The business of South African Investment Art.
- Irma Stern’s work, “Arab Priest”, sold for R87.3 million.
- Contribution to the International Art Business.
- Shaping the Culture of Art.
- South African artists to know and buy.
Investment art is reshaping the lives of artists and influencing the global art industry, with South Africa experiencing its own market surge. Collectors and investors are increasingly recognizing the value of South African art, boosting both the local scene and its global impact. Art investment—buying and selling artworks for capital gain—has become a numbers game, with a sharp focus on returns. Though art and commerce often share a controversial relationship marked by gatekeeping and scandal, the two have always been intertwined. South Africa follows suit, where despite challenges, standout successes in the art investment game are making waves with record sales.
South African Art making Bank
Irma Stern (died 1966) is currently the most valuable South African artist. Her paintings sell for an average of R5 million, with the highest recorded sale being R87.3 million for her work “Arab Priest”. In 2023, her painting “Children Reading the Koran” set a record for an African artwork sold at auction on the African continent, fetching R22.3 million.
Known as the “Goya of the Townships”, Dumile Feni’s (died 1991) monochromatic drawings depicting the impact of apartheid on black lives are highly valued. A rare mixed media colour piece by Feni, “Blue Suede Shoe”, changed hands for R2.28 million at auction in 2023, a world record for the artist
Jacobus Hendrik Pierneef (died 1957) is known for his distinctive landscapes of the highveld. His paintings sell for an average of R800,000, with the highest recorded sale being R28 million for “Farm Jonkershoek with Twin Peaks Beyond, Stellenbosch”.
Contemporary artist Marlene Dumas (age 71) is best known for her paintings and drawings exploring race, sexuality and human emotions. In 2008, her painting, “The Visitor”, sold for a record £3,177,250 (R65 million). Last year, total sales of her work reached close to R75 million
The Impact on Artists’ Lives
Investment in South African art has had a profound impact on the lives of artists, both established and emerging. As demand for their works increases, so do their earnings, allowing them to focus more on their craft and less on financial worries. This newfound financial stability enables artists to experiment with new mediums, explore different themes, and push the boundaries of their creativity.
“Investment in South African art has given artists the freedom to create without the constant pressure of making ends meet,” says renowned artist Esther Mahlangu. “It has allowed us to dream bigger and push the limits of what is possible.” Her piece titled “African Symphony,” which features a vibrant ensemble of Ndebele symbols, was auctioned at Sotheby’s for $141,000 (R2,518,034). This sale marked a significant milestone in her career and underscored the growing appreciation for contemporary African art in the global market
The influx of investment has also led to increased opportunities for artists to showcase their work on the international stage. With more galleries and art fairs dedicated to African art, artists have a greater platform to reach global audiences and establish their names in the art world.
Contribution to the International Art Business
The South African art market has seen substantial growth, although it remains smaller compared to global markets. The establishment of new art fairs and galleries has contributed to this growth, creating opportunities for investment and economic activity within the sector.
Art has been suggested as a viable option for diversifying investment portfolios, especially during times of financial uncertainty. The Citadel art price index, which tracks art prices in South Africa, indicates that “art can exhibit different risk and return characteristics compared to traditional investments like stocks or bonds.”
“The African art market is experiencing a renaissance, and South African art is at the forefront of this movement,” says art critic and curator, Thembinkosi Goniwe. “As the world recognizes the value and potential of South African art, the international art business is taking notice and investing heavily in its growth.”
The impact of South African investment art on the international art business is not limited to financial gains. It has also led to a greater appreciation and understanding of African art and culture. As more people are exposed to South African art, they are learning about the country’s rich history, diverse communities, and unique perspectives.
South African artists to know and buy.
The Wire has curated a list of South African Artists that you must have on your radar. These artists exemplify the vibrant and diverse contemporary art scene in South Africa, each contributing unique perspectives and narratives that resonate on the global stage. Their work not only reflects the complexities of South African society but also engages with universal themes of identity, memory, and social justice.
Mohau Modisakeng
Mohau Modisakeng is a rising star in the contemporary art world, known for his powerful installations and photography that engage with South Africa’s colonial and apartheid past. His work often explores themes of identity, memory, and the socio-political landscape of the country. Modisakeng’s participation in the Venice Biennale and his recognition as the 2016 Standard Bank Young Artist have solidified his position as a key player in the international art scene.
Penny Siopis
Penny Siopis is a prominent artist whose work delves into themes of vulnerability, memory, and the complexities of South African history. Known for her innovative painting techniques, including her famous “cake” paintings, Siopis’s work has gained international acclaim. She has participated in numerous exhibitions globally, addressing issues of trauma and identity through her art.
Dineo Seshee Bopape
Dineo Seshee Bopape is an emerging artist recognized for her multimedia installations that explore themes of identity, culture, and the personal experiences of Black South Africans. Her work has been featured in international exhibitions, including the Venice Biennale, where she has made a significant impact with her thought-provoking pieces that challenge traditional narratives.
Blessing Ngobeni
Blessing Ngobeni is a Joburg-based artist known for his striking surreal paintings that critique power dynamics and societal issues. His large canvases confront themes of corruption, violence, and exploitation, making a significant impact both locally and internationally. Ngobeni’s work has been featured in various exhibitions, attracting attention from collectors and critics alike.
C.S.A.’s monthly cultural portal, The WIRE connects the dots of culture. With concise stories, many with video content, take a premium dive into the world of African entertainment & cultural fluidity. It’s one thing to be hip to what’s happening but it is another to know why.
Follow us
WHERE TO FIND US
Johannesburg
Cape Town
Los Angeles
Lagos
London
SIGN UP TO OUR NEWSLETTER
Copyright © 2024 Celebrity Services Africa | Privacy Policy | Terms and Conditions
CSA Global is compliant with the provisions of the Protection of Information Act 4 of 2013. For a copy of the Company’s data protection policy, please click here.