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African Artists Are Breaking Records on the Contemporary and Modern Art Market

08.09.2021
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Nowadays, the African contemporary art market is continuing to attract collectors from all around the world. And such evolution which is only growing gives not only profits but also confidence for many African artists to work and stay in the country.

African contemporary art market

In Saint-Etienne’s case, the average value for one work increased from 8,000 to 60,000 dollars. And such progress the artist noticed in seven years of working.

Saint-Etienne's case

But the greatest example is the Ivorian rising star known as Aboudia. Abdoulaye Diarrassouba is one of those artists who has grown so well in recent years. The artist paints in graffiti technique whose vibrant style reminds the works of the late Jean-Michel Basquiat. Today, Aboudia’s cost for the paintings varies from 47,000 to 180,000 dollars. For example, in May, his work of art Untitled, painted in 2015, was purchased for 232,000 dollars. This amount is 835% bigger a presale valuation estimates, breaking his personal record.

Other African-based artists from Ethiopia, Zimbabwe, and Nigeria recently appeared in international headlines at the annual Sotheby’s auction. The event took place in London where Ben Enwonwu’s Atlas was sold for more than half a million dollars. Then, in March during the Modern and Contemporary African art auction, the Nigerian artist’s work of art set a world record for an African sculpture.

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