Art market grabs investor's imagination and opens pockets at Strauss & Co Auction

November 1, 2010   [ Archived ]

Over R66 million, the highest total of the year for any South African art auction anywhere in the world, was realised in Johannesburg on 1 November 2010, proving that South African art sells best on home turf. The record total was all the more remarkable given that Strauss & Co charge considerably lower commission, buyer's premium and VAT than their main competitors.

Irma Stern continues to dominate the current auction market with her two outstanding still life paintings selling for R11 140 000 and R8 355 000 respectively, once again confirming the strong demand for this artist’s work in the market place.

Works by Pierneef produced some sensational results with Baobab Tree achieving R7 575 200 and Barberton en Nelshoogte, Kaapschehoop selling for R5 792 800.

Maud Sumner’s Nature Morte, achieved ten times its presale estimate to sell for R2 450 800 - with hindsight perhaps not surprising, given the quality of the painting and the keen interest.

Another record price of R1 225 400 was realised for Pieter Wenning for The Apies River and Union Buildings - continuing the recent upward trend for this artist

The high prices relate directly to the current strength in the market and the quality of works offered. Prices in less rarefied sections of the market also proved strong – bucking a recent trend.

Bina Genovese, Head of Media, confirms that these results place Strauss and Co firmly at the forefront of fine art auction houses specialising in South African art. Their 2010 turnover so far already exceeds R184 million - a massive increase over 2009, their maiden year.

Press enquiries:
Bina Genovese 083 680 9944 / 021 683 6560 /bina@straussart.co.za
Please visit www.straussart.co.za for more details
 

Caption:

Lot 172
Irma Stern
White Lilies
oil on canvas, 67,5 by 64,5cm
R4 000 000 - 5 000 000
R11,140,000