The art historical narrative has long been dominated by Western perspectives, leading to the undervaluation of African art and limiting its global visibility and appreciation. However, this trend is changing as collectors worldwide are increasingly recognizing the rich history and significance of African art.
In recent years, the contemporary African art market has experienced significant growth, with sales of ultra-contemporary art pieces by African-born artists under the age of 45 accounting for the highest sales volume. While the dollar value of the African art market is still relatively small compared to other regions, it has seen remarkable growth, exceeding a combined annual value of $72 million, according to London-based research firm ArtTactic.
The global art market is estimated to be worth around $68 billion, with postwar and contemporary art being the most lucrative category. In 2024, sales in this category surged by 46% between 2013 and 2023, peaking at $101.3 million in 2021. The ultra-contemporary art category, driven by its affordability and online accessibility, has attracted a younger generation of collectors and has seen significant growth in recent years.
African art is unique in that it is the only region where ultra-contemporary art has surpassed all other genres in sales. Sales of ultra-contemporary works by African-born artists have more than doubled, from $16.2 million in 2020 to $40.6 million in 2021. It is projected that the African art market could reach around $1.5 billion this year, driven by the growing interest of collectors, patrons, investors, and international art fairs.
As interest in African contemporary art continues to rise, its market value is expected to increase, making it a lucrative investment opportunity. Demand for young emerging contemporary artists remains strong, with their presence in the market growing steadily. Aspire Art, a leading auction house specializing in contemporary art from Southern Africa, is actively promoting undervalued 20th-century Black artists and presenting a pan-African offering of modern and contemporary art to a global audience.
In conclusion, Africa has a wealth of highly collectible contemporary art to offer, and as the global art market continues to evolve, African art is gaining the recognition and appreciation it deserves.
