Africa.com: The African Art Market on the Rise

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11 months ago

Artistic representation for Africa.com: The African Art Market on the Rise

The African art market has experienced a remarkable growth trajectory over the past decade, driven by ultra-contemporary works by African-born artists under 45 years of age. As collectors worldwide increasingly recognize the cultural significance and investment potential of African art, the market is expected to see a corresponding increase in value. The global art market is estimated to be worth around $68 billion, with postwar and contemporary art being the most lucrative category, generating over $4 billion in 2024. However, it is the ultra-contemporary category that has shown the most significant growth, with sales exceeding a combined annual value of $72 million. This trend is attributed to the increasing popularity of digital platforms and international collaborations, which have expanded the reach of African artists beyond the continent’s borders. Aspire Art, a leading auction house specializing in modern and contemporary art from Southern Africa, has been at the forefront of this movement.

Undervalued 20th-century Black artists

Aspire Art was the first auction house to actively promote undervalued 20th-century Black artists and present a genuinely pan-African offering of modern and contemporary art to a global audience. This initiative has helped to rectify the historical narrative that has long undervalued African art.

Ugandan artist Joseph Ntensibe’s large-scale canvases are regarded as rare and highly collectable
Ntensibe’s work is characterized by its shimmering forest scenes, likened to those of Cezanne and Klimt
Aspire Art currently holds the record for the highest achieved hammer price at auction of a Ntensibe artwork

This is just one example of the many talented African artists whose work Aspire Art has helped to promote. Other notable artists include Nicholas Hlobo, Sam Nhlengethwa, and Mary Sibande, who have all achieved record-breaking sales at Aspire Art auctions.

Partnerships and collaborations

Aspire Art’s partnerships and collaborations with international auction houses have extended the reach of African art to a global audience. In 2020, Aspire Art partnered with Paris-based auction house Piasa to present some of the best examples of modern and contemporary African art.

Auction	Location	Featured Artists
First auction in Cape Town	Cape Town, South Africa	Uche Okeke, Gareth Nyandoro, Salah Elmur, Michael Musyoka, Marc Padeu, Peter Ngugi, Cyrus Kabiru, and Cristiano Mangovo Brás
Second auction in Paris	Paris, France	Same artists as the Cape Town auction

These partnerships have helped to introduce new African artists to a global audience and have contributed to the growth of the African art market.

Real-time online auctions

Aspire Art believes that real-time online auctions will most successfully expand the reach of African contemporary art beyond the continent’s borders. These auctions offer convenience, cost savings, and broader reach for both sellers and buyers, and allow buyers to participate from anywhere in the world as long as they have an internet connection.

“By bridging the gap between traditional African aesthetics and modern art practices, contemporary African artists have an exciting future ahead.”

Marelize van Zyl, CEO of Aspire Art, notes that the African art market is expected to see a significant increase in value in the coming years, driven by a growing number of collectors, patrons, investors, and international art fairs and events interested in African art.

About Aspire Art

Aspire Art is an auction and consulting business specializing in modern and contemporary art from South Africa and the broader African continent. Its auction services are complemented by valuation and art advisory services to private clients, estates, and public and private corporations. The Aspire Art team consists of a dynamic group of specialists with extensive knowledge, industry experience, and enthusiasm for African art. Clients are provided with thorough art market insight, fair advice, and trend forecasting to ensure a richly comprehensive and rewarding art-collecting experience. For more information on Aspire Art’s next real-time online auctions and to view its current collection of carefully curated contemporary African artworks, please visit www.aspireart.net

About the Author

Marelize van Zyl is the CEO of Aspire Art and has curated several exhibitions in collaboration with prominent South African and international artists.