Former Executive Chairman of Sotheby's Australia, Tim Goodman and Adrian Newstead former head of Menzies Art Brands have joined forces to create a new concept, a hybrid between online only and a traditional auction.

6eb06472456ad90c1e4714da3b17715d Tim Goodman

Goodman's Fine Art Bourse (F.A.B.) has spent three years building an online auction platform. There are 36 shareholders including a Chinese Hedge Fund and former Macquarie Bank’s Bill Moss.

''You can bid online, make an absentee bid or arrange to bid by phone without any human interaction'' says Goodman. ''The online auction itself happens in real time and is exciting and entertaining, somewhat like a reality TV show. There is no other model currently like it.''

Adrien Newstead who founded Australia's oldest Aboriginal art gallery, Cooee Art in Sydney and Goodman, once fierce competitors, will offer at the hybrid auction event, the most important Australian Contemporary painting to appear on the market in a generation.

Earth’s Creation I, 1994 by Emily Kame Kngwarreye (c.1910 – 1996) is considered by many as the most important Australian contemporary painting still in private hands. Surprisingly an export permit has been granted. Interest has been received from at least one major international museum together with local institutions and wealthy collectors.

Newstead says, ''It’s impossible to predict. Maybe $2 – 3million? But it could be more, and it could be less. One thing for sure is that it may break local and world auction records including most expensive painting ever sold online, highest price for any Australian female artist, highest price for any aboriginal artist.''

The online hybrid auction will include 83 other paintings by all the big names in aboriginal art gathered over many months by Newstead from private collections as far away as Switzerland.

As well as providing guarantees of authenticity and good title, F.A.B. delivers all lots free of charge to the buyer regardless of their location.

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