Mossgreen Auctions

Mossgreen is Australia's leading multi-department Auction House, offering expertise and auctions in:

Single-Owner Auctions

Fine Australian & International Art

Indigenous Australian Art

Asian Arts

Oceanic & Tribal Art

Fine Jewels & Watches

International Antiques & Decorative Arts

Australian & Colonial, Antique & Historical

Stamps & Coins

Sporting Memorabilia

Collectibles

Services include auctions to on-site auctions at the owner's property or staged events in hired premises tailored to suit the collection.

With nearly 25 years auction experience with International and Australian auction houses, Mossgreen Auctions director Paul Sumner is available to advise and personally manage the sale of your collection.

We offer realistic vendor terms and personalised and imaginative marketing strategies that ensure the very best results.

Auction statistics prove that collections often fetch much higher prices when kept together as a collection.

Mossgreen auction house collapses

Mossgreen auction house folds owing $12m

The art world is reeling with the news that high-profile auction house Mossgreen has collapsed under $12 million in debt.

The company's administrators, BDO, said Mossgreen director and co-owner Paul Sumner was '' not in a position to proceed with his proposed restructure of Mossgreen'' . Therefore an '' orderly wind-down of the business' ' will begin, a BDO statement said.

On December 26, Mr Sumner vowed all creditors would be paid. '' Not one vendor or one buyer will lose $1 in this process,'' he said.

But the BDO statement made no reference to whether the company's 400 creditors will get any of their money back, and what has happened to proceeds due to vendors from past auctions. The statement said all vendors who had consigned goods to Mossgreen for sale would be contacted and arrangements made for return of the goods. However, BDO said it would conduct a stocktake before returning goods. A timeline was not given.

Toorak businessman Jack Gringlas' family company Jadig Investments is the biggest creditor, being owed $6 million.

It is believed one major vendor is owed $1.75 million and another about $1 million.

Many other '' mum and dad' ' and collector vendors are owed a few thousand or tens of thousands of dollars.

Staff were told at Mossgreen's headquarters in Melbourne's Armadale yesterday that 25 Victorian employees had lost their jobs. Across Mossgreen outlets, more than 50 staff will go.

One employee said staff were angry that assurances by Mr Sumner - that the company would be saved and no staff would lose their jobs - had not proved correct. '' They're all upset. They've been promised, so many times, by Paul [Sumner] so many things.''

Mr Sumner told Fairfax Media he was '' personally and professionally distressed by what's happened, for our staff and for our vendors, clients and creditors'' . He said he had had a rescue deal, with investors, lined up, but it fell apart. Asked if creditors would now get the money owed to them, he said: '' I will do everything in my power to help creditors, to maximise what they receive.''

Earlier this week, Mossgreen's Auckland saleroom, Mossgreen-Webb's , shut down, and earlier this month its Woollahra, Sydney, premises closed.

BDO said offers to buy the business would be considered, with expressions of interest sought.

Source: Mossgreen auction house collapses
JANUARY 17 2018 - Carolyn Webb theage.com.au

Melbourne
926-930 High Street
Armadale VIC 3143
935 High Street
Armadale VIC 3143
t +61 3 9508 8888

Sydney
36-40 Queen Street
Woollahra NSW 2025
t +61 2 9195 1900