Artsy takes a look at the developing African art market in London. The report provides us with two interesting quotes on why African Contemporary art is trading more. Giles Peppiat of Bonhams explains that, “It’s following quite a well-trodden path of wealth creation, wealthy individuals aspiring to buy art and buying art with which they are familiar, work that comes from their country. That would be the same as Russia, India, or China.”
And Sotheby’s Hannah O’Leary shows us why London is the center of the trade:
“If you look at the art market as a whole, London definitely sits at the forefront of the more international collecting categories. […] And the reason is that many of these collectors from these countries pass through London. There’s a real presence, and that does give us a benefit.”
She added that historical links between the U.K. and former African colonies—“whether good or bad”—created cultural connections absent from competing metropolitan art centers like New York.
How London Developed a Bullish Market for Contemporary African Art (Artsy)