The first major work by John Olsen to be auctioned since the artist’s death has been sold at the bottom end of expectations.

Olsen’s Life on the Edge of the Pond fetched $250,000, not including a 25 per cent buyer’s premium.

Olsen died in April aged 95.

“Remarkable painter, remarkable piece,” the auctioneer encouraged bidders at the Smith & Singer auction in Sydney on Tuesday.

Not many works by the artist had sold for more than $300,000 according to Geoffrey Smith from the auction house.

“It’s a very successful and pleasing result,” he told AAP.

A smaller watercolour and pastel work by Olsen featuring his classic frogs went well beyond the estimate to fetch $50,000 not including premium.

But it was a night when works by other big names in the Australian art world also fetched the minimum asking price, or were passed in.

Minutes after the Olsen went under the hammer, Brett Whiteley’s oil The Paddock – Early Morning 1979, estimated to fetch $2 million to $3 million, passed in with a bid of $1.9 million.

Another oil by New Zealand artist Charles Frederick Goldie, expected to fetch $1.4 million to $1.6 million, also failed to find a buyer.

But Mr Smith said the auction house was already receiving enquiries about artworks that had not sold.

“For us the auction is like the opening night of an exhibition, many things obviously transact at the auction, but then there’s the days that follow,” he said.

The big result was for Victorian artist Criss Canning, whose 2003 work Waratah and Studio Detail more than doubled the estimate of $25,000 to $35,000 to go under the hammer for $80,000.

“That is a new world auction record for Criss Canning, so there were some very exciting moments tonight,” Mr Smith said.

Arthur Boyd’s On the Banks of the Shoalhaven went for $680,000 not including premium, well over the estimate of $300,000 to $400,000.

The final lot for the night, an offset lithograph by Whiteley titled The Cat doubled the top end of the price range to go under the hammer for $50,000.

Abstract painter Michael Johnson’s Trio 1990 exceeded expectations, as did two watercolours by Albert Namatjira, and two small sculptures by Henry Moore.

Mr Smith said that while the auction house put the works forward, the public ultimately determined prices.

“It’s a democratic process. Everyone can be involved and that’s why it’s always exciting because you never quite know what’s going to happen,” he said.

Paintings by the likes of James Gleeson, Tim Storrier and John Coburn passed in.

The sale of Australian art included pieces from The Selwyn and Renata Litton Collection.

-AAP