This weekend was the 8th edition of the Investec Cape Town Art Fair at the CTICC, where South African and international galleries showcased their most acclaimed artists and upcoming bodies of work. Although final figures are still being processed, early indicators point to growth in attendance and works sold.
“Investec Cape Town Art Fair is redefining what we may think constitutes an ‘African’ art fair – in the sense that while it is based in Africa it has become ‘international’ with up to 40% European based galleries participating in it. This is what any ‘good’ art fair should offer; a view into art produced in different parts of the world while reflecting the local aesthetic and trends of the art market where it is located. This international character, which is not only defined via the nationalities of the galleries but the buying-power at the fair (mostly European collectors), has encouraged many South African galleries to show works produced by artists from Europe at the fair. This is unheard of and suggests that the parochial and perhaps nationalistic character of our art market is gradually shifting. In turn, some of the Italian and French galleries showed works produced by South Africans in order to ‘fit into’ the context of this fair – this forces them to foster stronger relationships with our artists,” says Mary Corrigall, founder of the Cape Town-based art research consultancy, Corrigall & Co. They have just released an 88-page report titled The South African Art Market: Pricing & Patterns.
With over 22,000 attendees (up almost 40% from last year) and 107 exhibitors (58 of them international), the Investec Cape Town Art Fair is said to be the largest art fair on the African continent. This year it once again included the foremost galleries from South Africa, the African continent, and abroad, providing an intimate experience of one of the world’s most unique art capitals. A new study identifies Cape Town as the meeting place between the fast-growing African art market and the international art world.
This is one of the many findings in the 88-page report mapping patterns in South Africa’s major art capitals. Produced by Corrigall & Co, a South African-based art research consultancy, the report offers an analysis of the gallery landscape and the pricing trends in the country. The results are based on intensive data gathering and analysis of 52 commercial art galleries, 198 exhibitions and art fair price lists pertaining to 194 artists and interviews with industry leaders.
Highest prices fetched for South African art
“South African artists who demanded the highest prices at the Investec Cape Town Art Fair are not surprisingly those artists who have been consecrated on the secondary auction market: R6-million for Refugees 1 & 2 (2018), an ink and charcoal drawing by William Kentridge work offered by Goodman Gallery, R1,9 for a Norman Catherine bronze sculpture, Balancing Act (Monumental) offered by Everard Read Gallery, R750 000 for a Deborah Bell work on paper titled Life as a Boat, also offered by Everard Read Gallery and R700 000 for a Penny Siopis work, Material Acts, blue, ink on canvas offered at the Stevenson Gallery” says Corrigall.
An in-depth look at the pricing patterns during this art fair and the two auctions that took place simultaneously will be contained in an upcoming report: Cape Town Art Market 2020.
This is one of the many findings in the 88-page report mapping patterns in South Africa’s major art capitals. Produced by Corrigall & Co, a South African-based art research consultancy, the report offers an analysis of the gallery landscape and the pricing trends in the country. The results are based on intensive data gathering and analysis of 52 commercial art galleries, 198 exhibitions and art fair price lists pertaining to 194 artists and interviews with industry leaders.
Unprecedented scope
Cape Town also boasts the largest art representation of galleries on the continent. Sixty-four galleries are participating in the Investec Cape Town Art Fair this weekend, more than in Joburg, Lagos and Marrakesh during the same year. There is also strong participation in the Cape Town art fair by galleries based in Europe (41 in 2020), further implying that Cape Town is the major art hub on the continent.
According to Cur8 art experts, more than half of the visitors to this year’s 2020 Investec Cape Town Art Fair (52%) are return visitors; 88% local visitors and 11% of these visitors have spent more than R100 000, creating a welcome injection into the local art and tourism economies.