Christopher Hodges, director of Utopia Art Sydney, emphasized the exceptional quality and rarity of Kngwarreye's work, which is expected to attract serious collectors.

Sydney Contemporary, Australia's largest art fair, is currently underway at Carriageworks and will run until Sunday, showcasing works from over 400 artists across 86 galleries.

The event aims to generate approximately $20 million in sales, reflecting its significance in the contemporary art market.

A standout piece at the fair is a painting by the late Indigenous artist Emily Kame Kngwarreye, priced at $3.35 million, which could set a record for the highest price for a painting by a female Australian artist.

In 2024, the fair will expand its works on paper section, responding to growing interest in more affordable artworks and art books.

Despite economic challenges, the fair opened to the public on Thursday, with many artworks already selling quickly, including pieces by Djakangu Yunupingu and ceramicist Alfred Lowe.

Tim Etchells, the founder of the fair, expressed optimism about the art market, noting an increase in the quality of available art despite a downturn in global sales.

The fair attracts numerous high-end collectors from Australia and abroad, highlighting its importance as a platform for both established and emerging artists.

A glowing blue neon archway titled 'Transformer' by artist Darren Sylvester serves as an eye-catching entrance to the event, symbolizing the allure of contemporary art.

At the entrance, visitors are greeted by a nine-by-20 metre inflatable gibbon titled Skywalker Gibbon, created by artist Lisa Roet, marking a unique feature of this year's fair.

Affordable prints from Indigenous artist Sally Scales start at $4,500, providing accessible options for new collectors.

This year's fair features a diverse array of artworks, including innovative three-dimensional pieces by artists like Joko Avianto and David McCracken.