Africa’s art market has changed drastically over the years. More and more individuals are considering the path of creativity as their artistic career in the continent. Artists today explore diverse mediums and styles, that showcase the impact of globalization on the art industry. Africa’s growing presence in the global art market presents opportunities for new enthusiasts, collectors, and artists. This article explores market trends to enhance success in the dynamic art industry.
Fractionalization
Fractionalization or tokenization is the act of buying shares/ rights of a famous art piece. Here, a company, which owns the masterpiece as one of its assets, allows the public to hold at least a small percentage of It as ‘ rights’. The artwork ‘rights’ are then converted into digital assets which the public can be partial owners and earn a small token for their contribution.
So imagine kind of like company stocks, but no, in the form of artwork. Because art pieces contribute to at least 4.3 trillion USD per year, it makes sense to use art as assets that contribute to capital investments for companies and investors alike. Companies in the UK, the US, and the Middle use fractionalization to retain wealth and for liquidity purposes. Among the latest companies to adopt this trend is the Artex Stock Exchange. Founded in Liechtenstein, Europe, the company buys the art piece and allows the public to own it for less than $100.
They acquired the “Three Studies for a Portrait of George Dyer, 1963” at charities in 2017 for 42 million, and now it is worth $55 million. This new innovative program retains the value of art allowing them to increase in value every time they are traded. They later sold/ trade the rights of the painting on their new platform, Liechtenstein MFT. Other paintings will follow suit coming the 21st of July. This is a favorable option for art investors and enthusiasts alive venturing into the art world.
Selective buying
It is clear that the art world is changing at a very fast rate and with the increase In foreign investments in African art hotspots ( Nigeria, Morroco, and South Africa), audiences’ tastes and preferences are also changing.
Let’s take an example of the recent auction: ‘Old Masters’, at Sootheys which left 35% of art pieces unsold. This is the first time where the auction has recorded a difference in the art pieces from the century. This is mainly due to inflation and economic instability in 2023 that has made the industry price sensitive. As a result, customers becoming more and more selective with the type of works they are buying, especially in African art.
Image courtesy of The Art Newspaper.
This innovative program introduces a groundbreaking approach that preserves and enhances the value of art through each trade, leading to consistent appreciation over time. High earners and one percenters continue to hold valuable artworks by embracing various hedging methods. It is important for art enthusiasts, to stick to works that hold strong cultural significance. These works continue to appreciate over time and are worth the investment.
Combined Art Mediums
African art has come a long way. Today, African artists can make a career out of their craft. From prints to photography, sculptures, and art installation, African artists continue to invade Western spaces with unique artistic mediums, Let’s take the example of the recent exhibition held at Art Twenty-one by Retro Africa Gallery. The exhibition features the work of Yusuff Aina. Yussuf is a multidisciplinary artist who engages in painting, sculpture, and digital/virtual arts. He is one of the fastest-rising contemporary artists in Africa with his unique style, “Ainaism”.
He created the character named eniyan which means the chosen one / human being in Yoruba. his native language. Eniyan represents the collective identity in the world which is what he tries to depict every day through his works. He creates different versions of ‘eniyan’ using video installations, sculptures, and paintings.
Yussuf, like many other artists, has diversified his art to accommodate different audiences. His exhibition: ‘Escape room ‘at Art Twenty One, Nigeria, is an example of a combined artistic model. This exhibition features different types of art mediums, including video installations that explore how different colors affect mental well-being. By doing this, he allows his work to be available on video, NFTs, sculptures, and paintings, thereby diversifying his earnings.
These are three recent trends as of June 2023 in the art market, By looking further into these trends, one can diversify their income and connect t with various audiences around the world.
