One of Monet’s First Water Lily Paintings to Highlight Christie’s Asia Sale
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,720,356 (-0.49%)       Melbourne $1,032,164 (+0.03%)       Brisbane $1,202,525 (-0.01%)       Adelaide $1,059,532 (-1.15%)       Perth $1,096,286 (-0.29%)       Hobart $849,704 (-0.37%)       Darwin $877,272 (+3.98%)       Canberra $995,722 (-0.75%)       National Capitals $1,163,582 (-0.23%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $795,900 (-0.08%)       Melbourne $545,068 (-0.01%)       Brisbane $777,731 (-0.07%)       Adelaide $576,738 (-0.14%)       Perth $645,865 (-0.73%)       Hobart $574,457 (+1.02%)       Darwin $464,473 (-1.78%)       Canberra $499,147 (+2.13%)       National Capitals $631,243 (-0.02%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,852 (+48)       Melbourne 16,321 (+165)       Brisbane 9,348 (-171)       Adelaide 3,241 (+62)       Perth 8,046 (+66)       Hobart 725 (+8)       Darwin 162 (0)       Canberra 1,155 (+37)       National Capitals 52,850 (+215)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,523 (-44)       Melbourne 6,961 (+55)       Brisbane 2,097 (-8)       Adelaide 561 (+17)       Perth 1,557 (+21)       Hobart 167 (+6)       Darwin 221 (+2)       Canberra 1,239 (+5)       National Capitals 22,326 (+54)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $875 (-$5)       Melbourne $620 (+$10)       Brisbane $710 (-$10)       Adelaide $665 (+$5)       Perth $750 ($0)       Hobart $620 (+$5)       Darwin $850 ($0)       Canberra $750 (+$10)       National Capitals $741 (+$1)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $850 ($0)       Melbourne $630 (-$5)       Brisbane $680 ($0)       Adelaide $570 (+$10)       Perth $700 ($0)       Hobart $545 (+$23)       Darwin $650 ($0)       Canberra $600 ($0)       National Capitals $665 (+$2)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,498 (+32)       Melbourne 7,465 (-11)       Brisbane 3,655 (-41)       Adelaide 1,394 (+25)       Perth 2,273 (-9)       Hobart 247 (-6)       Darwin 41 (-1)       Canberra 470 (+19)       National Capitals 22,043 (+8)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,261 (+44)       Melbourne 6,264 (+33)       Brisbane 2,022 (+13)       Adelaide 418 (+5)       Perth 817 (-31)       Hobart 72 (-4)       Darwin 69 (-18)       Canberra 763 (+1)       National Capitals 20,686 (+43)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.64% (↓)     Melbourne 3.12% (↑)        Brisbane 3.07% (↓)     Adelaide 3.26% (↑)      Perth 3.56% (↑)      Hobart 3.79% (↑)        Darwin 5.04% (↓)     Canberra 3.92% (↑)      National Capitals 3.31% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.55% (↑)        Melbourne 6.01% (↓)     Brisbane 4.55% (↑)      Adelaide 5.14% (↑)      Perth 5.64% (↑)      Hobart 4.93% (↑)      Darwin 7.28% (↑)        Canberra 6.25% (↓)     National Capitals 5.48% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 35.2 (↑)      Melbourne 34.9 (↑)      Brisbane 38.0 (↑)      Adelaide 28.3 (↑)      Perth 41.9 (↑)      Hobart 31.0 (↑)      Darwin 29.9 (↑)      Canberra 34.7 (↑)      National Capitals 34.2 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 32.7 (↑)        Melbourne 30.5 (↓)     Brisbane 34.6 (↑)      Adelaide 29.5 (↑)        Perth 39.2 (↓)     Hobart 29.5 (↑)      Darwin 31.9 (↑)        Canberra 37.9 (↓)       National Capitals 33.2 (↓)           
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One of Monet’s First Water Lily Paintings to Highlight Christie’s Asia Sale

Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market

By ABBY SCHULTZ
Tue, Aug 27, 2024 10:05amGrey Clock 2 min

Christie’s is selling a painting from Claude Monet’s earliest Nymphéas series at the first evening auction taking place in its new Hong Kong headquarters this fall.

Nymphéas (Water Lilies), painted circa 1897-99, is among seven works by the French impressionist that were his first forays into exploring variations in light, colour, and reflections in the water lily pond at his home in Giverny, France.

The work, which Christie’s said is being offered from an anonymous private collection after remaining with the Monet family for years, is expected to sell for between US$25 million and US$35 million.

Christie’s Cristian Albu, head of 20th/21st-century art for Asia Pacific, called the painting “a true singular treasure.” It’s about 2 feet, 4 inches by 3 feet, 3 inches in size.

Monet created more than 250 paintings of waterlilies in his lifetime, several of which have sold for record sums at auction. Last November, Le bassin aux nympheas , 1917-19, sold for US$74 million, with fees, at Christie’s in New York. (Estimated auction prices don’t include fees).

The highest price for a Nymphéas was set during Christie’s sale of the Peggy and David Rockefeller Collection , fetching nearly US$85 million, with fees.

What’s notable about the work Christie’s is selling in Asia is that it’s among Monet’s first to focus on waterlilies, and that it introduces what the auction house said is “one of the most important and radical aspects of his Nymphéas —the elimination of a horizon line.” As with many of these works, the viewer looks directly at the pond’s centre, “removing all other peripheral details to focus entirely on the constantly shifting relationships between water, atmosphere, and light that transformed the pond’s surface with each passing moment.”

Other examples from Monet’s first water lilies series can be found in the Musée Marmottan Monet in Paris, the Los Angeles County Museum of Art, the Kagoshima City Museum of Art in Kagoshima, Japan, and the Galleria Nazionale d’Arte Moderna in Rome.

The Hong Kong sale, which will take place on Sept. 26, will be Christie’s first at its new Asia-Pacific headquarters in the Henderson, a newly built 39-floor skyscraper by Zaha Hadid Architects with a curved glass facade.



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The recent budget has forced a reckoning for property investors.

Negative gearing now restricted to new residential builds, the CGT discount gone and on paper, the numbers look different.

And many investors are responding by pivoting toward yield, prioritising cash flow over capital growth in a way that property strategists say misses the point entirely.

“The debate has shifted to yield versus growth as if they are opposing forces,” says Abdullah Nouh, founder of Melbourne-based buyers’ agency Mecca Property Group. “But that framing is itself the mistake.”

Nouh, who works with high-net-worth families and investors on long-term acquisition strategy, argues that capital growth remains the primary driver of genuine wealth creation and that the post-budget environment has made quality assets more important, not less.

The numbers make his case plainly. An additional $500 per week in rental income is welcome. A prestige asset appreciating by $1 million over a market cycle is transformative.

These are not equivalent outcomes, and portfolios built around yield at the expense of location and land value tend to generate income while wealth stands largely still.

The more nuanced shift Nouh is seeing among sophisticated investors is a move toward assets where both outcomes can be engineered simultaneously – established homes on substantial land in quality locations, where the existing dwelling can be repositioned, rental returns improved, and the underlying land value compounds independent of what sits on it.

For investors with existing equity, commercial property is also entering the conversation in a more serious way.

Prestige industrial assets, medical centres and long-leased essential retail offer income profiles that residential property in most capital city markets cannot currently match: longer lease terms, tenants covering outgoings, and greater predictability than the residential tenancy cycle.

“The investors who build lasting wealth are rarely the ones who chased yield or growth exclusively,” says Nouh.

“They are the ones who built a strategy they could sustain – one that generated enough income to hold quality assets through multiple cycles while those assets compounded in value.”

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