The African art market has been steadily growing in recent years, with increasing recognition and appreciation of contemporary African art both domestically and internationally. Reports suggest that the African art market is now worth over $1 billion, with an estimated 10% annual growth rate. In this blog post, we will explore the factors driving the growth of the African art market and its potential for continued success.
One of the key drivers of the African art market growth is the increasing recognition and appreciation of contemporary African art on the global stage. African artists are gaining more exposure through international exhibitions, biennales, and fairs such as the 1-54 Art Fair, which has editions in London, New York, and Marrakech. This increased exposure is driving more interest and investment from both African and international buyers.
Another contributing factor is the growing interest in African art among African collectors and institutions. In recent years, there has been an increase in the number of art galleries and museums dedicated to showcasing and promoting African art across the continent. Institutions such as the Zeitz Museum of Contemporary Art Africa in Cape Town, South Africa, and the Museum of African Contemporary Art Al Maaden (MACAAL) in Marrakech, Morocco, are helping to drive the growth of the African art market.
Furthermore, the rise of online art platforms has made it easier for collectors to access and purchase African art from anywhere in the world. Online marketplaces such as Artsy, Artnet, and 1stdibs feature a wide range of African art, from traditional to contemporary, and provide a platform for artists to connect with buyers.
The demand for African art has also led to an increase in auction sales. In 2021, Sotheby’s held its first dedicated sale of contemporary African art, which totaled $3.8 million and achieved a 94% sell-through rate. Similarly, Bonhams and Christie’s have seen record-breaking sales of African art in recent years.
The growth of the African art market has also led to an increase in art fairs and exhibitions dedicated to African art. In addition to the 1-54 Art Fair, other notable fairs include AKAA (Also Known As Africa) in Paris and the LagosPhoto Festival in Nigeria.
In conclusion, the African art market is experiencing a period of growth and recognition, driven by factors such as increased international exposure, growing interest among African collectors, and the rise of online art platforms. With a diverse range of artists and a rich cultural heritage, the African art market has significant potential for continued growth and success. As more collectors and institutions recognize the value of African art, we can expect to see further growth and expansion of the African art market in the coming years.
