'Glenda at Tahakopa' by Robin White, 1978. Photo: Supplied / Webb's
Te Papa Museum spent more than $600,000 on two of the 50 artworks sold in one of New Zealand's biggest auctions.
The controversial sell-off of The Bank of New Zealand Art Collection has so far made $13.5 million, with the remaining 150 works to be auctioned on 27 September.
The first part, which included some of the collection's most valuable works, far exceeded the total estimated value of $10m.
Among them were five works by the late Colin McCahon, including crown jewel "Is there anything of which one can say, look, is this new?" - one of the artist's final works - which sold for over $2m.
Te Papa bought two pieces, Glenda at Tahakopa by Robin White for $406,000 including buyer's premium (BP), and Design by Lois White, for $221,000 including BP.
A. Lois White, "Design," 1944. Photo: Supplied / Webb's
Chief executive Courtney Johnston said the museum had a tight budget, and approached the auction with caution.
"We went in with a very careful bidding strategy, and we're happy with the outcome.
"Public institutions have limited budgets, and we're balancing buying new works by emerging artists with backfilling pieces by older artists."
Johnston said the museum will rely on private collectors to borrow higher value works.
"Private collectors play a really important role in the overall ecosystem of how New Zealanders access our visual arts history," she said. "It's really tricky."
Some have criticised BNZ's decision to sell the art, including former Prime Minister Helen Clark, warning that New Zealanders may lose access to the historic works.
Others have questioned whether the collection even belongs to the bank, as the works were purchased when it was state-owned.