RETHINKING ART AUCTIONS - PRESERVING THE VALUE OF ART COLLECTIONS Porto Venere www.portovenereart.com

Business Art News

RETHINKING ART AUCTIONS www.aspireart.net

The South African art world has many misconceptions about art auctions and the so-called ‘secondary market’ in which auction houses operate. Perhaps the most important thing to realise is that auction prices are completely transparent and are set by precedent – that is, a work of art is priced against previous prices for similar works by the same or comparable artists, of a corresponding size, subject, medium and quality. This means that it is entirely possible, even likely – if done with the right knowledge or consultation and advice – to pick up an affordably priced work of art that will appreciate in value for its owner; something that is often overlooked when much of the focus is on the record-breaking prices achieved for works of art around the world.

More than this, auction houses in the South African market are more and more stepping into the gap left by the lack of resources available to our public museums and art institutions – most importantly in the areas of art education, research, publishing and promotion. The continuing lack of government funding for public art institutions means that private collectors and collections have increasingly become responsible for maintaining a place for fine art in our national cultural identity.

The newest of the South African fine art auction houses is Aspire Art Auctions, and in its almost three years of existence it has defined itself by a commitment to exactly those principals and functions in the art world.

Auction houses are first and foremost businesses, and are motivated to do research, educate their markets and publish sales catalogues for business reasons. But Aspire has become known for the quality of the work that it does in these areas, with its catalogues in particular becoming highly respected and prized, and the knowledge and insight which they contain making them highly sought-after – from collectors to academics to art-industry professionals. Expertise in the art world is a market prerequisite. Serious collectors

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William Kentridge, Drawing from Stereoscope (Soho in two rooms), 1999, sold for R6,600,400.

The contemporary segment allows the company to demonstrate its strategic positioning more clearly. Aspire has established a reputation for achieving high prices for contemporary work, and has led the industry in the introduction, growth and development of this significant market at auction. A world auction record for a drawing by South Africa’s international star William Kentridge is a major feather in Aspire’s contemporary cap. Drawing from Stereoscope (Soho in two rooms) sold for R6,600,400 in November last year. Says Aspire Director and Senior Art Specialist Emma Bedford, “A balance of work by traditionally strong signatures and work in emerging segments is crucial to any art auction house, and we have such deep expertise in-house. Our approach to developing value in the contemporary segment benefits greatly from our commitment to excellence in our research, writing, cataloguing and presentation processes.”

Above: Gerard Sekoto, Lady in Red, c.1940 Right: Dumile Feni, Head, c.1980

welcome guidance and as much information and interpretation as possible about prospective acquisitions. The auction house needs to play such a role, and increasingly dismantle the barriers to entry and perceived inaccessibility of the hallowed white-cube museum, auction room or gallery environment.

Says Aspire MD Ruarc Peffers, “Our strategy is to concentrate on quality rather than quantity precisely so that we can provide thought leadership and properly consultative guidance to collectors. While our sales are focused on top-quality offerings, and the rejection of large volumes of artworks in our sales, we are better positioned to ensure that the works we handle are well-researched and presented in their best light. It also provides our collectors with the confidence and security of knowing that the works we offer have been specifically selected for their quality and significance, from a large pool of possibilities, to ensure that only the best are presented in our auctions. We’ve learned that honing in on specific segments of the market and providing really in-depth knowledge in that area helps greatly to develop value for our clients”.

Every auction house competes for the bestquality works by the major signatures in the art market. While a unique positioning for such highprofile works is more challenging, Aspire does seek constantly to add to knowledge and analysis of works by traditional powerhouse artists from the Modern era like Irma Stern, Alexis Preller and J.H. Pierneef.

The commitment to innovation in different parts of the market has led to a particularly important aspect of the company’s value development. This is its burgeoning track record in selling the work of previously under-represented black artists. The representation of black modern and contemporary artists has become much more of a hot topic in the country in recent times, with the magisterial exhibition A Black Aesthetic at Johannesburg’s Standard Bank Gallery. Aspire’s most recent auction in Johannesburg contained the largest and highest quality complement of black modernist and contemporary work on sale of any South African auction house to date, including seminal paintings by the two most important early black modernists, Gerard Sekoto and George Pemba, and a rare sculpture by another central figure in under-represented twentieth century black art, Dumile Feni. Aspire’s commitment to researching, writing-on and presenting this work in its best light and in the most conducive environments to present - and platforms to promote - the quality, beauty and historical significance of this important art, contributes to redress how this art is seen and understood in the media and among collectors. Major successes to date in the segment include world auction records for work by Peter Clarke, Dumile Feni and influential sculptor Sydney Kumalo.

Comments Peffers, “Our commitment to developing value in this segment is not only a business decision, it resonates with our value system too. It’s part of our wish to give back to the art industry in the country, which is also the reason why we’re still the only auction house in the country to pay royalties to South African artists whose work sells with us”.

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