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Johannesburg - Volumes of SA art sold at auction during the first half of 2015 declined by around 10%, but average prices paid were exactly the same as during the last half of 2014, according to the latest Citadel Art Price Index (Capi).
"It seems that we’re well into a consolidation phase for SA art, where high-end signature pieces are fetching less, but the average pieces are doing very well. This expansion of the SA art market is very encouraging and bodes well for the future of art in South Africa," according to Citadel head of South African portfolios George Herman.
"China is battling to keep up its staggering growth rate and as the world comes to terms with a China that absorbs less global commodities, prices for every commodity from sugar to oil got hammered. Art wasn’t spared and the Chinese auction market declined an astonishing 40% by volume and 30% in price."
The Capi panel of auction houses had 18 auctions during the first half of 2015, in which 2 666 lots were sold at a total value of R143.5m. These numbers show a unique “double” as the volume and value auctioned during the first half of this year are both 10.1% lower than the last half of 2014, said Herman.
The average price per piece of R53 800 during this period is also exactly the same as during the back half of 2014.
"It is good to see average prices bottoming out and maintaining the same level as last year. The maximum price paid during the first half of 2015 was once again for an Irma Stern, Madeira Fisherman, but at around R5m, it’s only a third of last year’s second half maximum," he said.
"In recent years we have experienced an almost eerie direct correlation between South African and Chinese art prices. It is thus very pleasing to see the SA market standing up well during a stressful period for Chinese assets. Could this be the start of an African renaissance in art? We’ll have to wait and see."
