ArtTactic published its latest Africa report on 01/02/24, demonstrating that the market for African art remained solid despite a softer global market. Auction sales of Modern & Contemporary African artists had declined 8.4% from $87.2 million in 2022 to $79.8 million the previous year, a less significant drop than the overall market, which had declined around 18%. Despite being down from its 2022 peak, the market had registered its second-highest sales total ever.
ArtTactic also reported that Women artists under the age of 45 had accounted for 20.6% of the NextGen auction sales, up from 18.8% in 2022. African women artists had not only found parity in sales totals, but in 2023, they had exceeded the totals of their male counterparts, with women seeing a market share of 54.8%.
Africa’s leading art auction house, Strauss & Co., had announced annual results of R363.7 million ($19.7 million) for 2023, up 2% from the previous year. There were 57 auctions of modern and contemporary art, decorative arts, jewellery, and fine wine held in 2023, with 6 additional philanthropic auction events. 12% fewer lots were sold than in 2022, with the average price per lot sold increasing by 12%. Significant world auction records were set for Dumile Feni, Ruby Swinney, and Sethembile Msezane, while African records were set for Irma Stern, Pierre-Auguste Renoir, Cinga Samson, Vladimir Tretchikoff, Simphiwe Ndzube, and Richard Mudariki.
Selling art in unpredictable times, Frank Kilbourn, Chairperson of Strauss & Co., stated, “To have expanded our client base, raised our average lot price, and increased our overall sales total was no mean feat in the operational environment. Strauss & Co.’s business remained resilient because of targeted investment balanced with disciplined cost management, fiscal, and operational efficiency.” “From our offices in Cape Town and Johannesburg to deepening and optimizing the technology stack, we were ambitious to grow and serve more clients. We were also focused on the training and development of our people and in expanding our international footprint.”
Looking ahead, the social and economic environment presented unique challenges as well as opportunities. Elections, interest rates, electricity scarcity, and geopolitical conflicts would continue to dominate the headlines. Yet, resilience in the private sector, a sustained appetite for collectables, and the quality of works generated by a creative economy, currently and in the past, would continue to underpin their performance.
Challenges of global headwinds included inflation, slowing economic growth, and war in the Middle East. However, Strauss & Co. was not alone in negotiating turbulence, as muted demand at international auctions was seen globally in 2023, with global auction sales down approximately 18%. In South Africa, the country’s economy experienced additional stresses due to sustained high-interest rates, deteriorating public infrastructure, and irregular power supply. While these factors led to softer demand, Strauss & Co. responded to these macroeconomic conditions with resilience and adaptability.
Continued Investment for Growth:
To support a growth agenda, Strauss & Co. had:
- Appointed two new members to its Board of Directors.
- Opened stunning, new Cape Town premises.
- Sponsored the African edition of the Art Business Conference.
- Published the free-to-access African Art Newsletter aggregating art news.
- Launched a new monthly Art Club to promote wider access for collectors.
- Focused on continued international expansion.
Khetiwe McClain and Jo-Ann Strauss were the two formidable businesswomen with outstanding professional credentials who had joined the team. Khetiwe McClain, a mining entrepreneur with an international background in art, was appointed as Client Advisory Executive. Jo-Ann Strauss, a media entrepreneur, served as a Non-Executive Director. Kate Fellens, Strauss & Co.’s Head of International Business Development, had also relocated to London from Brussels in a move that continued to support international client engagement.
Art Underpins All Activities with Sustained Demand + New Records Set:
“The passion for quality endured. While collectors were judicious, there was strong demand for artists with institutional pedigree,” stated Dr Alastair Meredith, Head of Art Department. “We saw robust bidding for works by artists with significant museum presence, from Irma Stern and Sydney Kumalo to William Kentridge and Cinga Samson. There is a strong case for optimism as we went forward in 2024.”
Growing interest continued to be seen in the work of BIPOC artists (black, indigenous, and people of color), and for historical black modernists. Demand continued for paintings by George Pemba, Gerard Sekoto, and Moses Tladi, works on paper by Dumile Feni, and sculpture by Sydney Kumalo and Ezrom Legae. Interest in work by Esther Mahlangu, an artist who effortlessly straddles the modern and contemporary art categories, was also robust. South African records were also achieved for Sethembile Msezane, Richard Mudariki, Simphiwe Ndzube, and Cinga Samson. Further record prices were achieved for works by, among others, J.H. Pierneef, Pierre Auguste Renoir, Irma Stern, Ruby Swinney, and Vladimir Tretchikoff. Strauss & Co. also affirmed the market status of artists such as William Kentridge, George Pemba, Alexis Preller, and Gerard Sekoto.
Strategies for Visibility – Curated Auctions, Targeted Content:
Creatively themed auctions of new-to-market work remained important for engaging new audiences. Standout auctions in 2023 included Curatorial Voices: Modern and Contemporary Art from Africa in February, JH Pierneef: Close to Home, C. 100 Sculptures in July, Mid-Century Modern Furniture in September, Transcending Boundaries: International Modern and Contemporary Art in October, and Young Guns and New Wave Wine Producers in November. Bidders from more than 20 countries competed for lots in Transcending Boundaries and new buyers accounted for more than half of the successful bids.
Good Corporate Citizenship:
Strauss & Co. continued to support the wider community through sponsorships, exhibitions, talks, and outreach programs to develop and deepen interest in fine art and collectables. These included sponsorship of the 2023 editions of Hermanus FynArts, Toyota SU Woordfees, Welgemeend Art Month, the Cassirer Welz Award, several art publications, and making services and resources available pro bono to support important art institutions such as the Norval Foundation, Irma Stern Museum, Art Angels, and related the Nel Erasmus Trust, amongst others. In June, Strauss launched The Sculptures of Sydney Kumalo and Ezrom Legae – A Catalogue Raisonné at their Johannesburg gallery. Authored by Gavin Watkins and Charles Skinner, the launch coincided with an exhibition of 92 works by Sydney Kumalo and Ezrom Legae, curated by Wilhelm van Rensburg, Head Curator, Strauss & Co.
As part of Strauss & Co.’s ongoing commitment to showcasing African artists, a dedicated exhibition to Alfred Thoba took place in Johannesburg in February. “Strauss & Co. remained cautiously optimistic and was committed to leveraging our strengths, adapting to market dynamics, and continuing to deliver value to our stakeholders,” concluded Frank Kilbourn, Chairperson, Strauss & Co.
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