The African art market is experiencing unprecedented growth, with significant interest from collectors, auction houses and galleries alike. In episode 1 of Art in Focus, a podcast series on Investec Focus Radio, Hannah O’Leary, Sotheby’s Head of Modern and Contemporary African Art, and Pule Taukobong, a venture capitalist and passionate art collector, shared their insights on what’s behind this growth, whether the boom is sustainable, and what African artists are on their collecting radar.
The Numbers Don’t Lie
Hannah highlighted the remarkable growth of the African art market, stating, “When we started sales at Sotheby’s in 2016, the African market was around $20 million. Today, in 2023, it has surged to $80 million.” This impressive growth still represents only 0.6 per cent of the global art market, indicating vast potential for further expansion.
Female Artists’ Dominance
One of the standout trends in the African art scene is the dominance of female artists. Hannah noted, “The bestselling artists from the continent are all women,” citing figures like Marlene Dumas and Julie Mehretu. This trend challenges traditional narratives and showcases the immense talent emerging from Africa.
Pule added, “We definitely need more local collectors,” emphasising the importance of nurturing homegrown talent and support for diverse artists. Both agree that while the market is evolving, there is still a need for greater representation and inclusiveness.
Art Fairs Are Catalysts for Change and Connection
Art fairs play a crucial role in the African art ecosystem. Pule stated, “The Investec Art Fair gathers artists from across the continent and brings in international collectors.” Fairs not only showcase emerging and established talent but they foster connections between artists and collectors, enhancing the visibility of African art on the global stage.
Hannah echoed this sentiment, highlighting the Investec Cape Town Art Fair as a significant event that engages the city and its artistic community. “It’s probably the most exciting art week on the continent right now,” she remarked. The Investec Cape Town Art Fair is its 12th edition and attracts over 500 artists from four continents and some 100 galleries.
Is This Boom Sustainable?
Both interviewees expressed optimism about the future as the market continues to evolve. Hannah stated, “There is such potential in this market, but the support has to begin at home.” Pule reinforced this by noting the importance of diverse representation in galleries and among collectors.
The African art market is on an upward trajectory, driven by the passion of collectors, the talent of artists, and the supportive frameworks being established. With ongoing efforts to promote inclusivity and sustainability, the future looks bright for African art on both local and international stages.
