Want to know more about the growing market for African art? Ask Hannah O’Leary of Bonhams. She has all the answers:
In 2014, what was the value of the African art market?
The total value of the international auction market for modern African art in 2014 was estimated at £20 million, of which Bonhams sold £7.6 million
Why has the African art market suddenly become the ‘hot cake’?
African art has had a small but dedicated following for several decades, but the rise of the market over the past few years mirrors the economic growth in the African continent, and in South Africa and Nigeria in particular. As individuals in those countries become wealthier they spend more money on art, and international speculators tend to follow these emerging markets. The same thing happened with contemporary Chinese and Indian art in the 2000s, and the focus is now on Africa and Latin America.
What are the top three African art buying nationalities?
The market is dominated by the South Africans in first place and the Nigerians in second. Third place is quite a far way behind and is probably Senegal or Morocco. Other countries of interest to African collectors include Senegal, Cote d’Ivoire, Ghana, Benin, Cameroon, Congo, DRC, Angola, Uganda, Kenya, Tanzania, Mozambique, Zimbabwe and Namibia.
What are the top three non-African markets buying art? What kind of African art do they mostly purchase? Contemporary pieces or tribal pieces?
Non-African collectors tend to be mostly British, American, or Middle Eastern. We also have a number of important collectors – mostly France and Switzerland. They are a mix of private buyers and institutions, and they collect mainly contemporary art from across the continent. By ‘contemporary’ I mean 21st century art and avant garde, as opposed to the more traditional modern art that we offer, which is more often purchased by African collectors. Again, I cannot comment on the tribal market.
Q&A: Who Are The Leading African Art Buyers? (AFKInsider)