ARTIST OF THE MONTH – Solomon Omogboye (July & August 2018)
The index of fine art sales shows an average annual return of 10 percent over the past 40 years. Advisors use these to sell art funds.
- Many investors consider art as a vital asset class for a well-diversified portfolio.
- The 2008 global financial crisis led to ultra, high net worth individuals, looking for different asset classes to invest in; have invested in art – and it has fulfilled the challenge of delivering high return on investment.
- Banks in many parts of the world now can’t offer the returns on investment they once did whereas the art market has gone from strength to strength in the last 10 years, especially in the last 8 years.
- Prices fetched for SA art auctioned internationally, have appreciated at the same rate, perhaps even more, than prices fetched for art from other countries.
- South African art is now traded internationally – with record prices being fetched for works by a small circle of well-known modern South African artists including names like Stern (Arab Priest work sold for just over 3 million Pounds last year); Pierneef; Sekoto and Preller. And, in addition, a secondary and tertiary set of contemporary South African artists including William Kentridge; Deborah Bell and names of modern artists like Gerard Sithole; Sidney Khumalo; George Pemba for example now fetching record prices overseas as well.
- This is likely to continue if you consider that big galleries like the Everard Read Gallery; are opening branches in London and promoting a wider range of artists abroad.
- There’s been a dramatic increase in the number of auctions of SA art by Bonhams in recent years (not one every quarter as opposed to one a year)…
- …And ever increasing annual showings of art from South Africa and Africa; in cities like New York.
- It’s easy than ever to get out and find out about local art and what’s worth investing in – with events like Turbine Art and FNB Art fair growing ever-more popular and attracting the likes of international curators from huge galleries overseas.
With most quotes & facts above from 702.co.za. – Courtesy of Giles Peppiatt, Director of Modern Art at Bonhams (international fine art auction house) in London.