ART of the DEAL
Makgati Molebatsi is one of South Africa’s most highly regarded art consultants. We couldn’t resist picking her brain: is art a good investment? And how do you go about finding that diamond in the rough?
Works by Pierneef currently go for up to R20m, Alexis Preller can fetch up to R10m, Gerard Sekoto and William Kentridge up to R5m, John Meyer up to R3m and Hugo Naude up to R2m.
Artists aren’t known for their ability to bring home the bacon. (When the word ‘starving’ is casually added to your job title, it doesn’t bode well for your earning potential.) But ironically, art can be a good investment from a buyer’s perspective – if you snap up the right artworks, that is.
According to the South African 2018 Wealth Report released by AfrAsia Bank and New World Wealth, African art accounts for $1bn of the world’s top-end art market, with South African art making up $450m (about R6bn) of that. Irma Stern’s paintings clock in at number one on the list of valuable art: her work fetches up to R30m per artwork. (In case you were wondering who else made the list: works by Maggie Laubser go for up to R5m and Pierneef, up to R20m; those by Alexis Preller can fetch up to R10m, Gerard Sekoto and William Kentridge up to R5m, John Meyer up to R3m and Hugo Naude up to R2m.)
However, like any investment opportunity, if you don’t know what you’re doing, you could be in trouble. ‘It’s a complicated market,’ explains Makgati Molebatsi, a leading art consultant who helps collectors and artists navigate the industry. ‘Artists fall out of favour for whatever reason, and their market value tanks.’ That’s why, she explains, it’s important for an artist to constantly contribute to their brand. ‘William Kentridge continuously works and perfects his art form, and that adds to the value of his artwork.’
Makgati often works with artists to make them more bankable. ‘They already have the talent,’
‘Once you develop your eye, you can pick up on these things. But to do that, you have to immerse yourself in the art world.
she says. ‘I just make sure they meet the right people to help them enhance their career. And that career should actually bring in money.’
Before Makgati became a leading figure in the SA art world, she spent 30 years working in marketing. ‘I had been a marketing executive for 10 years when I thought to myself, “What do I do next?”.’ As she saw it, there were two options: she could wait to be forced into retirement or she could retrain herself. ‘So many people can still do so much when they get to 60, but the next thing you know you are told to leave.’
Makgati first became interested in art when she was between jobs and volunteered her services for the Johannesburg Biennale in 1997. ‘At the time I was only aware of two-dimensional art, but suddenly I was exposed to a whole new world of visual art: installations, performance art, moving image… I felt like a real philistine,’ she laughs. Intrigued by this new world, she immersed herself in it. ‘I decided I’d spend my time travelling for art.’
Almost 20 years later, Makgati finally quit her job to focus on building a business around art. ‘I went to the Sotheby’s Institute of Art to study art and business, and in 2016 I established Mak’dct Art Advisory and Agency.’ She now curates private collections, develops artists and educates people about art and the art market.
So how do you go about finding that diamond in the rough? Sadly, it’s not as easy as the movies make it seem. ‘Often you find artists who are really talented and their work seems to tick all the boxes, but they have not been able to make it.’
Makgati says the first step she takes with any client is to clarify why they are collecting. ‘There are those who collect for aesthetic reasons so they’re looking for art they enjoy that will look great in their homes; those who collect for social reasons, so they want artists and artworks that people visiting them will recognise; and then there are people who collect as an investment.’
If you are the latter you need to
‘When you buy your first piece of art, buy what speaks to you and what resonates with you.’
be able to predict an artist’s career trajectory. ‘You need to see where they started, where they are now and where they might go,’ says Makgati. ‘You can’t do this with an artist early on in their career but you can when they’re mid-career.’ She looks for the following clues: how often they’ve been part of a group show and enjoyed solo shows; have they caught the eye of an influential art critic; have they been in a curated exhibition; is there a buzz around them and are they attracting attention from international collections, museums and galleries?
It’s not impossible to find an emerging artist who is a great investment choice, but spotting them is a skill you can’t develop overnight, she says.
‘To do that you have to immerse yourself in the art world. It can take you 10 years of going around looking at art, and reading.’
If you’re a first-time buyer, Makgati recommends trusting your instincts – it may be something you’ll have on your walls for a while. ‘Buy what speaks to you and what resonates with you,’ she says. As your eye develops and you learn about artists and their careers, you’ll know what to look for.
For the budding collector Makgati recommends a scouting trip to the Bag Factory and August House studios in Joburg, and Greatmore Art Studios in Cape Town. ‘These spaces are great for discovering emerging artists,’ she says. ‘The Investec Cape Town Art Fair which takes place every year in February, as well as the Turbine Art Fair in Johannesburg, on from 12 to 15 July this year, or the FNB Joburg ArtFair are perfect for learning more about art and what’s happening in the art world.’
Last year Makgati started sharing her expertise with the launch of her EduArt lecture series. ‘I want to share my knowledge and dispel the myth of art being elitist. I want to encourage more people to engage with art beyond the gallery and into museums and exhibition art spaces.’ For session dates and times, visit www.makdct.com.
With art destinations like the Zeitz MOCAA bringing attention to SA and African art as well as contemporary art from the African continent, it’s a good time to be excited about our art scene. ‘The SA art scene has developed so much over the past 20 years,’ says Makgati. ‘South Africans are being invited to participate on various international art platforms. Before, you’d go to these art fairs and there would be only limited talk about artists from Africa.’