The Aboriginal art market became the latest victim of the global financial crisis, as Sotheby’s sale of Aboriginal artifacts and paintings in Sydney last night earned an underwhelming A$3.7 million (U.S.$2.6 million) against a pre-sale estimate of A$7.6-11 million, Bloomberg reports. In total, fewer than half of the nearly 200 lots on offer sold. The sale was reportedly done in by lukewarm interest in decorative and contemporary paintings. More successful were the Aboriginal artifacts, including a rainforest shield from the northeast of Queensland state, which earned A$84,000, a record for an Aboriginal artifact at auction.
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