Even if still the US, China and UK dominate the art markets – largely because these richer countries count more art collectors, Art from Africa is showing a constant increase from year to year, in terms of sales! Museums in Europe and North America hosted shows of African Art in recent years, while art fairs dedicated to the field have sprung up worldwide. When it came to auctions, Sotheby’s online events were quite successful in the Covid period: Modern & Contemporary African Art sold for $2,881,741 and the number of bidders grew by 46% compared with last year. Covid19 seems to have a good effect on art-investments! And how the buyer’s profile looked-like? 27% of buyers were new to Sotheby’s, almost 30% of bidders were under 40 years old, and participants were from 22 different countries.
There was also a development of infrastructures in the last years, that gave a hint about the fact that African Art Market will grow. Museums like Zeitz MOCAA in Cape Town, the Museum of African Contemporary Art in Marrakech, and the Museum of Black Civilizations in Dakar have launched and are nurturing local talents building up their success. In addition to that, successful artists such as Hassan Hajjaj and Ibrahim Mahama, invested in their own institution.
And when it comes to new trends in the market, such as digitalisation, and technology support of sales and professional business mind-set for penetrating the market, there is a prompt answer as well. Art industry is famous for being digital-conservative, with a passion for human connection and face-to-face sales, and reluctance for every technological intervention. Covid19, however, touched a sensitive issue and many galleries, fairs and auctions were forced to go online.
We have met and discussed with Dana Endundo Ferreira, Founder and CEO of Pavillon 54, about digitalisation and her ideas of how the art market can be transformed. With a background in business, marketing and focusing on digital transformation, combining all that with a passion for visual art, Dana is about to launch a new platform. But let’s hear more from her.... Continue reading Art of Africa: Pavillon 54