The question of how to collect art wisely for investment purposes is always tricky and misses are the norm rather than the exception.
However, Absa’s art and museum curator, Dr Paul Bayliss, says collecting art should be simple. But he warns that people who want to do so as an investment should never follow the example of the typical South African marriage.
Speaking at the media launch of the Bag Factory auction, to be hosted by Absa next week, Bayliss said knowing how long to hold on to a piece and deciding when to sell for a good return on investment always plays an important part.
"In essence, the art of collecting art is very simple: follow your heart by collecting what you love, allow your emotions to dictate which piece to buy, and once you have bought the piece, never be like a typical South African marriage, which on average lasts two-and-a-half years," he says.
"Unlike your typical South African marriage, which disintegrates much quicker on average, part with your art work after at least 25 years. By that time, its value would have appreciated immensely."
The Bag Factory has supported South African artists for 25 years. Its 16 studios connect artists to the domestic and international art world through residency programmes and visiting foreign artists.
The organisation was co-founded in 1991 by artist, teacher and curator David Koloane and British art collector and philanthropist Robert Loder, who saw the need for a permanent space where artists could be nurtured, sharing space and ideas.
Artists who took up residence included luminaries such as William Kentridge, Penny Siopis, Wayne Barker, Ricky Burnett, Deborah Bell, Pat Mautloa and Sam Nhlengethwa.
Mautloa and Nhlengethwa are still involved as members of the board, while Koloane is an honorary co-director.
The Bag Factory has expanded and, with its exhibitions, workshops, curator programmes and training opportunities, plays a key role in promoting local art.
The organisation is marking its 25th anniversary with an auction next week. It expects to raise close to R2m, part of the R6m the institution aims to raise in the next few years, director Sarah Hallatt says.
Kuloane, Moutloa and Benon Lutaaya, one of the hottest young artists on SA’s contemporary scene, have contributed pieces.
Bayliss encourages collectors to preview the works at the Absa Gallery in the Johannesburg CBD. The collection of 18,000 pieces is one of the biggest by a financial institution in Africa.
He uses a simple formula to collect art: "We collect what we love and find beautiful to the eye. We never use potential financial benefits in the future as a motivation or consideration."
"We always advise the bank’s clients interested in collecting art never to use monetary consideration as a motivation.
"For example, most of our pieces came from our initiative to promote young artists’ careers through the Absa L’Atelier competition."
The money raised will be used to renovate the Bag Factory’s building in Fordsburg.
The auction, aptly entitled 25, will feature works from past and present Bag Factory artists, former participants in its visiting residency programme, former L’Atelier Award and Merit Award winners and stalwart South African visual artists.
The artists include Gordon Froud (As Above, So Below), Walter Battiss (Alpha Bat – Self-portrait), Kentridge (Untitled — Tree on Landscape), Norman Catherine (Armed Response) and Roger Ballen (Assault). Former L’Atelier winners include Pauline Gutter, Jaco van Schalkwyk, Clive van den Berg and former Bag Factory artists include Helen Sebidi, Colbert Mashile, Belinda Blignaut and Claudette Schreuders.
Current Bag Factory artists at the auction include Gail Behrmann and Blessing Ngobeni. Works from the Bag Factory’s co-founders, Koloane and Nhlengethwa have also been included.
Strauss & Co will conduct the auction.
25 takes place on November 17 from 7pm at Absa Gallery, Absa Towers North, 161 Main Street, Johannesburg.
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