John Olsen artwork, Life on the Edge of the Pond, goes for $312,500 after Australian painter’s death

John Olsen’s first major work to go up for auction since the artist’s death sold below expectations.

Olsen’s Life on the Edge of the Pond went under the hammer for $250,000 with a 25 percent buyer’s premium bringing the price to $312,500.

Olsen died in April at the age of 95.

“Remarkable painter, remarkable piece,” the auctioneer encouraged bidders for the 8-by-8-foot painting at Sydney’s Smith and Singer auction on Tuesday.

According to the auction house’s Geoffrey Smith, not many of the artist’s works had sold for more than $300,000.

“It is a very successful and pleasant result,” he said.

A smaller watercolor and pastel work by Olsen featuring his classic frogs went well beyond the estimate to fetch $50,000 exclusive premium.

Works by several big names in the Australian art world missed their asking price, including Jeffrey Smart, Sidney Nolan, Albert Tucker, William Dobell, Arthur Streeton, John Perceval and Fred Williams.

But Mr Smith said the auction house was already receiving inquiries about artworks that had not sold.

“For us, the auction is like the opening night of an exhibition, a lot of things are handled at the auction, of course, but then there are the days that follow,” he said.

Minutes after the Olsen went under the hammer, Brett Whiteley’s oil The Paddock – Early Morning 1979, which was expected to fetch $2-3 million, came in with an offer of $1.9 million.

The big result was for Victorian artist Criss Canning, whose 2003 work Waratah and Studio Detail more than doubled the estimate to go under the hammer for $80,000, with the bounty bringing the price to $100,000.

“That’s a new world auction record for Criss Canning, so there were some very exciting moments tonight,” said Mr Smith.

Australian artist John Olsen, who died in April, was known for his colorful depictions of Australian landscapes

While one Arthur Boyd came in, another titled On the Banks of the Shoalhaven went for $680,000 with the buyer’s premium pushing the price to $850,000, well above the $300-$400,000 estimate.

The final ticket for the evening, an offset lithograph by Whiteley titled The Cat, doubled the top end of the price range and went under the hammer for $50,000.

Abstract painter Michael Johnson’s Trio 1990 exceeded expectations, as did two watercolors by Albert Namatjira and two small sculptures by Henry Moore.

Mr Smith said that while the auction house put forward the works, the public ultimately set the prices.

“It’s a democratic process, anyone can get involved and that’s why it’s always exciting because you never know exactly what’s going to happen,” he said.