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Strauss & Co set a new record for South African art

18 Oct 2010

Major collectors and art lovers packed the auction house to capacity to witness the sale that has been the talk of the art world. Stephan Welz, Managing Director of Strauss & Co and the country’s top fine art auctioneer, set a cracking pace from the start. J H Pierneef’s Koringlande, Agter Paarl, which as a rare Cape landscape has excited much public interest, exceeded its pre-sale estimate of R2 500 000 – 3 500 000 and sold for R4 678 000. Hot on its heels two remarkable paintings by Maggie Laubser achieved excellent results: Flamingos on the Beach sold for R2 673 600 and a second landscape sold for R1 782 400, both well beyond their pre-sale estimates.

The highlight of the evening, Irma Stern’s Gladioli, was sold for R13 368 000, far beyond its pre-sale estimate of R5-7m, the highest price ever paid for any South African painting on auction. When Welz’s gavel went down, spontaneous applause erupted both for the buyer and in recognition of the auctioneer’s expertise. Two late paintings by Stern also performed well with the innovative Yachts and Houses achieving R2 673 600 and her Figure on a Beach selling for R1 448 200, comfortably beyond the pre-sale estimate of R1,2m.
The auction finished on an exhilarating note with high prices for contemporary art. Stanley Pinker’s The Wheel of Life sold for R2 450 800, more than double its pre-sale estimate of R1m and an elegant still life painting by Cecil Skotnes fetched R946 900 (estimates R300 000 – 500 000). A bidding frenzy ensued on a John Meyer landscape which sold for R267 360 and on two graphic works by William Kentridge which also sold well above their estimates.

Significantly, sales were good at the top, middle and lower ends of the market, bucking predictions that the financial climate would put a dampener on buyers’ enthusiasm for art purchases and proving yet again that quality sells. By close of evening it was clear that Strauss & Co had achieved the highest total yet for any of its six auctions to date, since the company’s founding in late 2008. With the year’s total thus far standing at R120 million, Strauss and Co have already passed their previous highest annual turnover figure, with two sales to go. This firmly establishes them as the leading auction house worldwide for South African art by turnover, expertise and quality.

All prices quoted are inclusive of Buyer’s premium.
For a post sale video by Strauss & Co’s Stephan Welz see here www.straussart.co.za/videos
For more information visit Strauss &Co’s website at www.straussart.co.za or call 021 683-6560

Press enquiries:
Bina Genovese
bina@straussart.co.za
083 680 9944