2016 GLOBAL AFRICAN ART MARKET REPORT HIGHLIGHTS.

By Nii B. Andrews

Jean Philippe Aka has once again performed a great service for modern and contemporary African art (MCAA) by publishing his authoritative Global African Art Market Report, 2016.

There are a total of 7 chapters packed with vital statistics and incisive analysis of the MCAA global market. It also includes chapters written by numerous knowledgeable insiders on the various aspects of the market within multiple African countries and the diaspora.

The global MCAA market performed strongly in 2016 with a sell-through rate of 72%.

Modern art had a sell-through rate of 76% and 55% in value of the total amount of sales, reaching US$23.3 million.

IRON BIRD: Kofi Setordji, metal, 48 x 90 cm, 1996. Private collection.

For Contemporary art, the majority of acquired works were by artists appearing at auction for the first time; the sell-through rate was 66%.

Bids that exceeded the symbolic threshold of US$1 million rose by 200%, including 50% for modern art and 50% for contemporary art.

For stakeholders on the African continent, the evolution of the sector is spectacular.

TRADITIONAL TRADE: Glover Darlington, oil on canvas, 54 x 42 cm, 1996. Private collection -purchased from the artist.

This is in contrast to western countries due to differences in expectations and business costs.

At public sales in Africa, Europe and the US, records have become commonplace.

One of the pillars of this segment’s improvement is the African diaspora. In the current report, the contribution, importance and impact of the diaspora is highlighted since for a long time it has been active in making MCAA the segment with the biggest growth potential in the global art market.

UNTITLED: Anane Asare, acrylic on canvas, 61 x 92 cm, signed left lower corner. Private collection – purchased from the artist.

The 2016 report concludes that we are witnessing the first effects of the current structural changes that were observed in previous reports.

The MCAA market is at the end of a long cycle that could be defined as “rudimentary” and right at the start of a new modernity.

Clearly, the market is growing in volume, quality and sophistication.

It’s rhythm and momentum will be defined by how actors on the African continent organise themselves – by becoming meaningfully and emphatically involved in the economy and art market.

An expanding transparent presentation and recognition of MCAA as a capital asset will also continue to be of paramount importance.

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