Collectables are a growing segment in South Africa as the wealthy invest more in watches, cars, wine and even stamps.
One category which stands out is art, with the global market currently valued at around US$75 billion, according to a new report by New World Wealth.
The report found that African art accounts for around US$1 billion of this, with around US$460 million held in South Africa.
The majority of large art galleries are located in Johannesburg, Cape Town, Pretoria and Stellenbosch. Major dealers include Strauss & Co, Stephan Welz and Aspire Art.
Leading South African artists (in terms of the value of their paintings) include:
- JH Pierneef;
- Irma Stern;
- Maggie Laubser;
- Alexis Preller;
- Gerard Sekoto;
- Vladimir Tretchikoff;
- Sydney Kumalo (sculpture);
- William Kentridge;
- John Meyer;
- Anton van Wouw (sculpture).
“Irma Stern is currently the most valuable South African artist. Her paintings can fetch up to US$2.5 million (R35 million) each, with an average price of around US$350,000 (R5 million per painting),” New World Wealth said.
“According to our in-house indices, South African fine art prices have risen by 33% over the past 10 years (in US$ terms), Global fine art prices have risen by 18% over the same time period.”