SA artists worth their weight in art market

● Many who are tempted to begin collecting art or who are expanding existing collections want to know how to “read” the art market. When they invest money in an art collection the key question often is: will my art appreciate in value over time?

A closer look at how value is created and has grown in the art market in recent times reveals some interesting trends.

Though reports differ, according to Barron’s, the global art market was worth $63.7-billion (about R769-billion) in 2017, up after a twoyear decline. Meanwhile, according to The European Fine Art Foundation, the African art market in its entirety represents no more than 1% of global market value despite African artists being responsible for more than 20% of the work offered through global auction houses.

The South African market, however, punches well above its weight and is responsible for some of the top contemporary art produced and traded globally — including in major art centres such as London and New York.

Aspire Art Auctions has seen at first hand the value being created by South African artists, especially in the contemporary art field, at its recent auctions.

Successes during its summer auction in Cape Town included Night of the Long Knives III by cutting-edge contemporary artist Athi-Patra Ruga, which sold for R295 568, and a large Robert Hodgins painting, Night of the Awards (1998), which fetched an impressive R2 046 240 on auction.