Collectors from around the world 🛩 are scouring 🇿🇦Cape Town’s booming art scene 🖌🌄 in search of diverse deals 💵
Precious Mhone, co-curator of a multi-disciplinary exhibition of African artists stands amongst works on display at the Zeitz Museum of Contemporary Art Africa in Cape Town, South Africa, March 18, 2019.
“We sold approximately $7.3 million worth of art, including commission... which is a record for South Africa and for Africa as a continent,” said Frank Kilbourn, executive chairman of auction house Strauss and Co. “It bodes extremely well for the future of African and South African art.” Kilbourn said local buyers snatched up Stern’s works, although there was strong competition from abroad.
The potential investment value of some of the continent’s historic art figures and a favourable dollar-rand exchange rate are also attracting foreign buyers, Kilbourn said, adding South Africa’s art market is valued at around $140 million to $211 million a year.
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