South African fine art prices have risen by 28 % over the past 10 years in dollar terms. Over the same period, global fine art prices rose by 12 %.
This is according to the South Africa 2018 Wealth Report released by AfrAsia Bank and New World Wealth
The report lists the leading South African artists in terms of prices obtained for their work, with Irma Stern paintings still the most expensive of all South African artists.
Her work fetches up to R 30 million per painting, with an average price of around R 5 million.
Works by Maggie Laubser currently fetch up to R 5 million per painting. The average price for her work is around R 600 000.
AfrAsia Bank and New World Wealth expect a substantial increase in the value of her paintings, possibly matching prices obtained for Irma Stern in the near future.
Paintings by Pierneef currently fetch average prices of about R 800 000 per painting, but his works can fetch up to R 20 million.
AfrAsia Bank and New World Wealth list six SA artists whose works they expect could fetch prices similar to those of the top local artists in the near future.
They are Adrian Boshoff, Stefan Ampenberger, Branko Dimitrov, Roberto Vaccaro (sculpture), and Portchie and Isabel le Roux.
Despite being only the fifth-largest country in Africa in terms of population and ninth-largest by land area, South Africa is by far the most advanced and richest country on the continent.