A picture paints a thousand rands

Business Day Live | Tina Weavind:


EARLY last month a William Kentridge drawing sold for R4-million; veteran auctioneers Strauss & Co had anticipated an upper price of R1.6-million.

Last year, one of Kentridge’s works, a group of 25 small bronze sculptures, went for just over R16-million.

William Kentridge. Picture: STRAUSS & CO

There is huge money being paid for South African art, and depending on the artist and the example of their work, there is a packet to be made.

A portrait by South African artist Irma Stern was bought for R12-million in October 2010, setting a new world record for work by a South African artist. Rich Listers and aspiring Rich Listers were no doubt incredulous when the same painting was sold for R26.4-million at an auction in London two weeks later.

Bonhams, the London auction house, said the anonymous buyer had to fight off “multiple telephone bidders and others also competing in the auction saleroom”…


Read full article via source: http://www.bdlive.co.za/businesstimes/2014/12/07/a-picture-paints-a-thousand-rands