RECENT changes to superannuation laws have forced Melbourne art dealer Bill Nuttall and his wife, Annette Reeves, to part with their cherished Aboriginal art collection.
The recent Cooper Review into superannuation has created strict new laws for people with art in super funds. Whereas in the past super fund art could be stored (but not displayed) at home, collectors must now store it externally.
Faced with the prospect of having to bury away the 120 Aboriginal works he and his wife collected as part of their super fund over the past 20 years, Nuttall decided he'd rather sell.
"We collected these works because we loved them . . . so we have chosen to offer them for sale in the hope that others will enjoy them," Nuttall says.
The collection, estimated to be worth as much as $697,000, will be shown at Nuttall's Niagara Galleries in Melbourne from May 13 to May 20 before being auctioned by Bonhams in Sydney on May 28.
Melbourne accountant Tom Lowenstein, who campaigned against the new laws, yesterday said they were clearly creating a disincentive for people to buy art as part of their super fund.