In 1975 when Gough Whitlam opened the Manet to Matisse exhibition at the Art Gallery of New South Wales (AGNSW), which had come to Australia from the US, he proudly proclaimed it was only possible as the Australian government had indemnified the owners of the works comprising the exhibition against loss or damage to a total amount of US$70 million. Without this support the exhibition would very likely have not been possible, because of the prohibitive cost of normal insurance cover.
In 1975, US$70 million was the equivalent of AU$100 million. A Sydney tabloid newspaper ran a double-page spread showing some of the great art to show their readers: “What $100 million looks like”.
