The African art market has seen a significant rise in recent years, with a particular focus on contemporary works by African-born artists under 45. Aspire Art, a leading auction house in this space, has been at the forefront of promoting undervalued 20th-century Black artists and showcasing modern and contemporary African art to a global audience. CEO Marelize van Zyl delves into the transformative impact African artists are having on the global art narrative, highlighting the unprecedented growth experienced by the market.
Traditionally, African art has been undervalued in the art historical narrative, but there has been a shift in recent years as collectors worldwide recognize the cultural significance and investment potential of African art. While the contemporary African art market may still be relatively small in dollar value compared to other regions, it has shown remarkable growth, with sales of ultra-contemporary art pieces by young African artists driving this expansion.
According to research firm ArtTactic, the African art market has surpassed a combined annual value of $72 million, more than doubling its 2016 value. Postwar and contemporary art has been a lucrative category, with sales increasing by 46% between 2013 and 2023. The ultra-contemporary genre, in particular, has seen significant growth, attracting a younger generation of collectors due to its affordability and online accessibility.
African art has carved out a unique space in the global art market, with ultra-contemporary works by African-born artists surpassing all other genres in Africa. Sales of these works have seen a significant increase, reaching an estimated $40.6 million in 2021. The African art market is projected to reach around $1.5 billion this year, driven by a growing interest in African art from collectors, investors, and international art fairs.
Aspire Art has been instrumental in showcasing the talent of contemporary African artists, breaking auction records for artists like Joseph Ntensibe, Nicholas Hlobo, and Mary Sibande. The auction house has also forged partnerships with international auction houses to introduce modern and contemporary African art to a global audience. Collaborations with Paris-based auction house Piasa have expanded the reach of African art beyond the continent.
Looking ahead, online auctions are expected to play a key role in further expanding the reach of African contemporary art. By bridging traditional African aesthetics with modern art practices and showcasing a diverse range of talent, contemporary African artists are poised for a bright future. Aspire Art continues to lead the way in promoting and valuing African art, offering a richly comprehensive art-collecting experience for collectors worldwide.
For more information on Aspire Art’s upcoming real-time online auctions and to view their collection of contemporary African artworks, visit www.aspireart.net. CEO Marelize van Zyl brings over 20 years of experience in the art market to her role at Aspire Art, curating exhibitions and contributing to art publications. Aspire Art, founded in 2016, specializes in modern and contemporary art from South Africa and the broader African continent, providing auction, valuation, and art advisory services to a diverse range of clients.
