Covid-19 drives super-rich South Africans onto golf courses
From golfing and yachting to collecting priceless artworks and classic cars, super-wealthy South Africans are keeping lockdown boredom at bay by indulging in expensive hobbies.
A collaborative review by Sandton wealth intelligence firm New World Wealth and luxury lifestyle development Steyn City Parkland Residence delved into the top hobbies for the wealth brigade.
According to the review, golf is the most popular past time for high-net-worth individuals, with SA home to some of the world’s best courses including Steyn City, Fancourt Links and Sun City.
“The coronavirus pandemic has also revitalised golf as it is an outdoor activity that allows for easy social distancing. With many high-net-worth individuals and executives working from home, this allows more golf to be played during weekends,” said Andrew Amoils of New World Wealth.
Collecting fine wines, wine-tasting, buying watch brands that range from R300,000 to more than R10m and hunting also feature on their list of activities.
When it comes to fine art, collecting expensive pieces is also a favourite hobby, with the wealthy in the country holding around R7bn of the world’s art market, according to the review.
Artists Gerard Sekoto, Irma Stern, JH Pierneef and Maggie Laubser are especially popular among rich art collectors.
“Stern is currently the most valuable local artist. Her paintings can fetch up to R50m each, with an average price of R6m per painting.
“In terms of expected price appreciation going forward, our top picks are Sekoto and Laubser,” said Amoils.
Classics like the Ferrari 250 GTO, dating back to the 1960s and valued at $20m (about R294m), and the Bugatti Royale from the 1930s valued at $15m (R221m) are among the top picks for wealthy car enthusiasts in SA.
“According to New World Wealth’s in-house indices, classic car prices have rise by 90% during the past decade in US dollar terms, making it the best performing investment class globally.”