Art for art’s sake
FINWEEK IS CERTAIN the ears of many KWV shareholders would have pricked up at the news an Irma Stern painting sold for R34m on auction in London last week. Aside from its sprawling properties and brand stocks, KWV’s art collection was one of the socalled heritage assets that caught the eye when the asset register came under scrutiny during the recent Pioneer Foods takeover bid.
Aside from valuable paintings by Cecil Skotnes, Maggie Laubser and Gregoire Boonzaier, there was an Irma Stern that reportedly so enchanted the late (great) Anton Rupert that the Rembrandt founder apparently left a blank cheque with KWV. If KWV’s Stern could fetch anything near R30m, the price tag would represent a value that was three times more than the profit from continuing operations shown by the company in its half-year to end-December 2010.
Finweek wonders what KWV’s new shareholder of reference Hosken Consolidated Investments (HCI, a company known not to endure corporate frills) thinks of having so much capital hanging on a wall…
IRMA STERN’S ‘Arab Priest’ fetches record R34 million at London auction