On the 26th of June in Sydney the Australian art market will wait with baited breath for the results of the Bonhams Australia sale of Important Australian Art from the Collection of Reg Grundy AC OBE and Joy Chambers-Grundy. The reason all eyes will be on the Grundy sale is that it is the most valuable collection of art ever offered in Australia at around $20 million, eclipsing the $15.9 million achieved for the Harold E Mertz Collection at Christie’s in 2000.

There is no doubt that Australian entrepreneur and television king Reg Grundy, and his wife Joy, both have an eye for great art. The auction catalogue is an art auctioneer’s dream, filled with incredible works by a significant proportion of Australia’s most celebrated and revered artists – a selection of 90 works from their collection that are being sold “for others to own and cherish,” according to Reg Grundy.

Taking into consideration the recent success achieved for Bonhams with the Laverty Collection, but also remembering that the Australian art market is not what it used to be, the Grundy sale has the potential to be a great success but also could prove to be too much for the market to handle. This year has already seen a significant number of major art auctions take place with many valuable and highly desirable works of Australian art changing hands at auction. There is no doubting the quality and significance of the works in the sale, the big question is whether the market has the capacity to absorb $20 million worth of art in one go.

Bonhams Australia will be hoping for significant interest from both private collectors and institutions, and may need participation from both if the sale is to be a success. Luckily there are many works in the sale that will appeal to Australia’s public galleries and art museums like lot 17, for instance, Eugene Von Guerard’s “The farm of Mr Perry on the Yarra, 1855” which is being sold with an estimate of AU$ 900,000-1.2 million. Another work likely to attract the attention of the cultural sector is lot 7, Charles Conder’s ethereal painting “The wreck, 1889,” worth an estimated AU$350,000-450,000.

With any art auction the level of immediacy and urgency associated with the sale can determine the outcome. It’s not every day that an art collector or art investor has the opportunity to acquire a work of art from the collection of such an admired and distinguished personality as Reg Grundy which means that the level of urgency and immediacy is very high for the Grundy sale. As the man behind such renowned television shows as “Neighbours” and “Sons and Daughters,” Reg Grundy is a name that carries a certain cache which makes any work of art associated with the Grundy collection even more desirable.

The most valuable work in the Grundy sale is lot 49, Fred Williams’ “You Yangs landscape 1, 1963,” an important work by the artist that has been exhibited extensively around Australia. Estimated to fetch AU$1.5 million-2 million, the engaging and encapsulating painting is a fine example of Williams at his very best. Again, this is a painting that belongs in a cultural institution where it can be admired by the art loving public.

John Brack’s “The breakfast table, 1958” is a spectacular example of the still life paintings for which Brack is perhaps best known. Being sold as lot 45, the engaging scene of domesticity is estimated to fetch a very reasonable AU$500,000-700,000. A number of other major Brack paintings are featured in the sale including lot 65, the artist’s “The new house, 1953,” a painting that is as much about the composition and arrangement as it is the wonderful subject matter. Acquired for the Grundy collection in 1995, the painting is being sold with an estimate of AU$1.1 million-1.3 million.

Following the sad death of Jeffrey Smart, the Australian art market will be keeping a close eye on any works by the artist that come to market. Lot 20, Smart’s “Luxury Cruise, 1972-73” is a perfect example of why he was referred to as “the master of stillness.” Originally sold through Niagara Galleries and acquired for the Grundy collection in 1990, “Luxury Cruise, 1972-73” is estimated to fetch AU$350,000-$480,000.

Even though the Grundy collection provenance is significant in itself, virtually all the works being sold from the collection have an extensive existing provenance that adds to their desirability. A case in point is lot 18, an early canvas painting by Emily Kngwarreye titled “Alhalkere, 1989.” Importantly, this painting was originally commissioned by renowned Aboriginal art collectors Donald and Janet Holtwho consigned 20 paintings from their collection to auction house Deutscher and Hackett in March. Lot 68, Russell Drysdale’s rustic landscape “The councillor’s house, 1948” also has an interesting history having been part of the record breaking Harold Mertz Collection sale in 2000. It is being sold this time around with an estimate of AU$600,000-800,000. Then there is lot 24, Arthur Boyd’s epic painting “The mourners, 1945” (estimate: AU$900,000-1.2 million) which once formed part of The Alan Bond Collection.

There are too many important works in this sale to mention them all, but in addition to the works mentioned above it is worth paying particular attention to the major works by Rosalie Gascoigne, Godfrey Miller, and Sidney Nolanthat are featured in the sale. In fact, virtually every work in the sale is notable for one reason or another which means that you should really take a good look at the entire catalogue which can be viewed here. And if you want to see the works in the flesh then get down to the Overseas Passenger Terminal, Circular Quay, Sydney, where the collection is on show until June 26.

The Important Australian Art from the Collection of Reg Grundy AC OBE and Joy Chambers-Grundy will take place on June 26 at the Overseas Passenger Terminal, Circular Quay, Sydney. For more information visit the Bonhams Australia website here.