Secondary market

Sales of Indigenous visual arts and craft has decreased since the Global Financial Crisis, after several decades of growth

The visual arts sector provides a significant source of income for Aboriginal and Torres Strait Islander artists, particularly for those living in remote areas where employment opportunities are limited.

Figures compiled by the Office of the Registrar of Indigenous Corporations (ORIC) suggest that the sector experienced strong growth over 1979–2007. However, since 2007, there has been a decline in the average revenue generated by Indigenous visual arts organisations, including remote arts centres.

Based on a review of financial reports lodged by the 101 corporations registered as making and selling Indigenous art, ORIC reports that between 2007-08 and 2010-11 the average revenue[1] generated by Indigenous visual arts organisations fell by 52 percent from almost $390,000 to $186,000 per organisation.

Whilst there is no conclusive information about the number of art centres, ORIC reports that this period saw a gradual decrease in the proportion of Indigenous organisations generating more than $500,000 in art sales revenue and an increase over time in the number earning no revenue at all.

Auction sales figures confirm that the total revenue generated through the public auction of Indigenous art fell 69 percent from $26.5 million in 2007 to just over $8 million in 2012 – a more marked decline than that experienced by other Australian art.

Declining sales in this area may be linked with the strong performance of the Australian dollar since 2009-10, which has affected the buying power of overseas visitors.

[1] Revenue from art sales refers to the amount directly generated from the sale of artworks, before expenses are taken into consideration.