By Russell Kaplan*
I have been in the art and antique industry for over 25 years and there’s no question that I am seeing a discernible trend as my last few auction attests. Art and antiques at South African auctions are commanding record prices and attracting significant international interest.
I suspect that one of the reasons is the volatility of the stock market. People are always looking for ‘safe’ places for their money but art and antiques also have the inbuilt pleasure factor. The art market also has its ups and downs but strategic pieces can be solid investments over time.
Years ago dealers were primarily present at auctions. The end consumer now attends so it’s become like another outlet for retail shopping as sellers reach both dealers and the end buyer.
In the past auctions were seen as dumping grounds for stuff you couldn’t get rid of. That’s truly changed. Probably the reason that the auction market has grown year on year is that both buyers and sellers enjoy the transparency of the process. Sellers feel comfortable with setting reserve prices so that they don’t lose on a deal. Buyers are attracted by the opportunity to get a better price. We are selling 90% of the goods on each auction which means invariably there is demand at least at the level of the reserve price.
Last week, we sold a Joan Miro aquatint print (right) for R265 000. Based on research I did prior to the auction, similar prints has sold between R130 000 and R160 000 internationally. The final price was double the lower pre-sale estimate for the piece and a record internationally for this particular work. We saw a number of other South African auction records for art and furniture at the same auction.
A Russell Flint crayon-and-chalk drawing fetched ten times its lower estimate, reaching a hammer price of R70 000 – a South African record for a work in this medium by Flint. A Henry Moore drawing of a woman sold for R110 000 – again more than double the lower pre-sale estimate. A Maud Sumner oil of a still life in a window fetched R140 000 – 40% higher than the lower presale estimate.
Daniel Rakgoathe’s original works sold for prices ranging between R16 000 and R28 000, significantly surpassing the pre-sale estimates of R3 000. His work, along with other Rorke’s Drift artists such as Cyprian Shilokoe has been drawing strong interest and good results.
My catalogues get exposure on international auction sites such as Art Price and Artnet which drives international interest the auctions. As soon as I listed the Miro for instance I had enquiries from London, Spain and San Francisco. The piece was ultimately bought by a Joburg based collector who was bidding against a Spanish telephone bidder.
I find that the top of end of antique furniture, jewellery and objets are equally buoyant.
A pair of Chinese merchant chairs sold for R22 000 and a Zanzibari table fetched R42 500 at the most recent auction.
A Lorenzl Art Deco figurine reached R20 000 and a Victorian birdcage in working condition caused quite a stir.
Featuring two love birds that sing to each other, the piece fetched R9 500, far exceeding expectations.
AlphaWealth CEO, Kerry Fynn confirms my perspective, saying that that, “Investment in art has proved to be an excellent diversification strategy. This asset class can offer great returns over time.”
*Russell Kaplan runs Russell Kaplan Auctioneers. He has been involved in arts and antiques for 25 years and in the auction industry the last 11 years. He specialises in South African and international fine art and antiques.
