The artists beating estimates in Australia and NZ
Examining which artists’ works sold furthest above expectations in 2025
We have previously looked at the individual works that most exceeded estimates. This week, I wanted to zoom out and look at the hammer ratio* across total sales for individual artists. Rather than relying on one standout result, this looks across all works by an artist sold in 2025 and is another indication of which artists are ‘hot’.
The hammer ratio is the hammer price divided by the low estimate. A work with an estimate of $10,000 - $14,000 that sells for $10,000 would have a hammer ratio of 1, but if that work sold for $25,000, it would have a hammer ratio of 2.5.
Lost in the maths already? Essentially, the higher the number, the more competition there is for that artists’ works. A number around 1 - 1.5 means that an artist’s works are meeting the expected selling price. Where it gets interesting is when the number is higher than 2.0, meaning those works are selling well above estimated prices.
As you’ll see below, a number of Australian artists sit in the range of 3.0 - 5.0 indicating particularly strong interest in those artists. There was not the same level of competition in New Zealand, but there was still hot demand for some artists.
Australia
Barry Humphries (7.90) Low Estimate: $38k | Realised Sales: $297k
Dorrit Black (4.83) Low Estimate: $165k | Realised Sales: $797k
Donald Friend (4.49) Low Estimate: $42k | Realised Sales: $188k
Marguerite Mahood (3.75) Low Estimate: $5k | Realised Sales: $18k
Yvonne Audette (3.75) Low Estimate: $9k | Realised Sales: $34k
Leonard French (3.47) Low Estimate: $63k | Realised Sales: $217k
Tom Roberts (3.24) Low Estimate: $485k | Realised Sales: $1,570k
Will Ashton (3.13) Low Estimate: $37k | Realised Sales: $116k
Janet Cumbrae-Stewart (2.84) Low Estimate: $19k | Realised Sales: $54k
George Baldessin (2.59) Low Estimate: $31k | Realised Sales: $79k
There was clearly strong demand for works by Barry Humphries (1934 - 2023). He is best known for his persona as Dame Edna, but he also painted, and the sale from his estate gave buyers a rare chance to bid. That celebratory status no doubt helped lift him to the top of the Australian list.
Sicilian Mountain set a new record for Dorrit Black (1891 - 1951) in 2025 and sold for $688k, well above its low estimate of $120k, which helped push her into second place on this list. But this was not just about one result. Her other works also sold well above estimate, which suggests broader demand.
Intense bidding at Smith & Singer’s November sale of Important Australian Art pushed works by Donald Friend (1915 - 1989) well above estimates. His Vale Festival, Toy Seller, Ceylon exceeded its low estimate by more than any other work in Australia in 2025 (a realised price of $56k vs a low estimate of $5k).
Works by Tom Roberts (1856 - 1931) appeared across a number of auctions and most comfortably cleared their estimates. As an example, Sherbroke (depicted below) sold for $538k against a low estimate of $200k.
There is a broader trend of collectors shifting away from Contemporary art and back towards Impressionist and earlier material, and Roberts may be benefiting from that in Australia. He was one of the leading members of the Heidelberg School that established impressionism in Australia.
Will Ashton (1881 - 1963) and Janet Cumbrae-Stewart (1883 - 1960) may have benefited from that same appetite for earlier Australian painting.
New Zealand
Ida Eise (3.52) Low Estimate: $3.3k | Realised Sales: $11.6k
Dorothy Kate Richmond (2.64) Low Estimate: $33k | Realised Sales: $86k
Jenny Dolezel (2.58) Low Estimate: $31k | Realised Sales: $80k
Emma Camden (2.37) Low Estimate: $7k | Realised Sales: $17k
Lois McIvor (2.06) Low Estimate: $18k | Realised Sales: $37k
John Edgar (2.06) Low Estimate: $11k | Realised Sales: $22k
William (Bill) Sutton (2.05) Low Estimate: $47k | Realised Sales: $96k
Peter Beadle (2.01) Low Estimate: $20k | Realised Sales: $39k
Barry Lett (1.98) Low Estimate: $20k | Realised Sales: $40k
Martin Poppelwell (1.94) Low Estimate: $13k | Realised Sales: $24k
Ida Eise (1894 - 1978) tops the New Zealand list. Most low estimates for her works were under $500, which tells you how accessible she still is. For collectors getting started, she is a very interesting artist to watch. Her works are in both Te Papa and Auckland Art Gallery.
I have previously covered the momentum of Jenny Dolezel (b. 1964) and Pauline Yearbury (1926 - 1977) (Yearbury sits just outside the top 10). This data reinforces that point. What makes it more noteworthy is that each artist had a healthy supply of works at auction in 2025 and that usually gives auction houses a chance to adjust estimates up, but those estimates continued to be exceeded.
I have not written much about decorative arts, but there was clearly good demand for glass works by Emma Camden (b. 1966). That may point to an opportunity for buyers priced out of collecting Ann Robinson.
Bill Sutton (1917 - 2000) makes the list largely because of strong bidding on Land and Sky VII at Dunbar Sloane. But it was not just that work. A Sutton print, Road From Cromwell, also sold for more than 10 times its low estimate also at Dunbar Sloane: $6,500 against an estimate of $500 - $1,000.
Lois McIvor (1930 - 2017) is one of the more interesting names here. She studied under Colin McCahon, but the soft pastel colours of her landscapes can feel surprisingly contemporary. Like Ida Eise, she could be a good artist for newer collectors to watch. Most estimates for her works were under $2,000.
Barry Lett (1940 - 2017) is probably best known for the Barry Lett Multiples series, through which he invited some of New Zealand’s now most famous artists to contribute. But in the auction room, it’s his bronze dogs that collectors seem unable to get enough of. An example of this demand is Watchdog that sold for $18,000 against an estimate of $8,000 - $12,000 at International Art Centre.
Methodology:
*I do not have reliable hammer-price data, so for this piece I have used realised prices instead, meaning hammer plus buyer’s premium. That pushes the number a little higher than a true hammer ratio, by a bit over 20 percent, but it still gives a useful indication of the same thing: whose work is consistently selling well above estimate.
Artists are only included if they achieved more than $10,000 in total sales in 2025 and had at least three works sold.
Results are from these auction houses:
Australia: Smith & Singer, Menzies, Deutscher & Hackett, Leonard Joel, and Art Leven
New Zealand: Art + Object, Webb’s, International Art Centre, Dunbar Sloane