News / Africa
Mandela painting fetches R3.7milliom on auction
20 Jan 2013 at 08:04hrs | Views
Johannesburg - A portrait of former president South African Nelson Mandela set a new price record when it fetched R3.7m on auction at a recent ANC fundraiser, it was reported on Sunday.
The City Press reported that this was the highest price ever paid for a work by a living South African artist at a local auction.
The painting, Charity Begins at Home by Sifiso Ngcobo, was bought by Mining Minister Susan Shabangu, on behalf of a mining magnate.
According to the newspaper, the record had been held by William Kentridge, whose drawing The Film sold for R2.2m on auction in Johannesburg in 2011. City Press reported that the only work by a living South African artist to have fetched more than R3.7m on auction anywhere in the world was Kentridge's Preparing the Flute, which sold for more than R5m in New York two years ago.
Ngcobo told the newspaper a portrait he did of President Jacob Zuma was sold for R1m to a businessman at an ANC dinner in Mpumalanga in December. It was the first in a series of 12 ANC leaders.
He said he had received a percentage of the profits from the auction, and that the ANC had commissioned a second Mandela portrait for the losing bidder, who would pay R3.5m.
The City Press reported that this was the highest price ever paid for a work by a living South African artist at a local auction.
The painting, Charity Begins at Home by Sifiso Ngcobo, was bought by Mining Minister Susan Shabangu, on behalf of a mining magnate.
Ngcobo told the newspaper a portrait he did of President Jacob Zuma was sold for R1m to a businessman at an ANC dinner in Mpumalanga in December. It was the first in a series of 12 ANC leaders.
He said he had received a percentage of the profits from the auction, and that the ANC had commissioned a second Mandela portrait for the losing bidder, who would pay R3.5m.
Source - Sapa
