Pavillon 54’s magazine is a space for discovery, learnings and dialogue on Modern and Contemporary Art from Africa and its diaspora. Through articles, interviews, editorial coverage, videos, exhibitions and experiences, the Pavillon 54 community will learn, be informed and involved in current events in the African art world.
Art world professionals and connoisseurs wait with bated breath for the annual Art Basel x UBS Art Market report each year. This report, one of the most comprehensive in the industry, provides a full assessment of the market’s performance of the previous year, allowing businesses to analyse the current state of the market, and plan accordingly for the years ahead.
But with such an in-depth document, which covers statistics from art dealer sales, auction house performance, art fairs, online sales and more, it can be time-consuming to read the full report and extract the most essential information. We’ve summarised the key takeaways from the Art Market Report 2021, and have also highlighted some of the key impacts on the African art market from the year 2020.
It is undeniable: online art sales continue to grow. According to the ‘Hiscox online art trade report 2018’, the amount of art bought online has shown consistent growth over the past five years, although admittedly the rate of growth has decreased. This consistent increase in the online art market demonstrates that digital means of buying and selling art are becoming more prolific, thereby opening new modes of buying and selling to different demographics and countries, such as the growing wealthy class in Africa. However, the lull in the rate of growth reveals some reservations about the uncertain future of the online art market. This can largely be attributed to a recent surge of debate surrounding new modes of technology being introduced into the art industry, and the disagreement about what could result. Amongst these new technologies, blockchain appears to be the most divisive by far.