CAPE TOWN - For the first time in its 17-year history, guests at the Absa Champagne Festival will be able to bid on investment art.

Art as an alternative investment class is one of the fastest-growing asset classes. Any luxury item that holds its value reasonably well over time is considered a collectible, said Bongani Khulu, the head of family office and client engagement at Absa.

“The majority of art collectors buy art to add to their collections, but with an investment view.”

According to the 2018 South Africa Wealth Report, South African fine art prices have risen by 28% over the past 10 years (in US dollars), while global fine art prices have risen by 12% over the same period.

This year’s Absa Champagne Festival, at the Inanda Club in Johannesburg from October 31 to November 1 for invited guests, boasts an exhibition for young and upcoming talent.

Tickets for the public night, November 2, are sold out.