Why Buy African Modern Art?
African Modern Art Investment is here and now. In the modern-day scenario, there is an increasing demand for African Modern art. The increasing prices and demand are raising curiosity among the buyers and collectors. Though it was ignored for decades, it is all the rage these days. Both contemporary and antique form of the African art is commanding high prices in the international market. The interesting fact about African art is that some of the new prolific buyers are Africans Buyers and Collectors.
Investing in art forms from Africa is a great way to enhance your portfolio and get the desired returns. According to Sotheby’s, it is one of the growing and raging investments in the art market. Investing in it at any time would be more profitable as compared to investing in stocks and commodities. Sotheby’s has been auctioning the contemporary and antique Afrocentric art for the last few years. It is in the interest of the market and it is expected to grow multi-fold in the coming years.
The Market of the Art
The record-breaking sale of tribal art from Africa is very much evident. One can observe it from the auction of the collection of antique tribal arts from Mali, Gabon, and Liberia. Over 200 items were under the gavel and it included a Congolese sculpture. It was once owned by Picasso to derive his distinctive style. These all contributed to the largest sum ever for any African art sold under the hammer in the US.
It is by chance that there has been a boom in the African economies as there is a parallel boom in the sale of African art. It is a matter of coincidence that African buyers with growing economies are looking to invest their money. They are looking to invest in indigenous art from Africa. There could be two reasons, one may be simply patriotism and others could be for monetary profit. Not only Africa alone but across the world, from London to New York, the biggest auction houses are now inclined towards this art. They now have a specially dedicated section to promote and sell the art. This antique and contemporary art is in huge demand across the world and is commanding high prices.
There has been an increase in buyers of contemporary art from across the world. But the interesting fact that can make you go around is that almost one-third of the buyers are from Africa itself. It is not just the millionaires of Africa but even the middle-class individuals are eyeing to buy African art.
Reason for The Increase in Demand for African Modern Art
There are three key reasons for the boost of demand for African Modern Art Investment. Understanding them would give you the fair idea of how it has become a lucrative investment option.
1. Increase of Millionaires in Africa
According to studies, there has been a growth of around 150 percent in the number of millionaires in Africa. It is double the rate of the world growth rate of 75 percent. This increase in wealth is mainly because of the growth of the sectors like telecom, retail, manufacturing, imports and exports, and many others. Art is often linked as the luxury of the rich and with the growing millionaires on the continent, the local demand for African antique and contemporary art is expected to increase.
2. Lucrative Market of African Modern Art for The Global Investors
Sotheby’s is the world’s most renowned and reputed art auction houses. According to the house, it is a bull market for African Modern Art Investment and it the right time to get a better return on the investment. Gold and Art are the two most selling commodities these days which are providing best returns for the investors. African art is the late entrant in the market. It has impressed the global buyers. It is worth buying the art to expect better returns as the market shows great growth potential.
3. Appreciation for African Art
Africa is the land of artistic talent. It is not just the antique art which has been in demand but modern and contemporary art has also shaken the market. From walkways to streets, anywhere in the continent, you can experience a touch of the high creative quality. Being a continent with the most youths, there is a huge talent pool brimming with creativity. More and more young artists are turning to artistic creativity and building their dreams and visualizations into exceptional art.
Earlier, African art was the choice of the affluent buyer and the tourists. Now the natives of Africa are pitching in. They are more interested in local art than anyone else.
At the current Venice Biennial 2019, The continent is strongly represented by Seven pavilions from 7 African countries.
The demand and appreciation for the local art from Africa especially modern and antique art will continue to grow. This would become a mode of income for many young and creative talent of the continent. It would be great for the investors and businesses to look into this lucrative business of African art.
Ben Enwonwu – Portrait of Christine 1971