Over the past decade, following the Global Financial Crisis of 2007/8, we have seen the primary art market and the Indigenous art market collapse in Australia, resulting in numerous galleries closing and artists’ incomes reducing drastically.
Our recent office move to South Melbourne has given us the opportunity to initiate changes to Lowensteins' operations which will result in an improvement to the services that we offer our clients.
Leading tax accountant and financial adviser Tom Lowenstein has been collecting art and working with leading artists for decades. Next week a major part of his collection goes under the hammer.
Tom Lowenstein is no garden variety art collector. Not for this accountant, now 80, the usual practice of buying pictures from galleries, auction houses or even directly from the artist.
After years of battling government and the Australian Tax Office on behalf of the arts sector - a frustrating process to say the least - I believe there is a positive undercurrent beginning to emerge within the visual arts community.