Strauss & co - Review 2019

Contemporary art from the period 1990 to the present has, since 2018, been showcased in a standalone sale. Nevertheless, works by contemporary artists do still feature in the benchmark live sales. Celebrated contemporary artist William Kentridge topped the R42.62-million-grossing November sale when his Iris , a large work on paper from 1991 depicting the purple ornamental flower so beloved of artists, sold for R4.21 million. Kentridge also posted solid results in May (Johannesburg). Offered as a complete set, his important triptych from 1988, Art in a State of Grace, Hope and Siege , sold for R1.14 million. It is worth noting that the November sale registered a softening in appetite for certain artists, with a handful of important lots going unsold. Various factors are at play. One bears scrutiny. Increasing competition among auction houses, both in South Africa and abroad, has seen pre-sale estimates exponentially rise to unsustainable levels. Buyers, though, are unmoved by overly optimistic estimates. This resulted in a number of ambitiously valued lots going unsold in 2019. “There is no guarantee a work will sell at auction, but history has shown that provenance and a solid auction track record, married with a sensible, market-related estimate, will always attract interested buyers,” says Bina Genovese. Strauss & Co is committed to offering fair estimates that balance the needs of buyers and sellers alike. In summary: • Strauss & Co’s four marquee live sales remain the premier venues for the sale of high-value lots • The March sale (Cape Town) was the first-ever art auction in South Africa to earn more than R100-million when it grossed R107 million • Important works by Pierneef, Preller, Sekoto, Stern and Van Wouw continue to command significant prices • Stern remained the most sought-after South African artist at auction in 2019 • Pierneef’s prices saw a satisfying correction in 2019 following a once-off market event • Buyers are knowledgeable about value and are not swayed by overambitious estimates William Kentridge Art in a State of Grace; Art in a State of Hope (Tatlin in Berea); Art in a State of Siege (100 Years of Easy Living), three Sold R1 138 000 27