The Mother City has long been a fertile ground for the creative arts, and a renewed impetus over the last decade has seen Cape Town transformed into a top-tier arts destination.
One of the most significant game-changers that cemented the city’s status as an arts hub worthy of international acclaim was the launch of the Zeitz Museum of Contemporary Art Africa (Zeitz MOCAA) in 2017.
Bestowed with weighty accolades, such as ‘The 8th Wonder of the World’, this architectural masterpiece has done much to enhance Cape Town’s standing as a home to innovators pushing the limits of groundbreaking art.
The South Africa 2018 Wealth Report cites African art as accounting for around $1bn (about R12bn) of the total global top-end art market valued at $75bn. Of that, $450m (R5.5bn) African art is held in South Africa.
Estimates show that local fine art prices have risen by 28% over the past 10 years in dollar terms, while global fine art rose by 12%. Top sellers include Irma Stern (R30m per painting) and Maggie Laubser (R5m per painting).