The surge of contemporary African art in the global market

Zawya

17-04-2025

The art historical narrative, traditionally skewed towards Western perspectives, has long undervalued African art, limiting its global visibility and appreciation.
This trend, however, has changed as collectors from around the world increasingly appreciate African art's rich history and significance.
While the contemporary African art market's dollar value remains small compared to other regions, it has experienced remarkable growth in the past decade with ultra-contemporary art pieces by African-born artists - under 45 years of age - accounting for the highest sales volume in the market.
The global art market is estimated to be worth around $68bn. London-based research firm ArtTactic says work by African artists currently exceeds a combined annual value of $72m, more than double its 2016 value.
According to Artnet's 2025 Intelligence Report, postwar and contemporary art was the most lucrative art-market category for the second year running in 2024, generating just under $4bn.
In 2024, the Artnet report revealed that sales surged by 46% between 2013 and 2023, peaking at $101.3m in 2021. The postwar and contemporary genre led sales in 2023, with the ultra-contemporary category, driven by its affordability and online accessibility helping to attract a younger generation of collectors, growing significantly in recent years.
Africa is the only region globally where ultra-contemporary art – typically the smallest genre by sales total – has ever surpassed all other genres during the decade under review.
Sales of ultra-contemporary works by African-born artists jumped from $16.2m in 2020 to $40.6m in 2021. It's estimated that the African art market could reach around $1.5 billion this year, driven by a growing number of collectors, patrons, investors, international art fairs and events interested in African art.
As interest in African contemporary art continues to rise, its market value is expected to see a corresponding increase, positioning it as a lucrative investment opportunity.
According to ArtTactic, demand for young emerging contemporary artists has remained strong, with their presence in the market growing to the third highest level since 2015.
Specialising in handling contemporary art from Southern Africa, Aspire Art is actively promoting what it perceives as undervalued 20th-century Black artists and reportedly the first auction house to present a genuinely pan-African offering of modern and contemporary art to a global audience.
There is no question that Africa has much to offer in the way of highly collectible contemporary works.
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