Artnet’s latest Intelligence Report is packed full of rich insights into the outlook of the conceptual art market in 2024 with key data points and an in-depth regional analysis of the art market in partnership with Stanley Morgan.
In this article, we focus specifically on the insights provided about the African art market, shedding light on the sales data over the last couple of years, the top African Fine Artists at the moment, how figuration is taking the spotlight and more.
Key Takeaways
- Ultra-contemporary art pieces by African-born artists account for the highest sales volume in the market
- Collectors are favoring “figuration” artwork by African-born artists
- African-born artists driving the surge in demand for African art include Amoako Boafo, Njideka Akunyili Crosby, Marlene Dumas, Irma Stern, El Anatsui, and William Kentridge.
- Movements such as Black Lives Matter as well as work by curators like Okwui Enwezor (who aimed to expand the Western art canon by showcasing artists from Africa and the Global South, notably through exhibitions like the 2015 Venice Biennale) have played an underlying role in driving collectors to diversify their collections and include more work by African-born artists.
The African Art Market Sales Data
Despite the overall smaller dollar value of sold artwork by African-born artists as compared to other regions, the market demand has significantly increased over the last decade.
Between 2013 and 2023, total sales increased by a whopping 46 per cent with 2021 marking the best year for the African art market – $101.3 million worth of work by African-born artists were sold in that year.
In 2023, the Postwar & Contemporary genre was the best performing at auction, raking in $73.8M in sales with more than 55% of the lots offered sold.
However, between 2020 and 2022, the Ultra-Contemporary category for African-born artists has been the biggest driver of sales for the region.
The surge in demand for work in this category can be attributed to the much lower price point and appeal to the younger generation of art collectors who are more comfortable with purchasing art online.
Total Fine Art Sales of African-Born Artists by Genre. Source: Artnet Intelligence Report
Top African-Born Artists By Fine Art Sales
The numbers don’t lie and these African-born artists have earned their spot as top dogs in the African art market.
It’s notable to see one of the artists, Njideka Akunyili Crosby, sell out all 21 offered lots at auction to rake in a mind-blowing $1.4M!
Top African-Born Artists by Sales. Source: Artnet Intelligence Report
Figuration Takes Center-Stage in the African Art Market
Black figuration, an art style that explores Black self-representation by artists from Africa and its diaspora who are imagining, positioning, memorialising and asserting African and African-descent experiences is taking the spotlight in many collections.
Many Ultra-Contemporary African-born artists centre most of their work around the figuration art style and the traction around it does not seem to be slowing down anytime soon.
The African Art Market Over The Last 3 Years
Between 2020 and 2023, the African art market has experienced its fair share of highs and lows.
According to the report, in 2021, sales of Ultra-Contemporary works by African-born artists jumped to $40.6 million from $16.2 million year over year.
But in 2023, there was an overall decline in the market with sales dropping to $17.9 million from $52.1 million the year prior.
Julie Mehretu’s Walkers With the Dawn and Morning (2008) which sold for $10.7 million accounted for 59% of the total sale of work by African-born artists recorded in 2023.
Despite this data, according to the report, “Africa is the only region where Ultra-Contemporary—usually the smallest genre by sales total—ever surpassed all other genres during the decade under review.”
The recent rise in demand for ultra-contemporary African art is fueled by talents like Amoako Boafo and Njideka Akunyili Crosby, while notable contributions to the sales volume come from established figures such as Marlene Dumas, Irma Stern, El Anatsui, and William Kentridge.
The African Art Market Over The Last 3 Years
Between 2020 and 2023, the African art market has experienced its fair share of highs and lows.
According to the report, in 2021, sales of Ultra-Contemporary works by African-born artists jumped to $40.6 million from $16.2 million year over year.
But in 2023, there was an overall decline in the market with sales dropping to $17.9 million from $52.1 million the year prior.
Julie Mehretu’s Walkers With the Dawn and Morning (2008) which sold for $10.7 million accounted for 59% of the total sale of work by African-born artists recorded in 2023.
Despite this data, according to the report, “Africa is the only region where Ultra-Contemporary—usually the smallest genre by sales total—ever surpassed all other genres during the decade under review.”
The recent rise in demand for ultra-contemporary African art is fueled by talents like Amoako Boafo and Njideka Akunyili Crosby, while notable contributions to the sales volume come from established figures such as Marlene Dumas, Irma Stern, El Anatsui, and William Kentridge.
Developments to Anticipate in the African Art Market in 2024
Museum Openings and Expansions
In Nigeria, The Edo Museum of West African Art in Benin City, designed by British architect David Adjaye will gradually open its doors and serve as a space to house West African art and art from the diaspora.
Key Biennials and Exhibitions
Africa in Venice: This spring will mark the debut of pavilions from three African countries—Ethiopia, Tanzania, and Benin—at the Venice Biennale set to run from 20 April–24 November 2024.
Ethiopia will showcase paintings by Tesfaye Urgessa, while Tanzania will offer a collective display featuring Happy Robert, Naby, Haji Chilonga, and Lute Mwakisopile.
Benin’s pavilion will highlight the works of Ishola Akpo, Moufouli Bello, Romuald Hazoumè, and Chloé Quenum.
Venice Biennale Arte 2024 Flyer. Source: La Biennale
Artist-Led Spaces
As we noted in our 15 Contemporary Art Trends to Expect in 2024 article, the momentum of dynamic programming in exhibition venues and residencies recently established by African artists throughout the continent will continue to thrive in 2024.
After its debut at the Zeitz Museum of Contemporary Art Africa (MOCAA) in Cape Town, South Africa, the exhibition travels to the Kunstmuseum Basel (Fine Arts Museum Basel) in Switzerland this year and will run from May 25 to October 27.
- The Savannah Centre for Contemporary Art (SCCA) in Tamale, Ghana by Ibrahim Mahama
- The Guest Artists Space Foundation (G.A.S.) in Lagos, Nigeria, spearheaded by Yinka Shonibare
- Black Rock Senegal in Dakar, Senegal, led by Kehinde Wiley,
- dot.ateliers in Accra, Ghana, curated by Amoako Boafo, among many others.
Black Figuration
Black figuration is taking center stage once more this spring. The exhibition “When We See Us: A Century of Black Figuration in Painting” explores this artistic style over the past century, with a particular emphasis on African artists and those of the African diaspora.
After its debut at the Zeitz Museum of Contemporary Art Africa (MOCAA) in Cape Town, South Africa, the exhibition travels to the Kunstmuseum Basel (Fine Arts Museum Basel) in Switzerland this year and will run from May 25 to October 27.
When We See Us: A Century of Black Figuration in Painting 2024 Exhibition. Source: Kunstmuseum Basel
Art Fairs
Also Known As Africa (AKAA), a renowned showcase for African art and design, will debut its inaugural event in the United States at the Beehive in Los Angeles and run from May 2 to May 12.
Auctions
The Norval Sovereign African Art Prize, supporting contemporary artists from Africa and the African diaspora, presents works by its 28 finalists at the Norval Foundation in Cape Town until May 15. Following an auction at Sotheby’s in February, proceeds go toward both the artists and the Norval Foundation’s educational initiatives.
Outlook
Africa is experiencing the fastest growth in its millionaire population worldwide, with estimates suggesting it will double to reach 768,000 by 2027. This may ultimately imply a significant increase in the number of art collectors from the continent who are collecting artwork by African-born artists.
You can read the full Artnet Intelligence Report here.
If you’re a collector interested in collecting original artwork by emerging to mid-career African-born artists, our marketplace has options for you!