LUXURY INVESTMENT - NEWS
WHEELS OF FORTUNE Every August, car collectors descend on the Monterey Peninsula in California for the ultimate celebration of the passion hobby. For more than 30 years, RM Sotheby’s Monterey sale has been the pinnacle of collector-car auctions, known for its innovative presentation and record-setting results. The 1962 Ferrari 250GTO was the undeniable star. The holy grail of cars is valued at $45 million and was once nominated as the top sports car of all time.
AND THE OMEGA GOES TO... OMEGA An Omega timepiece belonging to the legendary Elvis Presley was sold for CHF1.5 million at the Geneva Watch Auction: SEVEN, presented by Phillips earlier this year. After a lengthy and competitive round of bidding, the Omega Museum in Biel/ Bienne became the proud new owner, not only attaining the watch for their significant collection, but also paying a new world record for any Omega watch ever purchased. Described as the ‘most historically significant Elvis Presley-owned watch to ever appear on the market’, the 18-karat white-gold wristwatch was presented to Elvis by RCA Records in February 1961, at a charity luncheon and concert to celebrate his 75 million records sold worldwide. The 33mm timepiece houses a manually wound Omega calibre 510, and features 44 brilliant-cut diamonds surrounding the bezel, as well as an elegant silvered ivory dial with a small-seconds subdial. On the caseback, the engravings include the words: ‘To Elvis, 75 Million Records, RCA Victor, 12-25-60’. The incredible provenance of this one-of-a-kind timepiece was further confirmed by photos of Presley wearing the watch, as well as a certificate of authenticity from Jimmy Velvet, the founder and CEO of the Elvis Presley Museum.
PRELLER, KENTRIDGE AND TRETCHIKOFF TOP LOCAL ART SALE Alexis Preller was the star artist at Strauss & Co’s winter sale, generating R15 530 000 in sales from seven lots sold in June. Cementing his stature at auction, Preller posted three of the top five auction results at this live sale. The top lot was a mesmerising oil from Preller’s celebrated Seychelles period, ‘Head (Adapting Itself to the Unendurable)’ from 1949, which sold for R7 055 600 (pictured left). A museum-quality drawing by William Kentridge, ‘Deep Pool’ (1996), from his Colonial Landscapes series, was the auction’s second biggest lot and the top earner in the contemporary art category, selling for R3 414 000. The auction generated overall sales of R56 milion with a sell-through rate of 74 percent. The result was the eighth highest combined result for a live sale since Strauss & Co launched in 2009 – a remarkable feat in a challenging economy. The next Johannesburg sale will be on 12 November, and will include a curated section titled ‘Neglected Tradition’ that will draw collector attention to the depth and breadth of South African art from the twentieth century. straussart.co.za
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