SYDNEY, AUSTRALIA.- The Art Gallery of New South Wales has acquired a painting by Drsydale titled Group of Aborigines, 1953. The director of the museum decided to acquire it with a loan. The work was on sale for $700,000. Edmund Capon, the museum’s director, hopes to raise the money to pay this  loan though the Foundation. He stated: “If we don’t clear it up in two months’ time, we’ll be in trouble. There is a perception that we are funded by the Government to buy works of art. In fact, we aren’t. Our acquisition money comes from private and commercial sources. They’re the only sources we have." Around 55% of the $700,000 has to be raised, as the other part had been already received by some Foundation members. Last year, the museum spent around $2 million on acquisitions, so $700,000 for a single works represents a great deal.
Capon said: “Normally we don’t buy a work of art until we’ve identified the source of funds." He then commented that as far as he remembered, this was the first time the gallery acquired a work of art in this manner. There is also the plan to acquire an important Chinese work of art on credit.