To sell or not to sell those family treasures

“We see it quite often when a family member or representative brings in artworks or heirlooms for an appraisal. There is tentative optimism waiting to discover its value, but prospective sellers are also sometimes guilt-ridden. For some, there is a feeling of betrayal – almost like they are selling their ancestors’ legacy for 40 pieces of silver,” Dr Alastair Meredith, senior art specialist at Strauss and Co, says. There is the family that’s immigrating, laying out precious fine China that’s survived crossing oceans… “We would love to take it with us, but you never know with some moving companies.”

Or a family that brings in a painting from a modernist master that their recently deceased grandparents bought on a whim several decades ago, that was proudly displayed in the salon where it bore witness to the family’s triumphs and losses, children growing up and their own children’s milestones. “We honestly do not want to sell it,” they plead as if laying their case before Grandma and Granddad. “But the money it brings in can make our life so much easier. Our kids can go to university without taking out a student loan and we can clear our own debt. It would make our lives so much easier.”  “Although I can’t comment on the legacy the family’s fore-bearers had in mind when they purchased the specific assets, I usually tell prospective sellers that they are making a responsible choice when you regard their decision from an art historical point of view” says Meredith.

The families of collectors often entrust Strauss & Co in handling their estate sales – most recently the fine arts auctioneer handled the Dr Matthys Johannes Strydom Family Collection. Strydom was so passionate about his art collection that he wrote two books about it – Stories teen my muur (2016) and Meer stories teen my muur (2021). “While this sale is marked by a note of sadness due to Matthys’s passing, I am proud that Strauss & Co was entrusted to handle the sale and contributed to honouring his important legacy,” said Frank Kilbourn, Chairperson, Strauss & Co.

The children of Peter and Della Jerling, renowned collectors of Asian ceramics and blue and white “Kraak” porcelain, also entrusted Strauss & Co to handle the sale of their parents’ collection, an expression of a lifelong interest in collecting. Their two sons parted ways with the collection with great sorrow, it was a central part of their home while growing up. But they also found solace that their parent’s legacy will live forth in the collection of discriminating collectors, who share Peter and Della’s same deep love for historical Chinese porcelain.

The cost of heritage
Antique furniture, original contemporary designer pieces, paintings and works of art can be appreciating assets, but they still require upkeep, maintenance and insurance, Meredith explains. “They need to be displayed or stored in the right conditions – otherwise they deteriorate with time and also depreciate in value. The insurance alone of high-value items can also cost the owner tens of thousands of rands a year. Owning an important heritage piece or asset comes with responsibility and unfortunately, a part of that requires monetary investment.”  If the prospective seller is uncertain about parting with a high-value family heirloom, they should ask themselves if they are willing to invest in the upkeep of the asset.  “Can they afford insurance – the annual premium is usually calculated at around 1.5 % of the piece’s total value, but with all insurance policies it depends on the risk assessment,” Meredith explains. The item should also be displayed in suitable conditions – direct sunlight, for instance, will wreak havoc on works on paper, particularly watercolours with light-sensitive pigments. Oil paintings are also easily damaged by light, heat, humidity, dust and dirt. “The same goes for your great-great grandmother’s Cape furniture stinkhout “riempie”-bench. Are you willing to pay premium prices for professional repair and restoration from knowledgeable experts, that will keep the item true to its original form and condition?” he asks.

Does it “spark joy”  
It’s not only family members that struggle with these questions – whether to sell or to hold on to an item, Meredith says. Public institutions grapple with it the whole time. “We recently handled the sale of a Pierneef on behalf of a government school in Bloemfontein.  The painting had an amazing provenance and it was an important part of the school’s heritage – the 1951 matric class of Hoërskool Sentraal, Bloemfontein gifted it to the school and each matriculant signed their name on the reverse. The school received some unfair criticism for their decision to sell the painting, but they could not guarantee its safety, nor afford the insurance premiums. The alternative was to let it languish in a safe, out of danger but lost to the world. “The painting sold for R2 million earlier this month during one of our auctions. The school principal told an Afrikaans newspaper that there are thinking to use the money to install alternative electricity solutions to combat load shedding. One of the original 1951 Old Girls contacted the principal and told him she was immensely proud of being part of a heritage that will make a positive impact on future generations’ education.

Hoërskool Sentraal’s Pierneef is a wonderful case study for families still uncertain whether they should sell their heirlooms. “If you can afford the upkeep on the asset and it still sparks joy every time you look at it, hold on to it for now. But if it’s deteriorating and you’re reminded of all the opportunities it may unlock when you walk past it – educational opportunities for your children, freedom from debt, investing in your health by joining a medical scheme or necessary medical procedure, it may be time to let common sense prevail over sentimental value, he concludes.

Strauss & Co provides valuations online, through the Strauss & Co App, website or in person at their offices in Johannesburg and Cape Town, by appointment as well as hosting a variety of valuation days throughout South Africa and further afield throughout the year. Valuations are provided for auction estimates, estate distribution, insurance or probate.