PARIS & NEW-YORK--(BUSINESS WIRE)--The global market of modern and contemporary African art performed
strongly in 2016 with a sell-through rate of 72% in a morose context of
the international art market and the slowing down of African economies.
This segment proved to be an exception.
The huge direct and
indirect investments, mainly in western countries as well as new
structural initiatives in Africa ranging between US$ 300 million to
US$ 400 million in the last five years.
Modern art led
the market with a sell-through rate of 76%, and 55% in value of the
total amount of sales, reaching US$23.3 million.
Bids that exceeded
the symbolic threshold of US$1 million rose by 200%, including 50% for
modern art and 50% for contemporary art.
Strauss & Co, based in
Johannesburg, South Africa, is the leading auction house for the total
amount of works sold with 31% in value and 57% of lots.
Auction
houses based in the African continent counting for 46.1% of the total
value, fetching US$19.6 million and 93.2% of lots
London held the
most important place in the market in 2016, considering the number of
operators in our study that organised sales (40% of the total), the
number of proposed lots (2.9% of the total) and of sold lots (28.1% and
US$11.9 million in the year) and institutional and commercial
exhibitions.
The enlargement of the buyers' base in all categories.
In
contemporary art, the works sold beyond their high estimates,
representing 58% in value, or US$8 million, and 37.9% between their
estimates or US$5,7 million with regard to the total number of sales in
this category.
Female artists continue to lead this market for the
second consecutive year and constitute a very important market share.
They represent 60% of the top five most expensive selling lots in all
categories and 66.5% in value for this same ranking.
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About Global
Africa Art Market Report
Africa Art Market Report is a
unique and leading comprehensive tool on modern and contemporary African
art market and his ecosystem.
