Slain Gold Magnate's Art Sale May Fetch SA Record
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SOUTH AFRICAN BUSINESS ART April 2009 | Supplement to The South African Art Times | To order and subscribe call 021 424 7733 | E-mail: [email protected] | Part of the Global Art Information Group Bidders do battle at Strauss & Co inaugural auction at The Johannesburg Country Club. Its March 9 maiden sale at the Jo’burg Country Club was about 87% sold, and grossed R37m, against the pre-sale estimate of between R30m-R40m. Slain Gold Magnate’s art sale may fetch SA record LATEST SOUTH AFRICA ART AUCTION MARKET UPDATE Michael Coulson “However, contemporary artists must temper their often unrealistic expectations. It’s taken [William] Nicky Smith saying he illegally sold assets during his tenure as South African art at an auction held March 8 in at a December 2007 Christie’s International Plc After a spate of poor to mediocre results both in SA Kentridge 20 years to reach his current status, and Chief Executive Officer of both companies. Johannesburg, including 7.15 million rand for Stern’s auction, which included the “hammer price” and extra and London, the latest two SA art auctions held by he has every right to command the prices he does. March 25 (Bloomberg) -- The sale of the South Afri- still life portrait “Magnolias in an Earthenware Pot,” charges, Britz said. Preller’s “Christ Head” has been long-established Stephan Welz/Sotheby’s (Swelco) But it’s problematical when newcomers think they can art collection of murdered gold mining magnate During his 11-year gold mining career Kebble led according to its Web site. valued between 2 million rand and 3 million rand, and newcomer Strauss & Co and brought bet- can expect the same.” Brett Kebble may fetch the most ever paid for a companies that created two of South Africa’s top Britz said. ter results, in terms of the percentage of lots sold collection of local works. four gold producers, and began the development “Brett knew his art and over the years he has col- and prices compared to pre-sale estimates. Is this Welz is more forthcoming – or foolhardy. of South Deep, the world’s largest gold deposit. He lected quite valuable art,” Jack Rosewitz, deputy A team of forensic investigators is still trying to find sustainable, or just a temporary rally in a bear market The collection of 20th-century pieces may raise as also helped lead the 1997 acquisition of a 35 percent chairman of Johannesburg-based Stephan Welz as many as 15 items missing from the collection, – a dead cat bounce, in stock market parlance? “There’s a lot of room for Hugo Naude still. The much as 100 million rand ($11 million) when it goes stake in JCI from Anglo American Plc for $650 mil- & Co. in Association with Sotheby’s, said in an Hans Klopper, the managing director of Independ- market loves his cheerful floral landscapes. Alexis under the hammer on May 7, Graham Britz, director lion, at the time the biggest attempt after apartheid to interview. “He had an enormous collection and South ent Corporate Recovery Advisors, said in a phone Both firms are guardedly optimistic. Strauss’s Preller could come in for a run, helped by the im- of sales of Graham’s Fine Art Gallery in Johan- boost black ownership of South Africa’s economy. African art is quite hot on the local market.” interview from Stellenbosch, South Africa. Klopper Stephan Welz says “My gut tells me that it can last,” minent publication of an authoritative book on him nesburg, said in an interview today. The collection is winding down Kebble’s estate, which includes while Swelco’s fine art expert in Cape Town, Phillippa (sponsored by Gordon Schachat). And there’s always includes artists such as Irma Stern, J.H. Pierneef and Top Prices Missing Items 10 million rand of Kebble’s personal debts, such as Duncan, is even more positive. “Certainly it’s sustain- interest in Maud Sumner. Two with a lot of steam left Walter Battiss. mortgages and car finance. able,” she says. “People want to protect their art in them are Freida Lock and Adolph Jentsch, though The collection of 133 items includes Stern’s London-based Bonhams last month achieved collections, which they see as a major asset. If they they’re held back by a lack of supply.” “People will still pay top dollar for top quality,” said “Woman Sewing Karos” and “Mother and Child,” record prices for 12 South African artists, including Galleries will be put on alert for the missing items can’t get the price they want, they’ll simply hold on Britz. “There is a lot at stake. We’re aiming for a Alexis Preller’s “Christ Head” and Maria Magdalena Laubser’s “Indian Girl With Poinsettias,” which sold and rewards may be offered if pieces are returned, for a less rainy day.” Supply is crucial. “I thought that after getting record price paid for a South African painting. It will Laubser’s “Portrait of an Old Woman with Head for 276,000 pounds ($402,546), beating pre-sale he said. Kebble in 2003 started the Brett Kebble Art R1.4m for a Dorothy Kay [who many think is unduly also be a record for a collective body of works sold Scarf: Landscape in Background.” It also has pieces estimates of 100,000 pounds to 150,000 pounds, Awards, which his family stopped after his death. But there are reservations. neglected] we’d be inundated by her work, but we on South African soil in a single session.” from Vladimir Tretchikoff, William Kentridge, J.E.A. while a piece by Preller sold for more than double the haven’t been offered a thing! The good people of Volschenk and Pieter Venning. highest predicted amount, according its Web Site. The administrators are also “chasing approximately Welz warns that “There’ll be serious problems at the Port Elizabeth [where she lived and worked] either Kebble, died in his car in Johannesburg in Septem- 35 million rand to 40 million rand” missing from the lower end of the market, which will have to reorien- don’t follow the market or are inseparably attached to ber 2005 at the age of 41 after being shot seven The sale, for which a catalog will become available Kebble’s Stern painting of “Woman Sewing Karos,” a estate, Klopper said. “These were things such as tate itself. Some artists’ work has been bought for their Kays.” times in what the main suspect for his murder has April 16, comes as the auction value increased for 1929 oil on canvas has been “conservatively valued” donations and payments made at a time when his social and political reasons more than artistic merit. said was an “assisted suicide.” Since his death, South African art this year. at between 5 million rand and 7 million rand, Britz estate was hopelessly insolvent.” I throw another PE name, a favourite of mine, at JCI Ltd. and RandGold & Exploration Co. Ltd. have said. The most ever paid for a Stern work was 7.39 “What you could call ‘calendar’ art may also face him: Fred Page. “He’s an amazing artist, but not lodged a claim seeking 2 billion rand from his estate, Strauss & Co. raised a record 38 million rand for million rand for her 1946 piece “Congolese Woman” http://www.bloomberg.com tough times. The market for [Johan] Oldert has everyone’s idea of a pleasing picture. A book’s being virtually disappeared, while prices for, say, Gabriel de put together on him, too, though I hear they may be Jongh have barely moved in the past five years.” looking for sponsorship.” Duncan stresses that quality will be vital. Both clearly Recent interest in Tretchikoff, driven by one “total Art Bank Joburg faces challenges feel that the fact that Bonham’s was left with 20 of aberration of a price”, he dismisses as speculative the 27 Irma Sterns in its pre-Christmas sale had as rather than from genuine collectors – though he much to do with their quality as with any weakness insists that, despite neither of Strauss’s Tretchis be- artists with a total value set up a national art bank. It hasn’t done so (which The bank, which announced last year that it was in demand for the artist, though Welz (basking in the ing accorded a price in the post-sale list, he did sell Michael Coulson of R3.1m. The average value of R2 830 reflects the will come as no surprise to cultural workers), which to move from Newtown to the old premises of the near-record for Magnolias in his sale) does think that one of them. bank’s remit to encourage developing artists, and could make it possible for Art Bank Joburg to take Sandton Civic Gallery, is now to relocate to Spark, she may have peaked for now – as may Pierneef, Halfway through the initial five-year period in which it Sack points out that the maximum price the bank over this role. the old electricity sub-station in Norwood which has and even Maggie Laubser. Remarkably, neither Welz nor Duncan see the world was hoping to break even, the Jo’burg Metro’s strug- may pay for a work is R15 000. It’s also possible that the Metro Council could be seen sporadic success as an art gallery and craft economic crisis as a major threat. Duncan reckons gling pioneer art bank is to adopt a new business They are hired out at 20% of market value, and persuaded to supplement its original investment.