ART INVESTMENT. Hot prices, cool heads.

Byline: Ian Fife and Gabrielle de St Clair

ART INVESTMENT Hot prices, cool heads Stephan Welz's first auction for Strauss & Co supports the argument that SA art is a defensive asset class in the global financial crisis. But it's still early days in the economic downturn, and this hypothesis will be further tested in two more auctions due in April and May. Record prices received at the Strauss & Co auction were R935000 for an Anton van Wouw bronze Die noitjie van die onderveld, at more than double its estimate. The highlight was Irma Stern's Magnolias in an earthenware pot selling at R7,2m (estimate R2,8m-R3,4m). Serious collectors and SA big money packed the ballroom …