Although we have a "credit crunch" on our hands, art is still exceeding expectation. According to some the market has dropped a few percent, while others will pay an arm and a leg for quality art. Such an example was Frans Oerder's - Magnolias, which sold on the 9th of March for an incredible R 1,782,400.00. The estimate price was R600 000 - R900 000, but I believe its fair to say that it sold for double off what was expected.
Another of many examples was a piece by well-known artist Irma Stern. Although accepted in Europe, her work was unappreciated at first in South Africa where critics derided her early exhibitions in the 1920s with reviews titled "Art of Miss Irma Stern - Ugliness as a cult". Gradually Stern became acknowledged as an established artist and from the 1940s achieved success locally. On Strauss's auction the 9th of March, Stern's "Magnolias in an earthenware pot" was estimated at R2 800 000 - R3 400 000 but was sold for a staggering R7 241 000.00.
Lastly, I quote from Die Burger newspaper (18/08/08): "Beleggings in kuns is steeds gewild, moeilike tye ten spyt. Dit is bewys dat beleggers se belangstelling en vertroue in kunsnog baie sterk staan"
Quality is remembered long after the price has been forgotten.
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