An IMGW News Report
Contemporary African art has emerged as more than a cultural curiosity—it is increasingly regarded as a robust investment class, offering both capital appreciation and a compelling story.
Auction results demonstrate the market’s momentum. Bonhams, having specialised in contemporary African art since 2007, has seen average lot prices surge nearly five-fold by 2016. Meanwhile, between 2013 and 2021, sales of contemporary African art rose by 46%, peaking at US $101.3 million in 2021. Market observers estimate the sector could be worth around US $1.5 billion by 2025, fuelled by collectors, fairs and digital platforms.
The African art segment has also shown greater resilience. Its value dropped by just 8.4 % in 2023—about half the decline of the broader modern and contemporary art market. ArtTactic further notes that African artists now account for auction sales exceeding US $72 million annually—more than double the 2016 figure (fia.org.za).
A notable shift is the rising prominence of female African artists. In 2024, they achieved 52.8 % of auction sales, despite an overall market downturn—led by figures like Julie Mehretu fetching US $5.8 million (The Guardian).
Structural growth is driving market strength. Leading fairs—such as London’s 1-54 (since 2013), ART X Lagos (since 2016), and the briefly inaugurated Africa Basel in Basel (2025)—provide vital platforms for visibility and trade. Cape Town’s Zeitz Museum of Contemporary Art Africa (Zeitz MOCAA), opened in 2017, remains the continent’s largest public institution devoted to contemporary art from Africa and its diaspora.
Finally, the spotlight on modernist pioneers is intensifying. At the Venice Biennale, seven 20th-century African artists—including Ben Enwonwu and Uche Okeke—were featured for the first time; institutions like the Centre Pompidou and Tate Modern are also mounting major exhibitions (Financial Times). This institutional recognition reinforces both cultural legitimacy and investor confidence.
Contemporary African art is no speculative bubble—it is a maturing market underpinned by rising valuations, institutional support, gender parity in sales, and renewed interest in modernist legacies. For those seeking both aesthetic reward and investment prudence, African art offers a distinctive proposition.
