A new report finds that the global top-end art market is valued at around $75 billion. African art accounts for around $1 billion of this, with US$450 million (R5.5 billion) held in South Africa specifically.
According to the group’s in-house indices, South African fine art prices have risen by 28% over the past 10 years (in $ terms). Global fine art prices have risen by 12% over the same period, it said.
The majority of major art galleries are located in Johannesburg, Cape Town, Pretoria and Stellenbosch, while major dealers include Strauss & Co and Stephan Welz.
Leading South African artists (in terms of price) include:
Irma Stern is currently the most valuable South African artist, averaging around R5 million per painting. In 2011 ‘Arab Priest’ sold for £3,044,000 (R52.5 million), while in 2010, ‘Bahora girl’ sold for £2,372,000 (R41 million).
Maggie Laubser – average price of around R600,000 – up to R20 million. “We expect the value of her paintings to rise heavily going forward, possibly matching Irma Stern prices in the near future,” New World Wealth said.
JH Pierneef – average price of around R800,000 – up to R20 million.
Alexis Preller – average price of around R600,000 – up to R10 million.
Gerard Sekoto – average price of around R400,000 – up to R5 million.
Hugo Naude – average price of around R300,000 – up to R2 million.
William Kentridge – average price of around R800,000 – up to R5 million.
John Meyer – average price of around R300,000 – up to R3 million.
New World Wealth also identified several artists expected to shine in the future: i.e. expected to fetch similar prices to artists above in the near future.