-discovery tool. Gross revenues are generated via success commissions (on both the sellers’ and buyers’ sides) and pre-agreed fixed costs such as market expenses and insurance premiums.

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Offering specialist advice in terms of quality and value, the business is service driven. Operational goals are aimed at maximising the average commission across each department/market while minimising the marginal cost per unit sold in that department/market.

Webb’s holds minimal inventory costs; these are mostly limited-edition prints, published by itself.

Webb’s revenue streams are largely not correlated across the business; this minimises the risks of overexposing the business to a single market or source of revenue.

A great deal of value is generated through Webb’s marketing expertise which is made up of a complex mix of specialist knowledge and sophisticated aesthetics.

As a specialist auction house, its marketing expertise is also a critical element to the success of the business. This expertise acts as a significant barrier to entry and generates ancillary service income through the Valuations department.

New Zealand’s Premier Auction House

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Webb’s - A modern tradition

Diversification Strategy

It has always been strategically important for Webb’s to service non-correlated classes of investment. Webb’s offers the most comprehensive specialist auction services in the country.

Despite challenging economic conditions and a dynamic competitive landscape, Webb’s diversification strategy continues to deliver growth.

minimising its reliance on the performance of any one sector. This is a business model that no other competitor has replicated to the degree achieved by Webb’s.

During 2012/13, Webb’s delivered yearon-year positive growth with total sales of $16,136,174 inclusive of buyer’s premium.

This result represents more than twice the turnover of any of Webb’s competitive colleagues and a year-on-year increase for Webb’s gross revenue of 7.17%. A strong result when viewed within the context of New Zealand’s sluggish economy.

Webb’s has achieved significant growth in all areas of cultural investment. Webb’s is a business that does not rely on any single market. Serving a range of specialist micro-markets has created a natural diversification framework for Webb’s. This is both a rational growth strategy and a key competitive differential which continues to deliver competitive advantage.

Webb’s is operating in a number of specialist micro-markets and building in a natural diversification framework for broader key performance measures; thus, it is

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Webb’s enjoys a combination of diverse and largely uncorrelated income sources.

New Zealand’s Premier Auction House

The business is no longer reliant on any single individual for its success.

Webb’s has executed a critical succession plan with Peter and Annie Webb reducing their tactical input whilst maintaining a strategic governance and cultural remit into the business. Since Neil Campbell joined the business, Webb’s day-to-day input has required less from Peter and he has not had a sourcing or selling role within the business since 2006. Annie, whilst maintaining a financial overview of the business, has not had a management role for a number of years. Previously, Annie was required to interface with the jewellery consultant and administer his catalogue production; this is no longer required of her. Succession strategies also exist through the business’s income centres including, importantly, art, jewellery and antiques. This transition and internal resource diversification has now been completed and demonstrates that the business is no longer reliant on any single individual for its success.

Consumer Trends In line with 2011/12, buyers continue to become more discerning, prioritising their spending on items of superior quality. Increased knowledge on the part of collectors, based on research and experience, has driven enthusiasm for the best of the best across all of Webb’s market segments.

Careful consideration of the quality, condition, provenance and value of objects has resulted in a more sophisticated, mature and stable market. With this, Webb’s level of service continues to grow.

Webb’s brand equity supports this market trend by offering a highly trusted brand to each transaction. This, in part, explains why Webb’s average achieved prices sit at about 25% above industry averages.

Ralph Hotere, Vidyapiti’s Song, achieved $222,775 in March 2013

A Successful Succession

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Webb’s - A modern tradition

Brand – a Constantly Evolving Marketing/Design Philosophy

The expertise and knowledge inherent in Webb’s is clearly communicated whilst adding credibility to all of the collecting genres and maintaining the prestige and premium of the fine art market that established Webb’s in the first place.

The mix of creative talent and expert knowledge at Webb’s ensures that our culture is reflected in our marketing and publications. And, as much as our online viewership continues to expand, our hardcopy publications capture much of what the market enjoys and values about working with Webb’s. Recent printed publications, including a tabloid produced in June and the August catalogues of Important Paintings & Contemporary Art and Fine Jewellery, sought to reposition Webb’s to outwardly reflect the innovative business it has become, whilst also using its heritage to strong advantage. The combination of a rich history and truly innovative ideas such as BuddyBid, provides us with some very fertile ground on which to define the Webb’s brand. These catalogues effectively crosspollinated, both externally and internally, the array of Webb’s services. The rebranded catalogue served to overlap marketing across the collecting genres to create an awareness that Webb’s is first and foremost New Zealand’s leading auction house, not just the auction house for a client’s particular area of interest.

Michael Parekowhai, Elmer Keith, achieved $18,760 in August

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New Zealand’s Premier Auction House

Production Outputs

Our key production outputs reflect the complexity of Webb’s and the market within which we operate.

Each sale enjoys a bespoke marketing strategy including press, online, personal connection with clients and social media.

Content creation includes writing editorials, editing, image, quality photography and the production of videos on important sales.

The business will shortly undertake a new website which will employ best practice functionality and navigation and contemporary technologies. This site will enforce the marketing and brand principals developed in the August catalogue publications of reflecting Webb’s diversity whilst celebrating its history.

Webb’s catalogue archive will be digitized and made available as a google searchable public recourse.

Evelyn Page, No1. Breakfast at Hobson Street, achieved $193,462

Webb’s online publications are becoming a very important (and cost-effective) engagement tools. Our August catalogue for Important Paintings & Contemporary Art attracted 121,456 impressions. This is more than 10 times the exposure of any other competitor. Webb’s Jewellery catalogue gained 45,876 impressions prior to the August sale. In this field, Dunbar Sloane secured 1,246.

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Webb’s - A modern tradition

Fine Art Overview – Fine Art

Webb’s Fine Art department has a reputation for excellent service in achieving record prices at auction for Contemporary, early Modern, Modern and Historical New Zealand artworks.

In the 2012 calendar year, Webb’s achieved strong results for all three sales of Important Paintings & Contemporary Art, selling $6,294,197 (buyer’s premium (BP) included) worth of fine art at auction. Webb’s also facilitated $1,594,791 (BP included) of private treaty sales placing Webb’s fine art results for the 2012/13 financial year at $7,731,895. This well-earned success led by Sophie Coupland, positions Webb’s as the most productive fine art service provider within New Zealand’s secondary art market.

Total turnover for the secondary art sector in New Zealand for 2011 was $15,557,000.

In 2012, this increased to $20,257,000; that represents an impressive 24% year-on-year increase. However, if the Paris Collection, a large single-vendor sale, is contextualised as a one-off occurrence, the picture shifts significantly and we see the year-to-year turnover on a par with the 2011/12 numbers.

Within this context, Webb’s facilitated over 55% of the market’s revenue and outstripped the competition.

Demand remains firm at the top end of the market and supply continues to be relatively consistent. Webb’s longevity and expertise

in the market ensures a consistent supply of quality product that supports the three categories of the art sales – Important Paintings & Contemporary Art, A2 (works with values of less than $20,000) and A3 (works with values of less than $1,000).

The current industry average value per painting sold is $5,841. Webb’s average sale price is currently $9,100 – the highest in the sector*.

The prices for Webb’s top 100 works sold at auction in 2012 averaged $53,276 – the highest in the sector (refer: Australian Art Sales Digest).

This market trait is amplified when looking at Webb’s top-10 results. In 2011, the top10 average price for a work sold by Webb’s was $121,911; in 2012/13 this increased to $237,271 – the highest in the sector* This market dynamic boded well for collectors releasing works through Webb’s first sales of 2013, which saw record turnover in the A2 category ($480,500 inclusive of premium) and a very strong result for the March 2013 major sale ($1,995,000 inclusive of premium). * (Refer: Australian Art Sales Digest)

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Webb’s 2013 winter sale achieved $2.1 million compared to Art+Object’s winter catalogue which achieved $0.9 million.

It should be noted that Art+Object’s catalogue had been combined to include its photography sale which the company had planned to offer later in the year. This indicates that it struggled to execute this sale.

Webb’s currently holds 70% of the top 10 sales for 2013, 250% more than our nearest competitor.

Overall volumes are slightly down and average values are up. major modernist works alongside works by Charles Goldie and Bill Hammond represent the greatest number of high-value transactions. This trend is forecast to continue. Webb’s brand position rests firmly in this space along with competing auction houses branded as: Art+Object (contemporary) and International Art Centre (historical). That Webb’s continues to win the material with the greatest potential to demand top prices is demonstrated by the offering in the mostrecent August publication. Webb’s offered six works with estimates of over $100,000

New Zealand’s Premier Auction House

and sold five; Dunbar Sloane offered none and sold none; Art +Object offered none and sold none and International Art Centre offered two and sold one.

At the end of the year, Webb’s will offer the well-known collector Enith Good’s collection of New Zealand paintings, which comprises approximately 500 works (worth $1.2 million), to the market.

Webb’s most-recent sale of Important Paintings & Contemporary Art (13 August 2013) grossed $2.1 million which represents the highest sale value for the industry this year.

Michael Illingworth, Untitled, achieved $158,287 13

Webb’s - A modern tradition

Webb’s 2012/13 Top-10 average sale price: $237,271.00 (market leader)

Top 10 prices for the work of Charles Goldie achieved since 2012.

$337,406

Charles F Goldie – No Koora te Cigaretti, A Portrait of Mihipeka Wairama

$293,125

Charles F Goldie – A Sturdy Stubborn Chief Pokai, A Warrior Chieftain

Webb’s holds 60% of the market by volume and value, 200% ahead of our nearest competitor.

$291,400

Charles Goldie - Memories

Memories, Wiripine Ninia, a Ngati Awa Chieftainess

$240,000

2013

Webb’s

$250,000 Bill Hammond – Last Nightjar in Congested Sky

Memories - Rakapa, an Arawa Chieftainess

$200,000

2013

IAC

$228,750

The Whitening Snows of Venerable Elder Atama Paparangi

$220,000

2013

Webb’s

Ngatirea (Day Dreams), Natarua Hangapa - Arawa Tribe

$120,000

2013

Webb’s

A Sturdy Stubborn Chief Pokai, a Warrior Chieftain of the Ngati Maru Tribe

$250,000

2013

Webb’s

$249,000

2012

IAC

Bill Hammond – At the Flood

$220,000 Charles F Goldie – The Whitening Snow of Venerable Elder Atama Paparangi $205,875 Ralph Hotere – No Ordinary Sun $205,187

Bill Hammond – Zoomorphic Lounge

$190,000

Ralph Hotere – Vidyapati’s Song

Relics of a Bygone Age, Mere Werohia, A Chieftainess of the Ngati Te Rori Te Rangi Hapu of The Ngatiwhakane Tribe, Rotor

$187,600

Ralph Hotere – Black Window – Alumin Politik

Sleep ‘Tis a Gentle Thing. Pokai, A Warrior Chieftain of the Ngatimaru Tribe Hori Pokai, Ngati Maru, Ngati Paoa

$280,000

2012

DS

No Koora Te Cigaretti, a Portrait of Mihipeka Wairama, Tuhourangi

$295,000

2012

Webb’s

Memories ? Wiripine Ninia, an Arawa Chieftainess

$100,000

2012

A+O

Maori Woman with Moko

$140,000

2012

Webb’s

$199,325 Colin McCahon – Landscape Theme and Variations (G)

$165,000 Evelyn Page – Breakfast at Hobson Street $160,125

Charles F Goldie – Te Hei, Ngatiraukawa

Refer: Australian Art Sales Digest

Total high value sales of the work of Charles Goldie in 2012 – 2013: $2,094,000 Webb’s $1,265,000 Prices exclude BP 15% and gst. Note: Refer aasd.com.au.

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New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR NOVEMBER 2013 AUCTION

CONTACT SOPHIE COUPLAND scoupland@webbs.co.nz 021 510 876

IMPORTANT PAINTINGS & CONTEMPORARY ART

WEBB’S IMPORTANT PAINTINGS & CONTEMPORARY ART MARKET HIGHLIGHTS

$234,000

top 10 average price in 2012

7.9 MILLION fine art sales 2013

Webb’s majority share of the Goldie market in 2012, by value

Our forthcoming sale of Important Paintings and Contemporary Art, to be held in November, will present a significant survey of museum-quality New Zealand artworks, covering the contemporary, modern and historical periods. Over the last 12 months, the market has shown significant demand for rare, high-quality artworks of cultural and historical importance. Nationwide

Exhibited: Shane Cotton, The Hanging Sky, City Gallery, Wellington, Wellington and Institute of Modern Art, Brisbane. Curated by Justin Paton. 2013.

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CATALOGUE 357

“Over the last 12 months, the market has shown significant demand for rare, high quality artworks of cultural and historical importance.”

Webb’s majority share of the top 50 works by Hammond, by value

in-person appraisals are available free of charge. We encourage you to make an appointment to experience the scholarly approach that has defined Webb’s marketleading position since 1975.

Already consigned to the November sale is the monumental work by Shane Cotton, illustrated opposite. The work takes its title from the critically acclaimed 1965 novel by

Jerzy Kosinski written from the perspective of a young boy who wanders across Europe during World War II. Using Cotton’s iconic falling tui image, The Painted Bird explores the challenges faced by modern-day tangata whenua. This work is currently exhibited at City Gallery, Wellington, Shane Cotton: The Hanging Sky, until 6 October.

WEBB’S IMPORTANT PAINTINGS & CONTEMPORARY ART SALES HIGHLIGHTS

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Shane Cotton The Painted Bird acrylic on linen 2010 3000mm x 1900mm $120,000 - $160,000

Sophie Coupland Director Fine Art Department

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01 – Ralph Hotere , Vidyapati’s Song. Achieved $222,780 02 – Bill Hammond, Last Night Jar in Congested Sky. Achieved $293,125 03 – Evelyn Page , No1. Breakfast at Hobson Street. Achieved $193,460 04 – Michael Illingworth, What lies beneath these fragments of reference? Achieved $193,460

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05 – Charles Frederick Goldie, No Koora te Cigaretti. Achieved $345,900 06 – Bill Hammond, At the Flood. Achieved $234,500 07 – Pat Hanly, Torso A. Achieved $76,200

CATALOGUE 357

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Webb’s - A modern tradition

Webb’s Art Clients

Smart/curious and engaged.

A2 Art: Sub $20,000

A3 Art: Sub $1000

Important Paintings

Interested in provenance and stories, and in finding unique things.

Buyer

Buyer

Comfortable with bidding online.

Novice private collector, opportunistic dealer, buying group, general trader.

Buyer/Supplier Established collector, long-term owner, dealer, consultant, buying group, investor, sophisticated collector, family trust, corporate, legal service.

Will sight before buying.

Will seek extensive advice from Webb’s experts.

Will compete aggressively if it’s the right opportunity.

Well informed or may rely on professional advice.

Affluent with good disposable income.

Most likely professional.

Well travelled.

In some form of leadership role, has own business, etc.

Appreciates fine things.

Aesthetics play a part in brand choices.

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Interested in world affairs.

Not obsessively interested in art; it is one of the things they are interested in along with food, wine and culture. Art is a part of life but not the only part.

Will take measured risks with art.

Needs to have a trusted, quality brand.

Would self-describe as having an interest in, and some knowledge of, art but not as an expert.

Well-informed private collector, opportunistic dealer, buying group, consultant.

Will take limited risks on art.

Will seek some advice from Webb’s experts.

Supplier Private owner, collector, dealer, buying group, investor, family trust, corporate, legal service, consultant.

Comfortable with buying online.

Will seek some advice from Webb’s experts.

Supplier Dealer, buying group, investor, family trust, corporate, legal service.

NOTE: A3 is listed online only.

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR 25 SEPTEMBER 2013 AUCTION

A2 ART

WEBB’S A2 ART MARKET HIGHLIGHTS

CONTACT CHARLES NINOW cninow@webbs.co.nz / 09 524 6804

1.2 MILLION

Charles Ninow Webb’s Fine Art Specialist

A2 art sales 2012

Market growth 2010 – 2013

162% 400% The average sale price of works in A2 sales has grown by 162% in the last three years

Webb’s A2 (Auction Tier Two) sales make up a bespoke sales category specialising in works with values ranging between $1,000 and $20,000. This auction category fosters its own dedicated audience of collectors looking to buy at this level of the market. Through these sales, Webb’s plays a vital role in nurturing the reputation and proliferation of New Zealand contemporary

Total turnover of works in A2 sales has grown by 400% in the last three years

“ Through implementing highervalue and quality thresholds and consistent marketing excellence, value turnover for A2 sales has increased by over 400% in the last three years.”

artists and promoting the accessibility of works which sell at mid-market levels.

turnover for A2 sales has increased by over 400% in the last three years.

Webb’s are proud of the firm position we have established in this part of the market sector and it is through our A2 sales that we continue to be a driving force for the sale of affordable works. Through implementing higher-value and quality thresholds and consistent marketing excellence, value

With a number of exciting works by prominent New Zealand artists already consigned, our September sale promises to be a success once again and to garner high levels of demand from a dedicated audience.

WEBB’S A2 ART SALES HIGHLIGHTS 2013

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5 Richard Orjis Floros Type - C photogrphic print 305mm x 210mm Signed and dated 2006 verso $1,600 - $2,500

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CATALOGUE 357

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01 - Bill Hammond, Singer Songwriter. Achieved $6,250 02 - Gordon Walters, Karaka. Achieved $6,750 03 - Jason Grieg, Untitled (Figure with monkey). Achieved $2,050 04 - Peter Stichbury, Glister. Achieved $4,500 05 - Ann Robinson, Puka Vase. Achieved $22,000

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06 - Fiona Pardington, Te Huia Kai-manawa. Achieved $7,000 07 - Diena Georgetti, Blok Plastik/Parlour. Achieved $5,500 08 - Sam Mitchell, ‘Pop’. Achieved $2,460 09 - Judy Millar, Untitled. Achieved $1,000

CATALOGUE 357

157

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Webb’s - A modern tradition

Competitive Landscape Since the first rise of the market in the 1980s and more so since the second significant rise in the early 2000s, the art market has been a complex and competitive environment. And as much as Webb’s has led the market, Webb’s has also competed for leadership.

What is notable is that Webb’s performance has been remarkably consistent throughout.

Much noise was made of Art+Object entering the market in 2007. Looking at the numbers, Webb’s position has remained firm (Refer Secondary Art Market at Auction, page 20). The numbers also show that Art+Object has significantly displaced Dunbar Sloane, Cordy’s and Watson’s.

The numbers also imply that the entry of Art+Object prevented Dunbar Sloane from securing significant market share outside of Wellington.

International Art Centre has traditionally focused on the historical market and, in 2008, the results of that business were improved by a number significant sales of the work of Charles Goldie. Since 2009, Webb’s has competed successfully in the market for Goldie’s work and has dominated this lucrative part of the market; this trend continues with the sale of a work by the artist for $280,000 in the August sale.

Webb’s also dominates the market for the leading modernist and contemporary artists including, but not limited to, Ralph Hotere, Shane Cotton and Bill Hammond. As of July 2013, Webb’s market position for these important practitioners was as follows:

Webb’s Market Position for Colin McCahon’s Work.

We marketed our first work by Colin McCahon in 1976. Since 1992 we have successfully sold more than 194 of the artist’s works with a total of $12 million in recorded sales. By value, this equates to 69% of this artist’s work ever sold at auction. We’ve sold 80% of the top 10 prices on the New Zealand market, and hold 90% of the top results by value.

Colin McCahon, Portrait, achieved $86,765

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New Zealand’s Premier Auction House

Webb’s Market Position for Bill Hammond’s Work.

By volume: 70% of the top 10 works By value: 69% of the top 10 works The top 50 works: Of the 50 most valuable works by Bill Hammond sold at auction, Webb’s has facilitated 68% of sales by value at $3.7 million. A total of $5.3 million constitutes the value transacted for the top 50 sales.

With an average price across the 50 works of $120,885, Webb’s result sits well above the industry norm. As well as holding the record price for Hammond’s work at $330,000, we also achieved the two highest prices across the market in the past two years at $293,000 and $235,000. Continued demand for Hammond’s work reflects his position as one of New Zealand’s most highly celebrated senior practitioners.

Top 10 works by volume

Top 50 works by value

Webb’s percentage. Refer: Australian Art Sales Digest, aasd.com.au Results for individual works inclusive of BP & GST

Bill Hammond, Zoomorphic Lounge, achieved $205,187 in August 2013 19

Webb’s - A modern tradition

Webb’s Market Position for Ralph Hotere’s Work.

By volume: 70% of the top 10 works By value: 70% of the top 10 works The top 50 works: Webb’s has transacted 60% of sales of Ralph Hotere’s work by value; this amounts to $3.4 million of the $5.9 million that constitutes the total of the top 50 results for Hotere’s practice at auction. We have maintained an industry-leading average of $119,785 per work and have achieved the two highest prices in the past six months at $189,000 and $224,000. With a highest sale of $315,000, our results reflect an ongoing dedication and engagement with the market at the highest level.

Top 10 works by volume

Top 50 works by value

Webb’s percentage. Refer: Australian Art Sales Digest, aasd.com.au Results for individual works inclusive of BP & GST

Ralph Hotere, No Ordinary Sun, achieved $205,875 in August 2013 20

New Zealand’s Premier Auction House

Webb’s Market Position for Shane Cotton’s Work.

By volume: 80% of the top 10 works By value: 68% of the top 10 works The top 50 works: Of the top 50 works sold by Shane Cotton, we have transacted 67% by value: $1.3 million of the $2.0 million in total sales traded. We have established the two highest prices for Cotton’s work at auction at $257,000 and $229,000; these represent the highest prices achieved in the past three years. Also, we are the only house to have achieved in excess of $200,000 for a work by the artist at auction.

Top 10 works by volume

Top 50 works by value

Webb’s percentage. Refer: Australian Art Sales Digest, aasd.com.au Results for individual works inclusive of BP & GST

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Webb’s - A modern tradition

Secondary Art Market at Auction Webb’s have always operated in a .Year Webb’s Art + Object Cordy’s Dunbar Sloane Int. Art Centre Watson’s W. T. Macalister Total competitive environment but what is

notable is the stability of the Webb’s results.

2006 $6,358,968 $546,442 $3,486,720 $2,877,615 $649,876 $13,919,621 The effect of a new player in the market in 2007 with the initiation of Art + Object 2007 $5,689,003 $3,605,088 $397,090 $1,800,171 $2,945,849 $653,749 $15,090,950 was to displace Webb’s competitors and 2008 $5,627,137 $3,522,035 $155,413 $2,140,391 $5,866,743 $1,245,259 $18,556,979 a downward effect on Webb’s traditional competitor base. The stability of the overall 2009 $5,138,019 $3,717,498 $49,871 $1,543,628 $3,998,297 $891,332 $15,338,645 art market post the 2007/2008 sub-prime 2010 $5,128,146 $3,579,675 $37,198 $2,043,111 $3,661,509 $832,035 $15,281,674 financial crisis is also notable. 2013 looks like it’ll be a bumper year for the New 2011 $4,748,177 $4,649,441 $2,072,363 $3,808,685 $278,147 $15,556,813 Zealand art market with $13.2 million 2012 $5,458,474 $3,294,747 $2,273,035 $4,261,605 $468,811 $15,756,671 already traded and another two sale rounds to run 2013 $4,508,975 $4,017,499 $178,499 $2,087,769 $2,416,903 13,209,645 Note: The 2012 numbers have been normalised by taking account of the Paris Collection which is considered by the industry to have been a once-in-a-lifetime occurrence.

Refer: Australian Art Sales Digest Note: excludes private treaty and floor sales

22

New Zealand’s Premier Auction House

Average Price Achieved for 2012/13 in New Zealand Market Webb’s average price achieved during 2012/13 was $9,200, 57% above the industry average of $5,481.

This average figure undisputedly assures Webb’s dominant position at the top end of the fine art market as it confirms that Webb’s transacted a greater number of high value sales than did any of its competitive colleagues.

Macro trends reflect a market with relatively inelastic demand. With fewer works being offered, the average value being achieved is increasing.

Art Department – Business Development Year

Number Per Cent Average Value* Offered Sold

2005

7,004

73%

$2,812

2006

6,522

75%

$2,956

2007

7,188

69%

$3,071

2008

6,961

64%

$4,191

2009

5,414

64%

$4,395

2010

5,622

66%

$4,104

2011

4,731

65%

$5,097

2012

5,140

67%

$5,841

Refer: Australian Art Sales Digest

The department is focused on deepening customer relationships and specialists Charles Ninow and Rachel Kleinsman establishing and extending their relationships with collectors.

Innovative technology developments include enhancing online services, a live streaming service via the website, greater utilisation of social media platforms and an on-line auction platform that operates within Facebook, BuddyBid (this is a world first).

Specialists are receiving formal dealmaking training and auctioneers’ training.

Team development: Sophie Coupland continues to lead and, over the past two years, has built what is colloquially termed, in the business, the art army. It is recognised that Sophie’s tenure (18 years) and her ability to attract and maintain business at the very top end of the market was being hampered through limited support resource.

In 2010, Charles Ninow was employed by Webb’s to deepen Webb’s service ability

and to grow the middle market. Charles is Elam trained, has a comprehensive knowledge of New Zealand art history and a thorough knowledge and understanding of contemporary art practice. Charles soon proved his suitability to the auction business with a clear talent for deal making. Charles is currently being mentored by Sophie in all aspects of the business and has been promoted to a senior specialist role. He is well liked by the Webb’s client base and is developing his auctioneering skills effectively. During 2013/14, Charles will focus on securing stock and making sales at the top end of the market.

The recent appointment of Rachel Kleinsman has given the department the opportunity to grow the A2 sector which is being underserviced by the market. It was recognised that this sector of the market has growth potential and a strategy to present quality works in this forum has seen a 400% increase in sale totals over the past three years. With Rachel providing a dedicated resource to the A2 sector, indicators suggest that both sale totals and commission earned from this market will improve.

23

Webb’s - A modern tradition

Top 10 sales in the New Zealand secondary art market in 2013. Webb’s holds 70% of the top 10 sales.

1

NZ$431,250

Walters, Gordon

Art + Object

Tautahi PVA and acrylic on canvas, 152 x 114.2 cm

2

NZ$287,500

Hammond, William (Bill)

Webb’s

Last Night Jar in Congested Sky Acrylic on three Belgian linen stretched canvases, 180 x 120 cm each

3

NZ$276,000

McCahon, Colin

Art + Object

Noughts and Crosses, Series II, No. V Synthetic polymer paint on Steinbach paper mounted to hardboard, 109.5 x 73 cm

4

NZ$270,000

Goldie, Charles Frederick

Webb’s

Memories, Wiripine Ninia, a Ngati Awa Chieftainess Oil on canvas, signed C.F Goldie and dated 34 x 26 cm.

5

NZ$253,000

Goldie, Charles Frederick The Whitening Snows of Venerable Elder Atama Paparangi Oil on canvas on board, 29.7 x 21.5 cm (oval)

24

Webb’s

New Zealand’s Premier Auction House

6

NZ$230,000

Goldie, Charles Frederick

IAC

Memories - Rakapa, an Arawa Chieftainess Oil on panel, 20.1 x 15.1 cm

7

NZ$218,500

Hotere, Ralph

Webb’s

Vidyapati’s Song Acrylic on unstretched canvas, 304 x 91.2 cm

8

NZ$207,000

Ralph Hotere

Webb’s

No Ordinary Sun Acrylic on two unstretched canvases 302 x 98 cm each.

9

NZ$201,000

Bill Hammond

Webb’s

Zoomorphic Lounge Oil on canvas, 200 x 84 cm

10

NZ$189,750

Page, Evelyn

Webb’s

No1. Breakfast at Hobson Street Oil on canvasboard, 60 x 81 cm

25

Webb’s - A modern tradition

Private Treaty Sales Private sales, outside of our auction calendar, constitute a pivotal area of Webb’s business. Countless private transactions have been brokered through Webb’s on behalf of clients and our direct access to the nation’s most active collectors and institutions uniquely qualifies Webb’s to facilitate lucrative transactions outside of an auction setting. With increased competition on the saleroom floor, the current market is also characterised by a significant increase in collectors commissioning Webb’s to facilitate private treaty sales. This is in line with international trends. This aspect of the business has expanded significantly in recent years.

Colin McCahon – Kauri 26

Current inventory of high value fine art private treaty stock includes but is not limited to: Colin McCahon – Kauri $290,000 Colin McCahon – Moby Dick is sighted off Muriwai Beach - $350,000 Rosalie Gascoign – Ensign - $370,000 Colin McCahon – Are there no twelve hours of daylight - $600,000

New Zealand’s Premier Auction House

Colin McCahon – Moby Dick is sighted off Muriwai Beach

Rosalie Gascoign – Ensign 27

Webb’s - A modern tradition

Thought Leadership Webb’s engages local and international art specialists to grow the local market and support its brand position. Each major art event will be accompanied by a special guest speaker and formal dinner within the gallery. In August, Webb’s hosted Savita Apte (Director of the Dubai Art Fair). The Winter Dinner, held on 10 August, saw 80 collectors, patrons, curators and gallerists gather to enjoy an evening of fine food, wine and art connoisseurship at Webb’s. Professor Jonathan Mane Wheoke was joined by leading gallerist Ivan Anthony in discussing works in the sales and Savita Apte brought an international perspective to the dialogue.

In November, Dr Clare McAndrew of the Institute of Arts and Economics institute has agreed to visit. For March 2014, we have Peter Schjeldahl (The New Yorker art critic) pencilled in. Mr Schjeldahl is widely considered to be the seminal art critic of the 20th century.

In associating Webb’s brand with these highly esteemed specialists, respect is elevated for Webb’s position both locally and internationally.

28

Professor Jonathan Mane-Wheoki speaking about Shane Cotton’s exceptional work Kiddy Kiddy at Webb’s winter dinner (10 August 2013).

New Zealand’s Premier Auction House

Jewellery The restructuring of Webb’s Jewellery department has delivered immediate results assuring its dominant position and substantially improved profits from this department.

Webb’s new Jewellery department had its first sale in August following the departure of the previous consultant. The auction attracted a full room of people and a great level of activity, and Webb’s achieved a turnover of $810,881 (incl. BP and GST); this is the highest-grossing jewellery sale Webb’s has ever achieved. It is also the most successful jewellery auction ever held in New Zealand.

This is of particular significance due to the fact that, prior to this event, Webb’s had to share the net profits 25/75 in the consultant’s favour. Webb’s is now in control of 100% of the net profits and of the growth path of this aspect of the business. Further still, this part of the business is seasonal with November and December being the traditionally strong periods for jewellery sales. With this, income forecasts presented in the business plan are optimistically conservative.

Webb’s established its Jewellery department in 1977. Over the years, it has continued to grow under a variety of management structures. The recent departure of the incumbent jewellery consultant represents a very powerful growth opportunity for Webb’s in its Jewellery department.

The historical relationship between Webb’s and the jewellery consultant was problematic both culturally and commercially; Webb’s had limited profit incentive to grow this aspect of the business whilst Christopher Devereaux was taking 75% of the net profits.

This arrangement was in play when Mowbray acquired their initial position in the business.

Further still, the jewellery consultant operated in a manner that made it very difficult for Webb’s to administer operational growth. In more recent years, Christopher Devereaux became increasingly unmanageable, to the extent that Webb’s was unable to control the jewellery sales calendar and uphold core commercial principles.

For example, in December 2012, he entered into a contract with Dollar Dealers that committed Webb’s to a zero vendor’s commission (without consultation with Webb’s). As a result, Webb’s secured a gross fee of $33,000 from a $650,000 sale; this was clearly unacceptable.

He also strongly resisted any attempt to give jewellery a significant online presence. Since his departure, this has been rectified to great effect.

A Platinum and Pink Sapphire Necklace, achieved $44,555 in August 2013 29

Webb’s - A modern tradition

With poor health and a desire to retire, Christopher Devereaux sought a $500,000 goodwill payment from Webb’s in early 2013. Webb’s did not agree with this valuation. It was Webb’s belief that the bulk of the goodwill rested with Webb’s. As a result, Christopher Devereaux shifted the negotiation to a restraint of trade payment – this was positioned as a $375,000 cash payment plus a range of ancillary benefits the total of which was valued at approximately $100,000. As part of this discussion, he also wished to control talent entering the business.

It was recommended by Neil Campbell to Webb’s board that no payment should be made and the money should be invested into expanding Webb’s Jewellery department. As a result, the negotiation was concluded and Christopher Devereaux decided to work with Dunbar Sloane (for a limited period of time).

Webb’s has employed a highly experienced team whose members have succeeded in transforming the department in three months. Their first sale broke records for the market and the offering gained applause from the industry (excluding Christopher Devereaux and Dunbar Sloane).

30

Within three weeks, the new team had secured stock sufficient for two forthcoming auctions and established relationships with regular suppliers. A campaign to reach out to the industry brought much goodwill as numerous clients expressed a fresh willingness to undertake business with Webb’s Jewellery department now that a new team of specialists was in place.

Relationships lost by Christopher Devereaux due to his style of doing business were quickly rekindled; this has been another confirmation of the strength of Webb’s brand.

A rebranded catalogue produced a strong shift away from the dated aesthetic preferred by the previous consultant to a contemporary and high-calibre design aesthetic. It is fair to say that the new catalogue was a sensation within the industry.

Initiatives in marketing saw the Jewellery department maximise the use of traditional media alongside social media platforms.

What has become evident is that supply is not a problem within the jewellery market and that the future success of this part of the business rests upon presenting high brand values and utilising media

channels, brand partnering and celebrity endorsement to create a cache around Webb’s jewellery brand. The employment as head of department of Zora Bell Boyd positions Webb’s to strongly own and grow the jewellery market at auction in this country. Zora is a marketing specialist and has a comprehensive understanding of luxury retail marketing and contemporary consumer behaviours.

Overall, the new cultural feel of the jewellery business is extremely positive. The mostrecent jewellery catalogue and the results achieved are testament to this. The new team offers expert knowledge, strong retail experience and a sophisticated understanding of marketing. On the supply side, the business is experiencing a high level of goodwill and quality.

New Zealand’s Premier Auction House

Jewellery department sale totals

Restructuring Has Achieved Immediate Results

August 2013 was Webb’s highest-grossing jewellery sale.

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Apr

251773

612,458

0

0

0

390,000

May

0

195,580

264,877

0

403,745

473,000

Jun

366987

0

2,500

262,182

528,920

Jul

0

485,754

0

0

0

Aug

298831

13,764

246,427

489,749

558,905

Sep

266325

242,077

313,618

0

Oct

9381

0

4,500

404,327

Nov

0

0

600,045

0

444,498

Dec

661570

375,500

0

423,642

650,220

Jan 0

0

0

0

Feb

347040

307,885

240,090

431,090

Mar

0

393,263

430,231

0

Figures exclude BP 15% and GST

691,583

533,625

Figures exclude BP 15% and GST

31

Webb’s - A modern tradition

New Initiatives

Webb’s is now in a position to grow this part of the business in a positive manner. Having engaged the services of three trusted specialists, Webb’s has broadened the sales calendar and the Jewellery department is poised to deliver superior results.

Part of the new strategy is to develop a range of new sales channels and distinct jewellery brands: Fine Jewellery: Linked to the major art calendar with six sales per year offering the very best material. All items are professionally photographed and illustrated in a high-quality publication that translates into a rich online space.

Buy/Sell/Collect: Linked to the major jewellery events, this category offers affordable estate jewellery and customsseized material. Much of this is sold with no reserve and the category is intended to engage with the young aspirational buyer and with traders.

Commercial Jewels: In effect, a mix of old and new stock. We are currently in discussions with Walker & Hall and First State Auctions who have the ability to supply a full ready-made sale each month. The marketing platform is online only.

Private Treaty Sales: The new jewellery team offers experience in providing private retail services in the field of loose stones and bespoke jewels. On this front, Webb’s

32

is currently negotiating the sale of a $1.2-million 5.00ct diamond.

Note: It is believed that Christopher Devereaux was selling product outside his relationship with Webb’s. This is significant in that he refused to provide private treaty service under the Webb’s banner. Since his departure, Webb’s has promoted the private treaty service and is currently negotiating a number of high-level sales.

Online: Jewellery online is one of the fastest-growing categories of e-commerce.

Webb’s is developing online auctions for mid-market jewellery via social auction platforms. Having completed initial tests, we are confident there is a new market there.

On 12 August, Webb’s successfully sold a diamond for $2,000 on buddybid.com. The diamond attracted 23 bids and Webb’s brand was seen by 5,643 people online. Webb’s new website will carry bespoke functionality for online jewellery sales.

National Locations: Moving forward, we are expanding our auction events into Wellington, Christchurch and other significant economic regions such as Hamilton, Tauranga, New Plymouth and Hawke’s Bay.

Key to this is that Jaguar has agreed to allow Webb’s to house the regional events in its showrooms. This brings an efficient and elegant partnership to the table.

Turners Auction Alliance: Alan Kurtovich, General Manager, Turners, Auckland, has recently engaged Webb’s to explore the potential of Webb’s taking over Turners’ jewellery supply of police stock. Turners feels that it is not equipped to service this kind of product.

Duty-free and Finance Services: Webb’s is currently investigating these value-add platforms.

New Zealand’s Premier Auction House

33

Webb’s - A modern tradition

Webb’s Jewellery Clients

Competitive Landscape

Buyer

Dunbar Sloane: Dunbar Sloane has held jewellery sales for many years and has never been able to break into the top end of the market largely because the company cannot follow Webb’s strategy of linking Important Works of Art with Fine Jewellery and Watches.

Mostly transient, with a few regular, highvalue collectors.

Average spend is approximately $1,600 (average spend at Michael Hill is $380).

Trusts Webb’s brand as a transparent transaction house and specialist in its field.

Supplier

Dunbar Sloane has acquired the services of Christopher Devereaux. This is a risky move both commercially and culturally for Dunbar Sloane:

Commercial wholesaler, private collector, trader, estate, legal service, government agency (customs, High Court, Official Assignee’s office, etc.).

• Webb’s has a very good understanding of Christopher Devereaux’s strengths and weaknesses; therefore, Webb’s is a very effective competitor.

High level of goodwill and referrals.

34

to replicate Christopher Devereaux’s previous association with Webb’s whereby Devereaux will enjoy 50% of the gross profits whilst Dunbar Sloane will be paying all costs our of the remaining.

• It is also likely that Dunbar Sloane paid Christopher Devereaux a fee to incentivise the shift of a sum equivalent to the figure he sought from Webb’s.

Dunbar Sloane will therefore have undergone significant financial outlay which will drive a conservative approach towards further investment.

• With Chris Devereaux gone, Webb’s has been given a very clear profit incentive to invest in this part of the business.

• Christopher Devereaux wants to retire which means his commitment to Dunbar Sloane will be limited. Also Christopher Devereaux is going on a four-month holiday in Feb/March 2014.

Dunbar Sloane/Christopher Devereaux’s first Auckland sale turned over approximately $290,000; Webb’s first sale without Christopher Devereaux turned over more than $810,881 (inclusive of premium) which is a New Zealand record.

• The financial relationship Christopher Devereaux and Dunbar Sloane will have entered into will not encourage growth investment. The relationship is likely

First State Auctions: This Australian-based operator is working the pop-up model. It flies in, offers half a day of viewing, holds its auction and flies out. The company’s

sales are patchy ($50,000 to $300,000 sales); it has a trained gemologist and runs a good volume-based business. Webb’s is progressing a strategic alliance discussion with regard to First State Auctions supplying us ready-made, middle-market materials for our regional auction services. Webb’s has undertaken the same discussion with Walker & Hall. Both parties are keen to progress.

New Zealand’s Premier Auction House

Top-10 average sale price for 2012/13: $91,803.00 (market leader)

Standing room only at Webb’s August Fine Jewellery and Watches auction which set new market records, August 2013.

$205,000

5.00ct loose diamond

$165,843

5.07ct loose diamond

$82,000

An important ring set with an emerald of 19.38ct and diamonds

$87,750

Fabergé, a Lapis Lazuli and yellow gold box, workmaster Henrik Wigstrom

$85,781

A ring set with a diamond of 3.08ct

$71,002

A ring set with a solitaire diamond of 4.10ct

$63,000

A magnificent necklace set with an emerald of 19.38ct and diamonds

$62,906

A Rivière necklace set with 30.00ct of fine-quality, tycoon-cut diamonds

$51,748

A ring of white gold with a round, brilliant diamond solitaire centre stone

$43,000

An exceptional emerald of approximately 10.00ct set in a ring with diamonds

Sold at Webb’s for $205,000, August 2013.

35

Webb’s - A modern tradition

Interiors: Antiques & Decorative Arts Antiques & Decorative Arts

reaching a five-year high and

The Interiors team offers a very high level of expertise and knowledge: James Hogan (Head of Department and Senior Auctioneer) has been with Webb’s for more than 25 years; Steve Galpin – Head Estates and Antiques expert has been with Webb’s for over 15 years; and Josh Williams, Decorative Arts Specialist and Auctioneer has been with Webb’s for the last six years.

the department turnover

Interiors: Trends

up 35% year on year when

Collectors have shifted their focus towards decorator items such as lighting, taxidermy, cabinet of curiosity material, and the rare and unusual, all of which have been attracting strong prices. The market for antique Chinese furniture, textiles, jade, porcelain and ivory also continues to boom with competition driving prices well in excess of estimates. Demand for quality silver and tableware has increased with a general trend towards fine dining in the home combined with an increase in the base-metal price of sterling silver. An expanding collector base and increasingly limited supply has also seen items of historical interest to New Zealand perform well. Specialist collecting genres, such

produced some excellent results over 2012/13 with a combined auction total

compared with 2011/12. The total volume of lots sold over the year has also increased, up 23%, indicating a growth in Webb’s share of the antique and collectables markets.

36

as militaria, and marine and racing memorabilia, also remain firm. Prices for quality traditional antiques, when fresh to the market and by established makers such as porcelain by the Royal Doulton and Royal Worcester factories, glass by Lalique and Daum Nancy and good Georgian furniture, have also been strong.

The focus of collectors towards a modernist design aesthetic continued throughout 2012 with firm prices for pieces by established designers concurrent with a rise in the popularity of industrial design furniture and home wares.

There has been a strong start to the 2013 year with Asian and European investors competing for the very best materials. The April sale delivered a convincing $250,000 result with a sale rate of 78%.

Of real interest, moving forward, is a set of very rare, carved rhinoceros horns which will be offered later in the year – initial market feedback has their price sitting at between $150,000 and $250,000. Webb’s has received a pre-auction offer of $170,000.

Interiors – Antiques and Decorative Business Development Marketing costs for this department have recently been significantly reduced by not publishing a full hard-copy catalogue and concentrating on building the consumer online experience. This strategy delivered excellent results in the May and August 2013 sales.

Increasing the diversity of the sale content and targeting material that is engaging the Asian market is critical and reflects international trends.

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR 17 OCTOBER 2013 AUCTION

CONTACT JOSH WILLIAMS jwilliams@webbs.co.nz / 09 524 6804

INTERIORS: DECORATIVE ARTS & ANTIQUES

WEBB’S DECORATIVE ARTS MARKET HIGHLIGHTS 1.12 MILLION

74%

The first half of 2013 has seen a strong growth in both the value and volume of sales at the Interiors: Decorative Arts auctions. This follows positive sales trends over recent years in this field with the introduction of curated auctions which blend the traditional style of antiques with interior design and decorative styling. This new approach has seen more eclectic and unusual offerings, which appeal to a broader

CATALOGUE 357

and younger audience of people who have little interest in the likes of traditional ‘brown’ Victorian furniture. With all pieces illustrated online, increased engagement from collectors across the country and offshore alike has boosted a growth in sales in new areas. In particular, demand is high for taxidermy, industrial furniture, memento mori, vintage New Zealand collectables, mid-century modern items, and especially

esoteric, rare and unusual objects. The market for quality Chinese antiques continues to rise with significant and steady growth and with collectors in this area being increasingly well informed. The longstanding trend of strong demand from high-end specialist collectors in the areas of sterling silver, quality clocks, rare porcelain, antique rugs and militaria continues with steady sales from a discerning audience.

WEBB’S DECORATIVE ARTS SALES HIGHLIGHTS

2

5

162

“This new approach has seen more eclectic and unusual offerings, which appeal to a broader and younger audience.”

sell-through rate 2013

1

A rare pair of 19th-century Chinese Carved Rhinoceros Horns POA

Josh Williams Webb’s Decorative Arts Specialist

Dec Arts sales 2012

6

01 - A Large Chinese Ming Banquet Bowl. Achieved $29, 000 02 - A Colonial Taxidermy Case of New Zealand Birds. Achieved $14, 000 03 - A Pair of Carlo Bugatti Salon Chairs. Achieved $31, 500 04 - A Victorian Arthur & Dent Carriage Clock. Achieved $20, 700 05 - An 18th Century Meissen Armorial Tray. Achieved $8,700

3

7

4

8

06 - A Pair of Chinese Huanghuali Chairs. Achieved $28, 000 07 - A Victorian Sterling Silver Butler’s Tray. Achieved $11, 700 08 - A Set of George IV Sterling Silver Candlesticks. Achieved $23,400

CATALOGUE 357

163

37

Webb’s - A modern tradition

Webb’s Interiors: Antique & Decorative Art Clients Buyer Mix of novice and professional dealer, interior designer, well-informed collector with specialist areas of interest, novice collector.

Needs to have a trusted, quality brand.

Will research but not acquire high-value items via Trade Me or eBay or other online forums.

Supplier Mix of novice/well-informed collector, professional dealer, interior designer.

Well informed with specialist areas of interest.

Estate, insurance company, institutional client.

38

Competitive Landscape

Top-10 average price for 2012/13: $19,799.00 (market leader)

Auction continues to grow in importance as retailers continue to fail.

$40,000 Steiff ‘Titanic’ Mourning Bear, 1912

Trade Me has provided a reasonable forum for low to mid-tier traders but fails to deliver results in the specialty genres of collecting.

Cordy’s operates a good business and is a collegial competitor.

Dunbar Sloane offers the only antique service in Wellington – which suggests the market could sustain a new entrant. Art+Object holds occasional sales with limited effect. The company is challenged by the lack of in-house expertise and floor space and the fact that it has chosen to market itself as contemporary.

Because of this, antiques do not resonate with its client base.

$29,312 A Large Chinese Blue and White Rice Bowl $28,140 A Pair of Oriental Hardwood Carved Armchairs $17,001 An Antique Reproduction Maximilian Suit of Armour $15,242 A Late 19th-century Peter Hutson & Co. Maori Maiden Figure $14,070 An Early Colonial Taxidermy Case of New Zealand Birds $14,070 A European Rosewood Inlaid Centre Table $12,897 A Chinese Hardwood Two-door Cupboard (Huang Lee) $12,018. A Chinese Hardwood Two-door Cupboard (Huang Lee) $11,725 A Fine Early-Victorian Sterling Silver Butler’s Tray

New Zealand’s Premier Auction House

Estate Department – Thursdays at Webb’s The Estate Department offers weekly auctions (Thursdays at Webb’s) that enable Webb’s to offer a full service to the market.

Offering an average of 300 lots per sale, this department was Webb’s answer to TradeMe. Instead of joining TradeMe, Webb’s aggregates stock for TradeMe traders.

This part of the business provides positive weekly cash flow and the highest clearance rate in the company. It is currently operating at full capacity and could be expanded.

Business Development Webb’s now publishes all lots online and offers an online bidding service. Moving forward, Webb’s BuddyBid platform will support the growth of this aspect of the business.

39

Webb’s - A modern tradition

Fine & Rare Wine Under the leadership of Simon Ward, Webb’s Fine & Rare Wine department once again leads the market in its field of competition.

There has been growth in demand for the very best in fine French wine and this echoes international trends. The record results achieved for Webb’s Wine department are compelling when viewed alongside the impact of the strong New Zealand dollar in this largely international market. Overall, turnover increased by 28% with a sellthrough rate by volume of 78%. Both the Asian and Australian markets underpin local demand for international quality wines.

Webb’s suffered a dramatic episode of fraud four years ago, with the then wine consultant Simon Mickelson operating dishonestly on a vast range of levels. As soon as the activity was identified, Webb’s undertook to ensure that all of its clients who had suffered loss because of Simon Mickelson’s relationship with Webb’s were compensated.

40

The story was picked up by the media at the time and the serious fraud office (SFO) was engaged.

Webb’s cooperated with SFO for 18 months to ensure Mickelson was brought to justice; he was sentenced to 2.5 years in prison.

The level of cost to Webb’s was difficult to quantify; however, the recovery of the business was remarkable and underscored the value of Webb’s goodwill. The manner in which management handled the crisis was also applauded by the industry.

The year Mickelson was caught stealing, Webb’s Fine & Rare Wine department was turning over less than $250,000 annually.

Three years later, under the management of Simon Ward, it was turning over $1.5 million and building its business.

Competitive Landscape Specialist retailer – Caro’s, etc.

Langton’s Australia – strong online service which has little interest in entering the New Zealand market.

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR AUGUST & SEPTEMBER 2013 AUCTIONS

CONTACT SIMON WARD wine@webbs.co.nz / 09 524 6804

FINE & RARE WINE

WEBB’S FINE & RARE WINE MARKET HIGHLIGHTS

1.54 MILLION

Simon Ward Webb’s Fine and Rare Wine Specialist

Fine & Rare Wine sales 2012

80%

Webb’s market growth 2007 – 2013

“ With the total turnover for wines in 2012/13 achieving $1.8m, a 28% year on year improvement, Webb’s fine wine market continues to mature.”

Webb’s holds 80% of the secondary market in fine wine

Firm local demand for quality fine wines continues to drive Webb’s results. With the total turnover for wines in 2012/13 achieving $1.8m, a 28% year on year improvement, Webb’s fine wine market continues to mature. Volume of supply remained firm across the same period. With this, the top ten average price per bottle year on year sits slightly up at $5,347. The average sale rate also remained strong at 78% (a 4.5% increase).

The majority of wine sold by Webb’s originates from Europe, particularly Bordeaux. This source of product represents more than 60% of Webb’s yearly sales by value. The emergence of Asia’s interest in fine wine over the last five years is the largest factor to have fuelled growth in the value of ‘blue chip’ world wines over a relatively short period. Over the last three months, prices have eased slightly and yet, concurrently, interest from buyers in Burgundy and Champagne has been

developing. For the last quarter, volatility and price drift have remained low.

As the secondary market continues to mature for wines produced in New Zealand, Simon Ward expects to see increased interest from buyers and correlatively higher prices for top vintages from our best local producers. With this, Webb’s is preparing to build a standalone platform for this specific aspect of the New Zealand secondary market.

WEBB’S FINE & RARE WINE SALES HIGHLIGHTS 4 6 2

3

5

7 1

2001 Domaine de la Romanee-Conti, Assortment Case. $30,000 - $40,000

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01 – 2009 Chateau Petrus (Magnum). Achieved $5,862.50 02 – 1967 Chateau Lafite Rothschild (Imperial). Achieved $9,086.88 03 – 1945 Chateau Latour. Achieved $4,103.75 04 – 1976 Chateau Petrus (Jeroboam). Achieved $5,862.50

05 – 2007 DRC La Tache (Magnum). Achieved $4,103.75 06 – 2008 Chateau Petrus (Magnum). Achieved $3,517.50 07 – Remy Martin Louis XIII Grande Champagne Cognac. Achieved $7,035.00

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Business Development

Top 10 average price for 2012/13: $14,672 (market leader)

The outlook remains positive with firm local demand being sustained from the Asian market. Large private stocks remain at hand with local collectors continuing to evolve their private cellars. A recent alliance with Mark Weldon and Sarah Elliott promises to bring some interesting synergies. Another positive alignment has been establishing a relationship with Sam Harrop, Master of Wines, who has recently moved back to New Zealand and who commands international attention and with whom we are discussing a strong above-the-line relationship. During 2013/14, a new auction vertical will be established – New Zealand Pinot – which Simon Ward believes can be developed into a special New Zealand class of investment wine. The Wine department is also committed to developing dedicated online-only wine auction events via Webb’s BuddyBid social auction platform.

$16,560.00

(12) 2003 Ch Lafite Rothschild

$15,477.00

(12) 1990 Ch Lafite Rothschild

$15,477.00

(6) 2002 Ch Lafite Rothschild (Magnum) (OWC)

$15,477.00

(12) 2006 Ch Lafite Rothschild

$13,200.00

(12) 2008 Ch Lafite Rothschild (OWC) (2 x 6 pack)

$13,200.00

(6) 2006 Ch Lafite Rothschild (Magnum) (OWC)

$14,773.50

(12) 2002 Ch Lafite Rothschild OWC

$14,773.50

(12) 2002 Ch Lafite Rothschild

$14,070.00

(12) 2004 Ch Lafite Rothschild

$13,718.25

(12) 2004 Ch Lafite Rothschild

Note: Webb’s also has another online wine website strategy in play which was halted during the Simon Mickelson incident.

Zeald.com has committed to developing this site at no cost to Webb’s.

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New Zealand’s Premier Auction House

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Webb’s - A modern tradition

Interiors: Modern Design Over the last five years, there has been a surge of demand for good-quality modern design.

Following this trend, Webb’s has sent specialists into the USA market to acquire containers of stock. Over the last couple of years, Webb’s has built a strategic alliance with Mr. Bigglesworthy, a company which leads the retail sector in the sale of quality mid-century design. This relationship works very well by taking some pressure off Webb’s internal resource while ensuring this small but influential market is not saturated by Art+Object which has attempted to secure this as a brand-aligned market. Webb’s partnership with Mr. Bigglesworthy provides a constant low-touch supply of excellent product. The most recent modern design sale achieved a 70% sale rate by volume and a 94% rate by value.

Webb’s Modern Design Clients

Supplier

Buyer

Professional collector, retail/wholesale dealer.

Urban-based, 25 to 55 years old.

Affluent with good disposable income.

Most likely a professional.

Well travelled.

Appreciates fine things.

Aesthetics play a part in brand choices.

Smart, curious and engaged.

Interested in provenance and stories, and in finding unique things.

Needs to have a trusted, quality brand.

Would self-describe as having an interest in, and some knowledge of, modern design, but not as an expert.

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Private collector seeking to maximise the transactional value by offering their product through Webb’s.

Competitive landscape: Trade Me Mr Mod – specialist retailer Art+Object Note: this is an import-based market and is exposed to exchange rate shifts.

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR OCTOBER 2013 AUCTION

CONTACT JOSH WILLIAMS jwilliams@webbs.co.nz / 09 524 6804

MODERN DESIGN

WEBB’S MODERN DESIGN MARKET HIGHLIGHTS

Josh Williams Webb’s Modern Design Specialist

70% 94%

sell-through rate

of lots sold by value

International and local trends in the modern design field illustrate a rapidly growing market, together with an increased appreciation for good design.

As the pioneers who paved this road are rediscovered and celebrated, seasoned collectors continue to seek out the key pieces that define an era. From the work of early innovators such as Charles and Ray Eames through to the contemporary craft of Marc Newson, iconic works are highly coveted and anticipated. Increasing

IN ASSOCIATION WITH MR. BIGGLESWORTHY

“Early examples of modern classics along with the more glamorous, high-end offerings have seen consistent increases in price.”

demand has fuelled higher prices across the spectrum of modern design and created a strong investment market for key pieces.

Early examples of modern classics along with the more glamorous, high-end offerings have seen consistent increases in price.

These have been followed closely by rare and celebrated pieces from New Zealand designers, such as Garth Chester and Bob Roukema. Webb’s partnership with mid- century specialists Mr. Bigglesworthy

has succeeded in presenting the market with quality modern design sales. Our extensive market knowledge and our resources for sourcing classic and desirable designs both locally and internationally have resulted in a higher calibre of stock being offered to the market place and this was reflected in the strong sales results from the last auction of mid-century design held in April.

WEBB’S MODERN DESIGN SALES HIGHLIGHTS

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5

9

3

2

7

6

10

01 - A Hans Wegner Oak Dining Table by Carl Hansen. Achieved $8,100 02 - An Archie Shine Sideboard by Hamilton. Achieved $5,200 03 - A Sigurd Resell Falcon Chair & Footstool by Vatne Mobler. Achieved $4,600 04 - A pair of Eames soft pad chairs. Achieved $5,900 05 - A Curtis Jere Flying Birds Sculpture. Achieved $3,900 06 - A BMF Nagel Modular Candelabra. Achieved $2,900

11

4

8

12

07 - A Peter Protzman Zebrawood Desk by Herman Miller. Achieved $7,000 08 - A Pair of Eames Aluminium Group Chairs by Herman Miller. Achieved $4,200 09 - A Pair of Charles Pollock 657 Sling Chairs by Knoll. Achieved $6,600 10 - A Set of Six Hans Wegner Wishbone Chairs by Carl Hansen. Achieved $8,100 11 - An Isamu Noguchi Coffee Table by Herman Miller. Achieved $4,500 12 - A Tendo Moko Rocking Chair and Ottomon. Achieved $ 3,200

Contour Chair by Bob Roukema for Jon Jansen $2,500 - $4,000

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Webb’s - A modern tradition

Vintage Motorcycles & Cars Webb’s holds New Zealand’s only regular auctions of vintage motorcycles, historic racing cars and classic automobiles.

In 2012/13, Webb’s sales featured motorcycles and vehicles from the best private collections in New Zealand and Australia. Comprising exquisite, rare and highly refined motorcycles and sports cars, both events celebrated the very best of automotive industrial design focused on high-velocity performance. In February 2013, Webb’s sponsored the New Zealand Classic Racing Festival; it marked the launch of Webb’s 2013 classic motorcycle auction which saw $400,000 worth of collectable motorcycle sales transacted.

Webb’s Vintage Motorcycle and Car Clients Buyer Mix of novice, professional dealer and enthusiast.

Well-informed collector with specialist areas of interest.

International quality attracts international competition.

Needs to have a trusted, quality brand.

Supplier Mix of novice collector, professional dealer and enthusiast.

Well informed with specialist areas of interest.

Estate, insurance company, other institutional source.

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Business Development Webb’s has secured control of a standalone collection of more than 150 vintage motorcycles which has a market value of around $1.2 million to $1.4 million. This collection will be released over the next 12 to 18 months via traditional auctions, private sales and online social auctions.

Webb’s is also negotiating with the Museum of Transport and Technology (MOTAT) to hold the next sale event on its grounds; this will allow Webb’s to access MOTAT’s database.

Webb’s Vintage Motorcycles department has also made its mark internationally with auctions attracting bidders from the United Kingdom, Germany, India, the United States of America, Australia, Japan and South America. Reflecting the quality of Webb’s services, the luxury publisher Assouline has invited Webb’s to be part of its next publication entitled The Impossible Collection of Motorcycles in which 15 to 20 machines that have been sourced and sold

by Webb’s will be highlighted (refer: http:// www.assouline.com/97816142805522. html).

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR NOVEMBER 2013 AUCTION

WEBB’S VINTAGE MOTORCYCLES & CLASSIC CARS MARKET HIGHLIGHTS

CONTACT NEIL CAMPBELL ncampbell@webbs.co.nz 09 524 6804

VINTAGE MOTORCYCLES & CLASSIC CARS

Neil Campbell Webb’s Vintage Motorcycle Specialist and CEO

$60,600

Top ten average bike price Market growth 2009 – 2013

To be in partnership with a machine which extends the power of the body through technology, is an intrinsic part of being modern. With the 19th and 20th centuries producing complex and refined combustion technology, vintage motorcycles and classic cars continue to make up a maturing class of cultural investment. In recent years, Webb’s has created a platform through

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which domestic collectors can access the international market. Gone are the days of sending precious machines to the northern hemisphere markets in the hope of making a sale – the success of our auctions has enabled us to transact in this complex field to an international standard. Testament to this is the sale of the Ferrari Lusso for $1,110,000 to an international collector.

Recent results have also dictated that international demand for the best examples has set local values. Having recently secured the management of another lifetime collection of vintage motorcycles, Webb’s is delighted to be offering an additional extraordinary selection of quality machines.

WEBB’S VINTAGE MOTORCYCLES & CLASSIC CARS SALES HIGHLIGHTS

1

1970 Venom Thruxton 500 Dodkin Tuned Realised: $55,100

“Gone are the days of sending precious machines to the northern hemisphere markets in the hope of making a sale – the success of our auctions has enabled us to transact in this complex field to an international standard.”

01 - 1949 AJS 7R 350. Achieved $42,000 02 - The Brian Thomas Manx. Achieved $110,000 03 - Meikle / Munro Speical. Achieved $83,500

2

3

5

6

04 - 1964 Matchless Rickman Matisse G50. Achieved $70,350 05 - 1963 Ferrari Lusso. Achieved $1,110,000 06 - 1955 Vincent Black Knight Series D. Achieved $100,000

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Webb’s - A modern tradition

Webb’s has also secured a significant museum collection (Pete’s Vintage Transport Museum) which is valued in the vicinity of $600,000 – the timing of this sale is yet to be determined – possibly November 2013.

The online demand community for vintage machines is extensive. With this in mind, Webb’s has been working with the largest collectable motorcycle site in the world – Bike EXIF – to extend our story and our market; the site has more than 120,000 followers. Also, we are strategic partners with Deus Ex Machina.

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Top-10 average sale price for 2012/13: $41,929.00 (market leader)

Competitive Landscape:

$120,700 1974 Jaguar Mk III E type V17 Roadster

Turners has stopped offering classic motorcycle sales and has lost its position in the classic car market. Trade Me provides a reasonable platform for mid-market material; however, the engagement and sale rates are low. Dunbar Sloane, Art+Object, Cordy’s and International Art Centre have no footing in this market. Watson’s (South Island) has recently announced the establishment of a department.

$55,107

1970 Velocette Venom Thruxton 500

$38,692

1960 Harley-Davidson Duo Glide

$36,347

1972 Norton FIM Production Racer

$31,657

1977 Ducati 900SS Super Sport

$29,312

1929 Triumph Horseman

$26,967

1921 Harley-Davidson Model F and Sidecar

$25,208

1980 Ducati 900ss

$24,622

Burt Munro Collection

$22,277

1923 Harley-Davidson Model J and Sidecar

New Zealand’s Premier Auction House

1963 Ferrari Lusso 250, realised: $1,100,000 - March 2011 49

Webb’s - A modern tradition

Tribal Art Three years ago, Webb’s joined forces with leading Oceanic art specialist Jeff Hobbs; this transformed its position within the market for Maori, Pacific and African artefacts.

With a remit to elevate Maori and Oceanic arts as a field of collecting and to establish a landmark campaign to repatriate Maori taonga and Oceanic artefacts to New Zealand, Webb’s has quickly established itself as an industry leader, holding spectacular sales and setting new benchmarks of value across the genre.

In recent years, Webb’s has been engaged by international museums to facilitate de-accession programmes, represented and sold the Merton Simpson (New York) Collection which we won from Sotheby’s, New York, and been asked to manage the sale of the last privately owned 18th-century Maori carved meeting house, Te Tiki Te Tamamutu – which has a market value of $8.0 million. We are currently in discussions with relevant iwi and Te Papa Tongarewa.

In June 2013, Webb’s was once again engaged by Te Papa Tongarewa to value the entire Maori and Oceanic taonga collection.

This prestigious and lucrative commission reflects Webb’s position in the market.

Jeff Hobbs continues to build strong relationships both locally and internationally. This has resulted in a

50

number of significant repatriations of Maori and Oceanic taonga for which Webb’s has worked in conjunction with the Ministry for Culture and Heritage.

Webb’s facilitated over $1,234,365 in tribal art sales over 2012/13 with the September 2012 sale achieved a staggering 157% sale rate by value against reserves.

Webb’s share of this part of the New Zealand market continues to surge with 2012/13 results confirming a year-on-year increase of over 14%. Pieces of both Oceanic and Maori material culture continue to attract passionate competition from both private collectors and cultural institutions.

This is seen as a growth market with expanding awareness from collectors of the importance of the product and increased crossover with collectors of New Zealand art.

Webb’s Oceanic Art Clients Buyer Highly opinionated and informed collector/ trader/dealer.

Will tend to take risks on the right opportunity.

Will compete aggressively if need be.

Confident enough to bid at long range.

Self-described intuitive buyer based on rational experience supported by international collectors.

Needs to have a trusted, quality brand.

Supplier Private collector, dealer, institutional source.

Key competitors: Dunbar Sloane, Cordy’s

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR SEPTEMBER 2013 AUCTION

WEBB’S OCEANIC & AFRICAN ART MARKET HIGHLIGHTS

CONTACT JEFF HOBBS jhobbs@webbs.co.nz / 021 503 251

OCEANIC AND AFRICAN ART

1.2 MILLION tribal art sales 2012

$49,663

top 10 average price in 2012

Jeff Hobbs Webb’s Oceanic Art Specialist

258%

increase in turnover in last 4 years

In 2012, Webb’s top ten prices in this field resulted in a market-leading average sale price of $49,663; turning over a total of $1,234,345, the Tribal Art department achieved a record result. Three years ago, Webb’s joined forces with leading Oceanic art specialist Jeff Hobbs. With a remit to elevate Maori and Oceanic art as an investment class in its own right for the connoisseur collector, Jeff established a landmark campaign to repatriate Maori taonga and Oceanic artefacts to

“ With a remit to elevate Maori and Oceanic art as an investment class in its own right for the connoisseur collector, Jeff established a landmark campaign to repatriate Maori taonga and Oceanic artefacts to New Zealand.”

New Zealand. He has been successful in repatriating a number of pieces and collections of significant Maori taonga.

Collaborating with international collectors brings Webb’s unique opportunities to work with a generation of international tribal art collectors who understand that New Zealand should have the opportunity to repatriate pieces.

Webb’s work within this field also extends to institutional valuations with Webb’s undertaking the valuation, earlier this year,

of the national collection of Maori taonga and Oceanic treasures at Te Papa.

With Webb’s highly anticipated tribal art sale approaching, we expect there to be demand for exceptional examples of pounamu workmanship and prestigious carving.

Certainly, the Oceanic field of collecting is very strong at present with international collectors seeking off-market examples found in New Zealand.

WEBB’S OCEANIC & AFRICAN ART SALES HIGHLIGHTS

1

2

4

3

5

9 10 01 – Rare Tongan Whalebone Chest Ornament. Achieved $23,400 02 – Prestigious Kahu Kiwi – A King’s Cloak. Achieved $79,700 03 – Tahitian Shark Hook. Achieved $16,400 04 – Pair of Cased Huia and Kiwi. Achieved $25,800 05 – Whalebone Rei Puta, The Ryman Collection. Achieved $140,300

6

7

8

06 – Early Poutokomanawa. Achieved $27,000 07 – Kotiate. Achieved $25,800 08 – Rare Fijian War Club. Achieved $32,700 09 – Historic Mere Pounamu. Achieved $146,600 10 – Ashanti Royal Lion. Achieved $22,300

Maori Canoe Bailer. Achieved $20,000 152

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Webb’s - A modern tradition

Competitive Landscape

Business Development

Top-10 average sale price for 2012/13: $49,633.00(market leader)

Dunbar Sloane Snr is a known private collector and the company of Dunbar Sloane was the traditional incumbent Tribal Arts auction house. Over the last four years, Webb’s has taken significant market share from Dunbar Sloane and successfully blocked Art+Object’s attempt to gain a footing in this fascinating international market. With the impending retirement of Dunbar Sloane Snr, the passion and expertise will no longer be present at Dunbar Sloane. Cordy’s also offers an authentic casual service. The company has a reputation for being a good auction room for finding bargains.

Our strategic alliance with Mark Ellington continues to pay dividends. Most recently, we have secured a very well-known collection of African miniatures from the lifetime collection of a celebrated New York-based collector. This is an extension of the work Webb’s undertook for the Merton Simpson Collection (New York) and the Zanesville Museum Collection (USA).

$79,730

Kahu Kiwi Cloak

$71,300

Fine Collection of 31 Oceanic Fish Hooks, two Sinkers

$59,800

Poutokomanawa – Anaha Te Rahui

$55,107

Whale-tooth Rei Puta

$46,900

Kahu Huruhuru – Prestigious Feather Cloak

$45,727

William Seuffert, Writing Compendium

$38,692

A Pair of Rare Cased Huia

$36,933

Tekoteko – Ancestral Figure

$35,175

Early Kaitaka Paepaeroa

$26,967

Early Poutokomanawa

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Webb’s is also developing a social auction strategy for this department. This involves working with a group of well-regarded international dealers and the media brand Tribal Art.

New Zealand’s Premier Auction House

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Webb’s - A modern tradition

Bethunes – Rare Books Bethunes offers a strong heritage brand having operated since 1877 – it is one of the oldest auction businesses in New Zealand.

Leveraging this, Bethunes is now holding specialist sales such as natural history, collectable comics and postcards and, moving forward, stamps (in partnership with J R Mowbray). Acquired from Mowbray, Bethunes’ original client base was compromised which led to a legal dispute between Mowbray and Dunbar Sloane. Since shifting to Webb’s, the business has created profits sporadically. The Estate Department conducting weekly sales may also benefit from taking up the brand. This tactic would allow Webb’s to communicate with the low end of the market more effectively without marginalising the brand equity of Webb’s at the top end of the market.

Webb’s Bethune’s Clients

Competitive Landscape

Buyer

With the market in decline, there have been no new entrants for over a decade. Pam Plumbly operates a small business under the umbrella of Art+Object – she is the mother of one of the directors.

Mix of novice and professional dealer.

Well-informed collector with specialist areas of interest.

Needs to have a trusted, quality brand.

Aging.

Supplier Mix of novice collector and professional dealer.

Also estate, insurance company, other institutional source.

Trends The market for rare books and maps is complex and in decline. The department is characterised by high volume/high touch, low average value.

The market is aging and highly localised and this severely limits international demand.

With the online strategy, a social auction platform is a priority.

Webb’s has accelerated a diversification strategy for this department that will see niche genres such as comics and natural history expand the department’s revenues.

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New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR SEPTEMBER 2013 AUCTION

CONTACT BEN ASHLEY bashley@webbs.co.nz / 09 524 6804

BETHUNES The upcoming Bethunes September auction will present a strong selection of collectable titles published by The Caxton Press, featuring rare limited editions by authors such as Denis Glover, A.R.D. Fairburn and Allen Curnow, plus very scarce copies of

Oriflamme and Sirocco printed by The Caxton Club Press, the predecessor to The Caxton Press. Further highlights include a large number of important works from the collection of ‘Gone West’ bookstore owner; Murray Gray.

ENTRIES NOW INVITED FOR SEPTEMBER 2013 AUCTION

NATURAL HISTORY

Offering a distinguished collection of natural history treasures, Webb’s September Natural History auction is particularly strong on taxidermy, including a group of mounted swordfish and lion heads.

Further highlights include fossilised dinosauria; rare trilobites

A selection of works to be presented in the Bethunes September sale.

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CONTACT BEN ASHLEY bashley@webbs.co.nz / 09 524 6804

and ammonites; crystals; shark and mammoth teeth, and a wide selection of visually stunning petrified wood. For the seasoned collector, as well as the novice or enthusiast, this sale features a comprehensive selection of distinctive natural history items.

Rowland Ward Mounted Lion Head. $1,200 – 1,500.

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Webb’s - A modern tradition

New Zealand Studio Ceramics With the appointment of Brian Wood as Webb’s in-house ceramics expert and a mandate to curate stand-alone auctions in this field, Webb’s position is dominant in the market for New Zealand studio ceramics.

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Webb’s ceramics sales comfortably cross the boundaries of historical and contemporary collecting cultures and demonstrate that there is a genuine resurgence of interest in this area of collecting. Webb’s has been promoting ceramics in New Zealand for over 30 years and has a strong database of collectors who actively seek works for their collections.

Brian continues to develop this aspect of the business in a professional and enthusiastic manner. With Peter Webb’s long-standing and passionate relationship with New Zealand ceramics, this small but well-formed part of the business sits well culturally within Webb’s and enables Brian (Head of Valuations) to generate auctionbased income for Webb’s.

This year’s specialist ceramics sale drew a dedicated crowd with buyers flying in from across the country for the event.

Strong bidding resulted in a 90% sale rate by volume with several new record prices achieved. Webb’s holds the record price at auction for the work of Len Castle for a Branch Pot which achieved $14,025. Recent auctions also saw pieces by the artist sell for strong prices with a Yellow Sulphur Bowl achieving $6,862 and the two Inverted Volcanos selling for $9,380 and $7,035 respectively. Results for ceramics at Webb’s over the year have been strong with a Peter Hutson & Co. Maori Maiden Figure selling for $15,242, a Francis Upritchard ceramic baboon for $9,200 and a Francis Upritchard ceramic bat for $8,690.

Top-10 average sale price for 2012/13: $7,094 (market leader) $15,242 Peter Hutson & Co. Maori Maiden Figure $9,380

Len Castle Red Inverted Volcano

$9,200

Francis Upritchard ceramic baboon

$8,690

Francis Upritchard ceramic bat

$7,035.

Len Castle Red Inverted Volcano

$6,862

Len Castle Yellow Sulphur Bowl

$6,290

Len Castle Yellow Sulphur Bowl

$5,146

Len Castle Blue Crater Lake Bowl

$4,003

Len Castle Yellow Sulphur Bowl

$2,696

Mirek Smisek Salt-glazed Porcelain Bowl

A late-19th-century Peter Hutson & Co. Maori Maiden Figure. $15,242.50

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

ENTRIES NOW INVITED FOR OCTOBER 2013 AUCTION

CONTACT BRIAN WOOD bwood@webbs.co.nz / 09 524 6804

CERAMICS

WEBB’S CERAMICS MARKET HIGHLIGHTS Brian Wood Webb’s Studio Ceramics Specialist & Head of Valuations

300%

$14,025

Webb’s hold the record price for the work of Len Castle sold at auction

“The results achieved demonstrate that interest in this area has escalated with both a larger audience and improved prices.”

Increase in the average price for Len Castle’s Inverted Volcano works sold at Webb’s in the past three years

Webb’s has been promoting New Zealand studio ceramics for over 40 years and holds many of the country’s record prices for works offered in curated, stand-alone auctions in this field. Having relationships with collectors and those involved in the studio ceramic movement, our specialist Brian Wood carries a degree qualification in, and comprehensive knowledge of, the history of the movement, contemporary practice and the market. Webb’s sales comfortably cross the boundaries of the historical and contemporary periods with

works dating from the 1960s through to more recent production, alongside works by international studio ceramicists. The results achieved demonstrate that interest in this area has escalated with both a larger audience and improved prices. We hold New Zealand’s record price at auction for the work of Len Castle with a Blossom slab vase selling for $14,025 and in 2012, an Inverted Volcano sold for $9,380 alongside significant achievements for the work of Barry Brickell, with a terracotta sculpture recently achieving $5,284; Roy

Cowan, with an outdoor ceramic sculpture selling for $8,215; and a Denis O’Connor wood-fired lidded jar selling for $2,045. In addition to the well-known names in New Zealand ceramics such as Barry Brickell, Len Castle, Mirek Smisek, Bronwynne Cornish, Richard Parker, Chester Nealie, Helen Mason, Peter Stichbury, Juliet Peter, Roy Cowan, Warren Tippett and Denis O’Connor, we also have a remit to promote contemporary ceramics by practitioners currently engaged in the medium.

WEBB’S CERAMICS SALES HIGHLIGHTS

1 2

5

A pair of earthenware square section baluster vases, by Richard Parker $2,000 - $3,000

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6

01 - Len Castle, Inverted Volcano. Achieved $9,380 02 - Barry Brickell, Dragon Dog. Achieved $2,931 03 - Martin Poppelwell, Red Skull. Achieved $1,168 04 - Len Castle, Yellow Sulphur Bowl. Achieved $6,862

3

4

7

8

05 - Peter Hutson & Co, Wahine Figure. Achieved $15,242 06 - Len Castle, Blue Crater Lake Bowl. Achieved $5,146 07 - Mirek Smisek, salt glazed Branch Pot. Achieved $2,345 08 - Denis O’Connor, woodfired lidded box. Achieved $2,045

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Webb’s - A modern tradition

Specialist Valuation Services Lead by Brian Woods, Webb’s offers the most diverse range of in-market specialist knowledge in the country.

With access to 37 years of market data and local and international specialist knowledge, Webb’s ability to provide fast, accurate and professional services is without match.

The department offers a professional and functional valuation service. It has a very important role in the business as a strong sourcing tool and gives access to collections and important pieces that may yet be on the market.

Webb’s provides specialist services covering fine art, antiques and collectables including furniture, silver, china and decorative furnishings, rare books and wine. Brian provides complete valuation services with special services for executors, lawyers, loss adjusters and trustees. He is able to undertake valuations for insurance, financial reporting purposes, post-loss, family asset division and market purposes.

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auction. It is important for executors to be able to show that they have been fair and used due diligence when settling estates. The basis for these valuations is an assessment of market value and, as auctioneers who are constantly in the market place, we are ideally equipped to prepare such valuations.

institutional collections and has provided valuations for: Te Papa Tongarewa, Auckland Art Gallery, the Govett-Brewster Art Gallery and numerous other collections of national significance.

Webb’s also provides valuation services for matrimonial disputes. Using current market values for household effects, we provide an independent and neutral valuation service.

Museums, galleries, public institutions (these include regional councils with collections).

Preferred Supplier to the Insurance Sector

Insurance sector.

Insurance companies require proof of ownership and value before they will agree to settle a claim in full.

Competitive Landscape

Webb’s prepares detailed inventory reports to enable clients to ensure that they are maintaining adequate insurance cover.

Specialist Service for Executors, Lawyers and Trustees

Valuations for Financial Reporting and Accounting

Webb’s is one of the few companies in New Zealand that can provide a complete valuation and sales service for executors in relation to family division and sale by

Using Industry Standard Methodology, Webb’s prepares valuations for financial reporting and accounting purposes. Webb’s is competent in all aspects of valuing

Webb’s Valuation Clients

Private residential clients.

All other auction houses offer valuation services. However, Webb’s services all of the more-significant cultural and corporate collections and offers 37 years of market data.

New Zealand’s Premier Auction House

IMPORTANT OCEANIC AND AFRICAN ART

WEBB’S

Valuations

Recent commisions Brian Wood Head of Valuations

Te Papa Tongarewa

Oliveston Historic House, Dunedin

Wellington CIty Council Public Art

Brian Wood E: bwood@webbs.co.nz P: 09 529 5609

webbs.co.nz

8

CATALOGUE 361

Webb’s Valuation department is the most comprehensive of its kind in New Zealand. With over 35 years of experience and a team of 20 specialist staff members, we provide tailored services that set the industry standard.

Significant recent commissions include valuing the entire Taonga Maori, Pacific and Ethnographic collections at Te Papa Tongarewa, and valuations for Auckland Art Gallery, Wellington City Council Public Art Collection, the complete

contents of Olveston, several collections for Auckland War Memorial Museum, Auckland Council, Museum of Transport & Technology, Voyager New Zealand Maritime Museum, and numerous regional museums and galleries.

Webb’s valuers offer a provent ability to accurately undertake valuations for any items, from single pieces to complete collections, within set time frames and in a cost-effective manner.

Specialist fields of expertise include: New Zealand and International Art Photography Ceramics Antiques and Decorative Arts Modern Design Maori Artefacts and Oceanic Art Books, Rare Documents, Maps and Manuscripts Fine and Rare Wine Vintage Motorcycles Fashion and Textiles Household Chattels

Valuations are prepared for the purposes of: Insurance Post-loss Insurance Family Estate Division Financial Reporting Relationship Property Division Corporate Compliance Webb’s valuations are based on industry-standard methodology and are accepted by all of the leading insurance companies and brokers.To discuss your valuation requirements or for a noobligation quote, contact Brian Wood.

Auckland Art Gallery

Motat

CATALOGUE 361

9

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Webb’s - A modern tradition

Premises 18 Manukau Road, Newmarket

Our premises have renewal rights in 2015 with a 5+5 arrangement to take us through to 2025.

Whilst Webb’s has a secure lease to 2025, the current landlord has offered Webb’s a significant cash incentive to shift as they wish to develop the site.

The issue of lease versus ownership has been explored extensively over the last three years. Several significant opportunities have been presented to the board in the hope that Webb’s market rent costs could be reduced and/or put to task in supporting an owneroperator building.

Webb’s current lease has a ratchet clause in it that was influential during the rise of the property market (in the period 2006 – 2009). A recent rent-review exercise suggests that Webb’s is currently overpaying by approximately $60,000 to $70,000 per annum. Webb’s has a natural conjuncture at the end of next year when the company should address this. Alternatively, Webb’s may choose to work with the current landlord to capture the value it is currently offering.

It is management’s opinion that there is a significant upside opportunity for the owners of Webb’s to harness Webb’s lease costs in the future – if only to realign current lease overheads to market rates.

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New Zealand’s Premier Auction House

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Webb’s - A modern tradition

Strategic Brand Alliances In August 2012, Webb’s was recognised by leading international art publication Art+Auction as being one of the top 250 auction houses in the world.

Webb’s brand equity attracts high value and sophisticated brand partners who are seeking an experience with Webb’s and the cultural assets about which Webb’s is passionate. Below are recent brands who have wanted to pursue an association with Webb’s brand equity.

Terra Sancta – owned by Mark Weldon (exCEO of the New Zealand Stock Exchange) and Sarah Elliott.

Workshop – Chris and Helen Cherry – long-standing, embedded partnership.

Jaguar Group.

Antipodes Water – long-standing, embedded partnership.

Black Magazine.

Mercedes.

Robertson Group – Luxury Lodges.

Webb’s is named as one of the best auction houses in the world.

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Jaguar (Key Sponsor of the New Zealand Arts Foundation) wished to embed their brand into Webb’s brand equity. Here Sophie Coupland and Neil Campbell provide Savita Apte (owner of the Dubai Art Fair) with a private tour of Alan Gibbs’ sculpture farm, August 2013.

New Zealand’s Premier Auction House

This small and well-lit group of brands is focused on experience-based relationships with Webb’s and its reputation in the market place. The winter dinner platform works well to cross market prestige brands as does the off-site ‘Improbable Gift for Impossible People’ events.

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Webb’s - A modern tradition

Long-term Market Growth Webb’s long term growth rate

Growth Is A Function Of Price And Volume

Demand Side Dynamics Improving

is predicted to continue to

Webb’s growth revenue in core auction markets is a function of price times volume. With this, the value of cultural assets organically correlates to population growth and the maturity of a country’s understanding of its art history and its related culture assets. The value of cultural assets will always grow as a function of population and cultural maturity. Webb’s historical data reflects this.

Looking forward there is new generation of primary market dealers (Hopkinson Mossman, Mr. Bigglesworthy for example), that are focused more than ever on our material cultural history. In Auckland alone there are over 80 primary art galleries – when Peter Webb set up his first business there were none. The new generation of dealers are active in bringing international collectors and institutions into our market, they are also active in bring international artists into the market (for example Gow Langford Gallery exhibiting Damien Hirst (UK) ). Webb’s hosting of Savita Apte (director of the Dubai Art Fair) was motivated in part by the desire to grow international demand for New Zealand material and to build greater understanding from international specialists and collectors of the New Zealand market. Australia is also becoming a more important market for New Zealand. In Webb’s most recent sale of Important Paintings and Contemporary Art (Aug 2013) more than 10% of the revenue was generated out of the Australian market. Further still, next month a number of leading New Zealand galleries will be

outperform GDP growth rates.

As a trader of significant cultural assets, Webb’s long term growth is linked to inherent macro variables such as long term population growth and a constantly increasing demand for scarce and finite cultural products.

64

The Fixed Cost Nature Of The Business Drives Scalability The cost structure of Webb’s is largely fixed. This chararteristic reflects a market business that investors find attractive because when prices rise (organically as above or through specific demand/supply cycles) the revenue drops straight to the bottom line. With this the revenue growth outlined in each market segment will result in much stronger profitable growth because Webb’s operational costs are already at scale. In essence increases in price are 99% margin because there is a very low marginal cost associated with additional sales value.

showing at the Sydney Art Fair. As New Zealand becomes closer to the Australian and Asian Pacific region the number of collectors and investors naturally expands.

Both these trends will see prices increase materially over the medium term for premium art and other significant cultural assets.

Fine Art The general move of all markets - financial and mercantile - to Auckland, as well as the growth in the Auckland population and wealth at much faster rates than New Zealand generally, will see the Auckland fine art market grow faster than the national average. The aging of the population will also see, as it has in other countries, a move into fine art and cultural assets as the time and cash rich move into the market.

The entry of Art&Object into the market has been positive. They are focusing on two slightly different growth sub-segments - photography and art clubs. In terms of customers their main emphasis and marketing is on new entrants to the art market. This is ultimately very positive for Webb's as these customers will migrate

New Zealand’s Premier Auction House

to the fine art market from the affordable sector. The fine art market has established a dynamic whereby high value art goes to Webb's. This is reflected in the August sales results and the inventory of private treaty work currently held by Webb’s.

We expect the smaller players to weaken and disappear as these two larger brands establish a quasi-duopoly, growing the market share of Art&Object and Webb's.

In aggregate we expect this to result in longterm growth rates for Webb's of +7%.

Maori and Oceanic Taonga The long term market structure in New Zealand for Maori and Oceanic Taonga is drifting toward a quasi monopoly, with Webb’s positioned very strongly. Over the last four years Webb’s have successfully gained significant market share from the aging incumbent Dunbar Sloane. Webb’s now holds over 60% of this market and it the preferred service provider to Te Papa Tongawera.

Interest in artifacts is shown globally to grow as ‘history recedes’. International demand for Oceanic material continues

to rise as European, Middle Eastern and American collectors and institutional buyers focus on Asian Pacific material culture. In recent years this genre of material cultural has set records for the major auction houses. Also a contributing demand factor is the favourable corporate tax framework that encourages corporate acquisition and gifting of tribal artifacts to cultural institutions. Webb’s is able to compete internationally as a light footed service provider. Offering comparatively light service fees (15% vs 25%), Webb’s regularly win the right to repatriate and market important Oceanic material.

On a national level the institutions continue to acquire significant Maori and Oceanic Taonga which plays through mostly in value, whereby scarcity increases price. In aggregate we expect this to result in longterm growth rates for Webb's of +8%.

Wine The significant growth of the local wine market over the last two decade has built a strong foundation for the primary and secondary wine market. The internet has significantly enhanced the global nature of

the wine market reducing the need for local collector/investors to offer their inventory through traditional European auction platforms. Webb’s is a preferred transaction platform for many of New Zealand’s leading wine dealers offering competitive rates of service and a well-lit marketing platform.

The New Zealand market is also seeing a greater liquidity in the wine sector as collectors seek to arbitrage product sourced from New Zealand and Australia in to high growth markets such as Hong Kong, Shanghai and Singapore and others.

Growth in Asian populations in New Zealand and sale of high value French brands, along with new channels of product will see this market growing faster than other segments.

The increased access to first growth assets also ensures the availability of quality supply for the New Zealand secondary market. In aggregate we expect this to result in long-term growth rates for Webb's Fine Wines of +9%.

Estates The demise of traditional estate competitors continues, leaving Webb’s as the leading service provider within the region. Continued

population drift to Auckland will see more estate content being sourced in Auckland.

The population of the Auckland region aged 65 years and over will more than double between 2006 and 2031. An ageing population means the percentage of the population aged 65+ will continue to increase most within the Auckland region.

This trend will increase the demand for Webb’s services. In aggregate we expect an increase in traditional growth rates of +8% above GDP. Fine Jewellery and Watches Continued population drift to Auckland will see more jewellery content being sourced in Auckland. Combine this with Auckland’s aging population; Webb’s supply side model is strong. Another significant trend is wholesale jewellery suppliers working corroboratively with select auction houses such as Webb’s and Sotheby’s Australia.

Internationally this model has become a key growth factor for all major houses. There is also relatively uncontested demand outside of the Auckland market. Traditionally this sector has been left to the middle market incumbents such as Michael Hill. Last 65

Webb’s - A modern tradition

year Michael Hill’s operating earnings ($112m) provided a $22m surplus. Online consumer trends are significant with jewellery consumption being one of the fastest growing online verticals. Webb’s is in a strong position to secure market share on this front. In aggregate we expect this to result in long-term growth rates for Webb's of +12%.

Collectibles Long term growth in specialist collectable market plays into trend’s and allows rapid response to market demand through collaboration in supply, such as Webb’s relationship with Mr. Bigglesworthy (modern design) and Jason Dean (vintage motorbikes) and one-off life-time collections such as Pete’s Museum. This part of the market offers significant cash flows.

Efficiencies are also significant in terms of the knowledge and marketing reach the collaborator’s offer. There is also a virtuous cycle on the supply side as many of the collaborators / private collectors are long term Webb’s clients. The aging demographic of Auckland also ensures both increased supply and greater demand. Massive long66

term supply build up out of the Christchurch earthquake is waiting to come to market.

Insurance administration on this front is progressing. Recent seismic activity in the lower north island will also increase medium term supply trends. In this market, green trends relating to recycling quality products will continue to drive growth in volume.

Guaranteed near term (5 year) growth rate well above current levels and aggregate long term rates for Webb's sit at +10%.

New Channels: BuddyBid.com BuddyBid offers Webb’s the ability to offer a continual auction experience (similar to Trademe or Ebay) but in a 100% Webb’s branded environment. The platform also gives Webb’s the ability to run ‘off category’ auctions without trying to fit the material into traditional auction categories and auction cycles which enables a more efficient path to market. This also provides a smoother cash flow line. Being social by nature the platform also builds Webb’s brand into the fastest growing operating system in the world (Facebook attracts more than 50% of New Zealand’s entire population on a monthly basis). Establishing

this new audience into the auction market assists in long term growth for other traditional markets.

Estimate will add 5% to 10% additional total revenue beginning in year 3 from today.

Synergy Factors Increased channels to market: With 100% control of Webb's there is the ability to put additional Mowbray product through the auction channel (coins, stamps, other).

This will add, we estimate, 5% to the price realized through Mowbray.

Brand visibility: Mowbray’s has been outside the Auckland market, and the Webb's channel will allow the Mowbray brand to build additional momentum in the Auckland market. There is also the opportunity to leverage Webb’s brand equity via the listed entity MOW which promises to expand the market’s view of Webb’s and Mowbray’s.

Initial discussions have also indicated that Mowbray’s are seeking to refresh their board and that senior Webb’s executives may bring value to this aspect of the rebuild. Note: Mowbray’s have nominated Neil Campbell

to sit on the Board of the New Zealand Auctioneers Association and have in recent months explored the possibility of Neil Campbell sitting on the Mowbray’s board.

Supply of product: With visibility into the estate product supply, and other product supply, Mowbray’s will be able to maximise its channel’s of delivery (i.e. pick up product from the estate department and sell it through Mowbray’s channels rather than Webb's).

There are also significant opportunities to consolidate Mowbray’s business services through Webb’s. Another significant post transaction synergy will be the reduction of overall accounting cost to the Mowbray group as there will be no need for separate Peter Webb Galleries, Webb’s Fine Wines and Mowbray’s accounts.

New Zealand’s Premier Auction House

Significant Valuation Principles

Webb’s growth against GDP

Staff are a key intangible asset to Webb’s and need to be taken into account in price as this is a business that is all about capability.

2009

2010

2011

2012

2013

Actual

Actual

Actual

Actual

Actual

The Webb's brand has real value as an intangible asset - and needs to be valued separately from cash flow.

11,028,609

12,112,086

12,924,181

13,242,770

14,235,589

Webbs’ Annualised Growth

2.62%

9.82%

6.70%

2.47%

7.50%

Annualised GDP Growth

-1.70%

1.80%

1.40%

2.40%

2.30%

WEBB’S 5 year Average Growth

5.82%

GDP 5 year Average Growth

1.24%

The business carries significant goodwill.

There is a premium that should be paid for control over-and-above the cash flow, brand equity, goodwill and pure asset values.

The market standard 10% to 15%, as this acquisition provides control, would be sound.

*refer: https://www.anz.co.nz/resources/e/8/e8d0e7804e78fe219c32fcfa34380e44/ANZ-QEF-20130208.pdf. Note: Excludes Buyer’s Premium and GST.

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Webb’s - A modern tradition

Summary With economic forecasts looking optimistic, business confidence up and a number of clearly defined growth strategies in play, Webb’s is set for annual improvements in both turnover and profit levels.

Despite a shaky international economy, auction houses have thrived seeing multimillion dollar sales made and records being smashed everywhere. With the 2012 global art market worth more than $60.0 billion, half of which is now attributed to auction, connoisseurs and novice collectors alike are using auction as a preferred means of buying and selling. The favoured pricediscovery mechanism in complex fields of collecting and investing is now auction.

Within an increasing global market, Webb’s is poised to experience unprecedented growth. Named by leading international art publication Art+Auction (by blouinartinfo. com) as one of the top auction houses in the world, Webb’s lineage and modern capabilities are exceptional.

One must be careful about quoting statistics in the art world for, as Henry Clay once said, “statistics are no substitute for judgment”; however, Webb’s has sold significantly more in the way of total art sales by value than has any other auction house in New Zealand (refer: Australian Art Sales Digest). Last year Webb’s also secured considerably more art sales over $100,000 than did all other auction houses in New Zealand, 37% ahead

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of its nearest competitive colleagues, and convincingly outstripped its competitors in the fields of jewellery, fine wine, Oceanic arts and vintage automobiles.

Webb’s is poised for growth. Having worked through a major fraud incident, a management walk-out, ownership handover and the global financial crisis, Webb’s, it would be fair to say, is ‘match fit’. Equally, the synergies between Webb’s and Mowbray are clear and largely untapped.

Being debt free, having secured control of the Jewellery department and leading the top end of the fine art market, Webb’s current operation model is in excellent shape.

Cost-effective technologies will continue to put downward pressure on key cost centres such as communications as Webb’s audience migrates to higher engagement with online platforms.

Historically, Webb’s has always operated in a competitive market. The entry of a new player six years ago weakened the market position of three of Webb’s traditional competitors (Dunbar Sloane, Watson’s and Cordy’s). As the historical art auction data confirms, Webb’s market share remained

remarkably consistent throughout this period. When adding Webb’s private sales data, we see that, in fact, Webb’s Art department has experienced growth in what can only be described as difficult economic times. Furthermore, Webb’s has succeeded in building strong, young talent into the business and this has resulted in dominance of the top end of the art market and significant growth in the A2 and A3 sectors (400% in the past three years). This legacy strategy has enabled Sophie Coupland to successfully focus on the top end of the market.

As a market-leading auction house with a longstanding reputation as an ethical transaction house, Webb’s brand equity is a very valuable asset. With this, it is set to add significant value to the Mowbray group. The shareholders of Mowbray Collectables have the opportunity to take the Webb’s brand values and apply them to the entire group. In doing so, Mowbray Collectables could shift from being a brand recognised primarily in the field of stamp collecting to being a publicly listed company known as a market leader across all the fields of cultural investment.

The goodwill associated with Webb’s is

New Zealand’s Premier Auction House

also undeniable as was shown in the quick recovery of the Fine Wine department (post fraud).

Webb’s current growth path rests on a combination of organic growth via mature sectors such as art and innovation-based growth via new technology platforms that deliver Webb’s new audiences such as BuddyBid.com and live online experiences (saleroom.com). Webb’s is set to reap the rewards of the restructuring of the jewellery income centre, private treaty sales and continued diversification of Webb’s income streams such as online retail, special sales and regional expansion.

Webb’s management and specialists have an entirely unique set of knowledge and expertise based on decades of experience.

Webb’s combined sense of competition and expert knowledge ensures the success of the business moving forward. Judging by the last three years of positive growth trends, recent restructuring successes (namely, gaining 100% control of jewellery with no capital outlay), Mowbray synergies moving forward and regional growth strategies, Webb’s has positioned itself well for growth and market expansion.

Goldie, Charles Frederick, Memories, Wiripine Ninia, a Ngati Awa Chieftainess, achieved $281,400 69

Webb’s - A modern tradition

Appendix A Webb’s Staff

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WEBB’S

Important paIntIngS and ContEmporary art

Webb’s people Over 37 years of experience in fine art and auctions.

Founded in 1976, Webb’s created a market for contemporary art at auction through the 1980s and led the rise of the art market in the early 2000s, establishing a position as New Zealand’s foremost auction house. Webb’s has a total turnover of roughly twice that of any other New Zealand auction house, unsurpassed specialist expertise and the business diversity needed to cater for an all-encompassing range of collecting genres; thus, our identity is shaped as an acclaimed industry authority.

Fine Art Department.

Neil Campbell LLBBEcom Mobile: +64 21 875 966 DDI: +64 9 529 5607 ncampbell@webbs.co.nz

Sophie Coupland BA Mobile: +64 21 510 876 DDI: +64 9 529 5603 scoupland@webbs.co.nz

Chris Allsop Mobile: +64 21 679 319 DDI: +64 9 529 5605 callsop@webbs.co.nz

Charles Ninow Mobile: +64 29 770 4767 DDI: +64 9 529 5601 cninow@webbs.co.nz

Rachel Kleinsman rkleinsman@webbs.co.nz

Aleksandra Petrovic DDI: +64 9 524 6804 apetrovic@webbs.co.nz

Hannah Daly artteam@webbs.co.nz

Tracey Mobile: +64 29 770 4767 DDI: +64 9 529 5601 cninow@webbs.co.nz

Rurri rkleinsman@webbs.co.nz

James Hogan Mobile: +64 21 510 477 jhoganl@webbs.co.nz

Josh Williams DDI: +64 9 524 6804 jwilliams@webbs.co.nz

Amy Moore DDI: +64 9 5246804 amoore@webbs.co.nz

Zora Bell Boyd Mobile: +64 21 268 589 DDI: +64 9 529 5606 zbellboyd@webbs.co.nz

Peter Downey DDI: +64 9 529 5606 jewels@webbs.co.nz

Brian Wood DDI: +64 9 529 5609 bwood@webbs.co.nz

Anna Carr DDI: +64 9 529 5606 acarr@webbs.co.nz

Helen Winskill DDI: +64 9 529 5602 hwinskill@webbs.co.nz

Dan Keone DDI: +64 9 524 6804 artteam@webbs.co.nz

Jeff Hobbs Mobile: +64 21 503 251 jhobbs@webbs.co.nz

Katrina Sewell DDI: +64 9 524 6804 ksewell@webbs.co.nz

Webb’s Fine Art department has an unmatched reputation for excellent service in achieving record prices at auction for contemporary, early modern, modern and historical artworks. Our extensive Fine Art calendar leads the market and consists of specialist sales of Important New Zealand Works of Art, Contemporary Art, Historical Works of Art, Photography and A2 Art (auction tier two).

Sophie Coupland — BA, Director & Head of Department, Fine Art With 15 years’ experience in the fine art industry, Sophie’s 19th to 21st-century fine art knowledge is extensive and highly referenced. She has managed the sale and placement of many of the country’s finest and most-coveted works of art, and headed the Webb’s Fine Art department through the rise of the market (1999 – 2004).

Mobile: +64 21 510 876 DDI: +64 9 529 5603 scoupland@webbs.co.nz

Charles Ninow — MFA, Fine Art Specialist Charles joined Webb’s in 2011 and has an expert, well-referenced knowledge of the New Zealand secondary market. Particularly, his areas of interest lie in the modern and contemporary periods.

In addition to this, he is also engaged with current critical discourse surrounding the primary market and the institutional sector. Charles holds a master’s degree from Elam School of Fine Arts.

Mobile: +64 29 770 4767 DDI: +64 9 529 5601 cninow@webbs.co.nz

Gillie Deans — Resident South Island Specialist With over 30 years’ experience within the visual arts community, Gillie provides fine art services to Christchurch and South Island clients including current market and insurance valuations, conservation and advice around the purchase and sale of artworks by auction or private treaty.

Mobile: +64 27 226 9785 gdeans@webbs.co.nz

Carey Young — Head of Fine Art Services, Wellington Founder and director of newly opened Wellington contemporary gallery The Young, Carey previously worked for leading dealer gallery Hamish McKay and has over ten years’ experience in the industry. She is available in Wellington to provide commentary on current market trends and valuations for market and insurance purposes.

Mobile: +64 21 368 348 cyoung@webbs.co.nz

Rachel Kleinsman — BA, MA, Fine Art Specialist, Assistant Manager Rachel is an art specialist with a strong knowledge of the international art market, and has worked for Christie’s, Sotheby’s and White Cube gallery in London. She holds a Bachelor of Arts degree in Art History and Modern Languages (Victoria University of Wellington) and a Master of Arts degree in Art Business (Sotheby’s Institute of Art, London).

DDI: +64 9 524 6804 rkleinsman@webbs.co.nz

Hannah Daly — BA , Registrar, Fine Art Department Hannah holds a Bachelor of Arts degree, majoring in Art History and History from The University of Auckland. She has a strong interest in European modernism, particularly across the fields of fine art and design.

Simon Ward Mobile: +64 21 642 277 DDI: +64 9 529 5600 wine@webbs.co.nz

Ben Ashley DDI: +64 9 524 6804 bashley@webbs.co.nz

Steve Galpin DDI: +64 9 524 6804 sgalpin@webbs.co.nz

Duncan Rooney DDI: +64 9 524 6804 drooney@webbs.co.nz

DDI: +64 9 524 6804 artteam@webbs.co.nz

Aleksandra Petrovic — BFA, PgDipFA, Junior Fine Arts Specialist,Registrar With an interest in modern and contemporary art, Aleksandra has previous experience in commercial and contemporary art spaces and galleries, and a background in fine art.

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DDI: +64 9 524 6804 apetrovic@webbs.co.nz

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Webb’s - A modern tradition

WEBB’S

Important paIntIngS and ContEmporary art

departments

departments

Antiques & Decorative Arts, Collectables & Estates Department.

Fine Wine Department.

The Antiques & Decorative Arts department comprises a dedicated, experienced team of specialists covering 20th/21st-century design, New Zealand ceramics, Maori and Oceanic arts, folk art, colonial furniture, European ceramics and glassware, Asian arts, clocks, marine and nautical instruments, sterling silver, textiles and vintage clothing, and toys and dolls. Complementarily, the Collectables & Estates department hold affordable weekly sales offering a wide variety of interesting and useful items including antiques, household furnishings, collectables, appliances, crockery, cutlery, jewellery, paintings and prints.

Webb’s Fine & Rare Wine department leads the New Zealand auction market in the sale of fine, collectable wine. Webb’s sales feature fine New Zealand wines, premium Australian wines, Champagne, First Growth Bordeaux, premium Burgundy and a selection of Sauternes, Ports, Italian wines and Cognacs.

Simon Ward — RAWM, Consultant, Fine Wine Department

James Hogan — Head of Department, Antiques & Decorative Arts James has worked with Webb’s for over 20 years, and is a highly experienced senior valuer and appraiser of antiques and decorative arts from the 18th to the 21st centuries. His particular interests include New Zealand colonial furniture, English and Continental furniture from the 18th and 19th centuries, retro and modernist furniture and interior objects.

Mobile: +64 21 510 477 jhoganl@webbs.co.nz

Josh Williams — BA, Auction Manager, Modern Design Specialist Having worked for Auckland Museum, the Victoria and Albert Museum, and in antique shops in London, Josh’s specialist interests include Georgian furniture and antiques, and mid-century modern design. He holds a Bachelor of Arts degree (The University of Auckland) and a Postgraduate Certificate in Museum Studies (The University of Sydney).

DDI: +64 9 524 6804 jwilliams@webbs.co.nz

Steve Galpin — Estate & Decorative Arts Specialist Steve has worked for sixteen years as Webb’s senior in-house valuer of decorative arts and antiques. With an extensive knowledge of decorative arts from the 18th to the 20th centuries, Steve is one of New Zealand’s most broadly knowledgeable experts on antiques, decorative arts and the sale of antiques at auction.

DDI: +64 9 524 6804 sgalpin@webbs.co.nz

Simon joined Webb’s as director of the Fine Wine department in 2009. With over 20 years in the industry encompassing production, sales, marketing and winery management, Simon’s international experience includes four years based in Italy. He holds an Associate Diploma of Wine Marketing (Roseworthy College, South Australia).

Mobile: +64 21 642 277 DDI: +64 9 529 5600 wine@webbs.co.nz

Oceanic And African Art Department.

Two sales are held annually in this specialised area of collecting. Sales feature artefacts from the precontact and contact periods through to 20th-century works. Pieces covered include those used for ritual, ceremonial, decorative and practical purposes within traditional Maori and Oceanic and African cultures, as well as New Zealand colonial furniture.

Jeff Hobbs — Consultant, Oceanic And African Art Department Jeff is a veteran expert in Oceanic, Tribal Arts and antiquities. A successful dealer and consultant in New York and the United Kingdom during the 1990s, he subsequently owned and operated Wellington’s well-respected Sulu Gallery. Jeff has travelled internationally on behalf of Webb’s repatriating significant Maori and Oceanic material.

Mobile: +64 21 503 251 jhobbs@webbs.co.nz

Duncan Rooney — BFA, Auction Administrator With a Bachelor of Fine Arts degree from The University of Auckland’s Elam School of Fine Arts, Duncan is also a keen carpenter, designing and making a range of contemporary furniture in his spare time. Duncan is available to provide advice to clients on all matters relating to our weekly sales and the auction process.

DDI: +64 9 524 6804 drooney@webbs.co.nz

Vintage Motorcycles & Industrial Design Department.

Webb’s is the market leader in the sale of collectors’ motorcycles in Australasia. As the largest auction house in New Zealand to hold scheduled exhibitions and auctions of important motorcycles, Webb’s delivers international prices and expert service to its clients and caters for both local and global demand for superior machines.

Fine Jewels & Watches.

Neil Campbell — LLB, BEcon, Managing Director

Webb’s jewellery sales include a wide selection of fine and magnificent jewels together with valuable watches, significant diamonds, the finest antique and modern jewels, and watches from the most sought-after makers in the world.

A trained lawyer with a degree in Economics, Neil worked in the film production sector for many years, and as a script-writer (his story ‘The Freezer’ was made into a film in 2006). Neil formerly represented the New Zealand Union for Film Directors, and worked as the in-house content lawyer for TVNZ. Neil ensures Webb’s team is well-supported and focused on providing the best range of services in New Zealand.

Mobile: +64 21 875 966 DDI: +64 9 529 5607 ncampbell@webbs.co.nz

Zora Bell Boyd — BA (Hons), BDes, Specialist – Marketing Manager Zora has a background in precious gemstone trading, bespoke jewellery manufacture and high fashion. She established Wunderkammer, a boutique fashion destination, and her own jewellery range, and has over 10 years’ experience sourcing precious stones and antique jewellery from locations as far afield as South America and Asia.

Mobile: +64 21 268 589 DDI: +64 9 529 5606 zbellboyd@webbs.co.nz

Modern Design.

Held twice annually, these sales present design classics and pieces by the world’s most celebrated designers. Webb’s modern design partnership with mid-century specialists Mr. Bigglesworthy ensures that high-calibre, classic and desirable designs are offered.

Peter Downey — Senior Specialist , Valuer - Antique Jewellery.

A founding director of Webb’s jewellery department in the 1980s, Peter has 44 years of market experience and is one of New Zealand’s foremost jewellery specialists. He has a comprehensive knowledge of all materials and styles, and his specialist areas include Castellani, Giuliano, Fabergé, Cartier, art nouveau and art deco.

DDI: +64 9 529 5606 jewels@webbs.co.nz

Josh Williams — BA, Auction Manager, Modern Design Specialist Having worked for Auckland Museum, the Victoria and Albert Museum, and in antique shops in London, Josh’s specialist interests include Georgian furniture and antiques, and mid-century modern design.

He holds a Bachelor of Arts degree (The University of Auckland) and a Postgraduate Certificate in Museum Studies (The University of Sydney).

DDI: +64 9 524 6804 jwilliams@webbs.co.nz

Libby Lewis — LLB, AJP, DG (GIA), Specialist Contemporary Jewels With 10 years’ experience providing a bespoke jewellery service, Libby spent three years in Dubai trading diamonds and working with one of the largest jewellery businesses in the region. She has a diploma as an accredited jewellery professional and a diamond grading certificate from the Gemmology Institute of America.

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ART MAJOR BACK SECTION .indd 170-171

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DDI: +64 9 529 5606 llewie@webbs.co.nz

CATALOGUE 357

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26/08/13 6:45 PM

New Zealand’s Premier Auction House

WEBB’S

IMPORTANT PAINTINGS AND CONTEMPORARY ART

THE LAST WORD

DEPARTMENTS Valuations Department.

Webb’s provides valuation services to public institutions, and corporate and private collections, including Auckland Art Gallery, Te Papa Tongarewa and numerous regional galleries and museums.

Domestic valuation services include single items or entire collections and cover artworks and the full spectrum of antiques, interiors, modern design and collectables.

Brian Wood — BFA, Head of Valuations Leading the Valuation department, Brian has a sound knowledge across the collecting genres and is a specialist in studio ceramics. Brian ran his own art and antique gallery before heading overseas.

On his return to New Zealand, he completed a Bachelor of Fine Arts degree majoring in ceramics and managed a private art collection before joining Webb’s.

Mobile: +64 21 486 948 DDI: +64 9 529 5609 bwood@webbs.co.nz

Bethunes at Webb’s – Rare Book Department.

Bethunes operates as the rare book department of Webb’s. The department deals in rare, out-ofprint and collectable books, historical photography, maps and plans, manuscripts, documents and ephemera, posters and prints, and postcards.

Ben Ashley — BA, Head of the Rare Books Department Ben has a background of over ten years’ experience in high-end retail, and his varied skills and knowledge provide a fresh, pragmatic approach to book sales and appraisals. Ben studied New Zealand Literature at The University of Auckland, Victoria University of Wellington and the International Institute of Modern Letters.

DDI: +64 9 524 6804 bashley@webbs.co.nz

Management, Owners & Founders.

Neil Campbell — LLB, BEcon, Managing Director A trained lawyer with a degree in Economics, Neil worked in the film production sector for many years, and as a script-writer (his story ‘The Freezer’ was made into a film in 2006). Neil formerly represented the New Zealand Union for Film Directors, and worked as the in-house content lawyer for TVNZ. Neil ensures Webb’s team is well-supported and focused on providing the best range of services in New Zealand.

Mobile: +64 21 875 966 DDI: +64 9 529 5607 ncampbell@webbs.co.nz

Chris Allsop — DipActg, DipIntlMktg, General Manager Chris Allsop comes to Webb’s with over 20 years’ experience in accounting, administration and business management. Having been with Webb’s for seven years, he brings to the business exceptional financial and management skills.

Mobile: +64 21 679 319t DDI: +64 9 529 5605 callsop@webbs.co.nz

Peter & Ann Webb Peter and Ann Webb’s contribution to the New Zealand contemporary art market is extensive. The founder of one of New Zealand’s first dealer galleries, Peter introduced a highly successful auction programme which eventually prompted the gallery’s conversion into an auction house. In 1980, during one of Peter’s last major gallery shows, Colin McCahon’s New Paintings, he met Ann, who joined the company later that year. The two were married in 1990. As Executive Director of Webb’s, Ann helped build the business that would become the country’s foremost specialist auction house.

Mowbray Collectables Ltd Mowbray Collectables Ltd is a publicly listed parent company which houses a range of auction based assets in key fields of collecting and cultural investment. Mowbray Collectables also hold a 25% equity stake in Sotheby’s Australia and 14% of BuddyBid.com. John Mowbray is the former President of the International Federation of Stamp Dealers Associations and is a director of Webb’s and Sotheby’s Australia.

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pwebb@webbs.co.nz awebb@webbs.co.nz

JOSH WILLIAMS

Decorative Arts Specialist The last two years have marked a turning point for Webb’s Decorative Arts department with the introduction of INTERIORS auctions: a curatorialfocused take on traditional antique auctions. This has led to broader audience appeal and a new generation of buyers, culminating in our most successful sales results to date.

Leading this exciting shift is Decorative Arts specialist Josh Williams. This year marks Josh’s seventh at Webb’s.

Much of Josh’s day involves valuations and appraisals, as he describes it, “much in the same way as the Antiques Roadshow – with more modest estimates!” Josh defines himself as a specialist-generalist and his knowledge of decorative and applied arts is extensive. “There are periods of

design and genres of collecting that fascinate more than others so my knowledge is naturally deeper in these areas.” With a love of Georgian period furniture and sterling silver, items of historical New Zealand interest and mid-century modern, Josh is one of New Zealand’s leading ‘go-to guys’ for authentication and valuation information in these fields. Josh is also a skilled auctioneer with a natural flair for the job. He leads the marketing of antiques with a focus on liaising with collectors – this is something which he describes as great “because it always revolves around a passion for beautiful things”.

“The antiques market has evolved from a broad field of specialist collecting to a much more interior design-led

fashion for interesting objects and decorative styling, such as the ‘Cabinet of Curiosities’ and industrial furniture trends,” Josh says. This is something which has been incorporated into Webb’s INTERIORS auctions, and has led to a new generation of buyers who, in the past, may have been put off by traditional brown Victorian furniture. “Popular culture has a big effect on current trends, with shows like Downton Abbey highlighting period living and blogger The Selby showcasing homes and workspaces of creative individuals.” According to Josh, while the current trend is in favour of mid-century modern, there remains strong demand for goodquality antique furniture to create more blended interiors.

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Webb’s - A modern tradition

Index Introduction ������������������������������������������������������������������������������������������������������������������������������� 4 - 5

Thought Leadership ����������������������������������������������������������������������������������������������������������������������28

Explanation of How Revenue is Earned �����������������������������������������������������������������������������������������6

Jewellery

Diversification Strategy ������������������������������������������������������������������������������������������������������������ 7 - 8

Overview ��������������������������������������������������������������������������������������������������������������������������������� 29 - 30

A Successful Succession ����������������������������������������������������������������������������������������������������������������9

Jewellery Department Sale Totals �����������������������������������������������������������������������������������������������31

Consumer Trends �����������������������������������������������������������������������������������������������������������������������������9

Restructuring Has Achieved Immediate Results ������������������������������������������������������������������������31

Brand ����������������������������������������������������������������������������������������������������������������������������������������������10

New Initiatives �������������������������������������������������������������������������������������������������������������������������������32

Production Outputs �����������������������������������������������������������������������������������������������������������������������11

Webb’s Jewellery Clients ���������������������������������������������������������������������������������������������������������������34

Fine Art

Competitive Landscape ����������������������������������������������������������������������������������������������������������������34

Overview – Fine Art ������������������������������������������������������������������������������������������������������������������ 2 - 13

Top-10 average sale price for 2012/13 ����������������������������������������������������������������������������������������33

Webb’s 2012/13 Top-10 average sale price: ��������������������������������������������������������������������������������14

Interiors: Antiques & Decorative Arts

Webb’s Art Clients ��������������������������������������������������������������������������������������������������������������������������16

Interiors: Trends �����������������������������������������������������������������������������������������������������������������������������36

Competitive Landscape ���������������������������������������������������������������������������������������������������������������18

Business Development �����������������������������������������������������������������������������������������������������������������36

Webb’s Market Position for Bill Hammond’s Work ����������������������������������������������������������������������19

Interiors: Antique & Decorative Art Clients ����������������������������������������������������������������������������������38

Webb’s Market Position for Ralph Hotere’s Work ������������������������������������������������������������������������20

Competitive Landscape ����������������������������������������������������������������������������������������������������������������38

Webb’s Market Position for Shane Cotton’s Work ����������������������������������������������������������������������21

Top-10 average price for 2012/13 ������������������������������������������������������������������������������������������������38

Secondary Art Market at Auction �������������������������������������������������������������������������������������������������22

Estate Department –Thursdays at Webb’s

Average Price Achieved for 2012/13 ��������������������������������������������������������������������������������������������23

Business Development �����������������������������������������������������������������������������������������������������������������37

Business Development �����������������������������������������������������������������������������������������������������������������23

Wine

Top 10 Prices at Auction in 2013 ������������������������������������������������������������������������������������������ 24 - 25

Overview �����������������������������������������������������������������������������������������������������������������������������������������40

Private Treaty Sales ��������������������������������������������������������������������������������������������������������������� 26 - 27

Competitive Landscape ����������������������������������������������������������������������������������������������������������������40

74

New Zealand’s Premier Auction House

Business Development �����������������������������������������������������������������������������������������������������������������42

Trends ���������������������������������������������������������������������������������������������������������������������������������������������54

Top-10 average price for 2012/13 ������������������������������������������������������������������������������������������������42

New Zealand Studio Ceramics

Interiors: Modern Design

Overview �����������������������������������������������������������������������������������������������������������������������������������������56

Overview �����������������������������������������������������������������������������������������������������������������������������������������44

Top-10 average sale price for 2012/13 ����������������������������������������������������������������������������������������56

Webb’s Modern Design Clients �����������������������������������������������������������������������������������������������������44

Specialist Valuation Services

Vintage Motorcycles & Cars

Overview �����������������������������������������������������������������������������������������������������������������������������������������58

Webb’s Vintage Motorcycle and Car Clients ��������������������������������������������������������������������������������46

Webb’s Valuation Clients ���������������������������������������������������������������������������������������������������������������58

Business Development �����������������������������������������������������������������������������������������������������������������46

Competitive Landscape ����������������������������������������������������������������������������������������������������������������58

Top-10 average price for 2012/13 ������������������������������������������������������������������������������������������������48

Premises

Competitive Landscape ����������������������������������������������������������������������������������������������������������������48

Overview ��������������������������������������������������������������������������������������������������������������������������������� 60 - 61

Tribal Art

Strategic Brand Alliances

Overview �����������������������������������������������������������������������������������������������������������������������������������������50

Overview ��������������������������������������������������������������������������������������������������������������������������������� 62 - 63

Webb’s Oceanic Art Clients �����������������������������������������������������������������������������������������������������������50

Long-term Market Growth

Competitive Landscape ����������������������������������������������������������������������������������������������������������������52

Overview ��������������������������������������������������������������������������������������������������������������������������������� 64 - 66

Business Development �����������������������������������������������������������������������������������������������������������������52

Summary

Top-10 average sale price for 2012/13 ����������������������������������������������������������������������������������������52

Overview ��������������������������������������������������������������������������������������������������������������������������������� 67 - 68

Bethunes at Webb’s

Appendix A

Overview �����������������������������������������������������������������������������������������������������������������������������������������54

Webb’s Staff ��������������������������������������������������������������������������������������������������������������������������� 69 - 72

Webb’s Bethune’s Clients ��������������������������������������������������������������������������������������������������������������54 Competitive Landscape ����������������������������������������������������������������������������������������������������������������54

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Prepared by Neil Campbell LLB.BEcom and Sophie Coupland for Peter Simmons, Director, Simmons Corporate Finance Limited Neil Campbell Managing Director

Sophie Coupland Director Fine Art Department