African art economy has become popular on a worldwide scale, with galleries, collectors, and auction houses all becoming more aware and discovering the numerous creative abilities Africa has to offer. However, many African countries are experiencing some level of economic instability, and this instability is having extremely unfavorable effects on artists, collectors, and cultural institutions.
Inflation, the devaluation of currencies and a reduction in consumer expenditure have all affected the purchasing power of the local collector. As a result, many art enthusiasts have seen art purchases go from an investment to a luxury they can no longer afford to purchase. This is having a significant negative effect on the sales of art in the home market.
At the same time, several countries have seen a decline in public funding for the arts/culture. When there is a strain on the economy, governments tend to focus their funding on the most necessary industries (healthcare and infrastructure) leaving less funding available for the creative industries.
Artwork that has importance/relevance to society and the viewer, many local artists create pieces that symbolize issues such as social justice, political difficulties (conflict) and economic issues. As such, local artists’ works appeal on a global level. One of the main difficulties faced by African artists today is being able to generate an ongoing viability of income from their art.
Global Demand Shapes the Market
The interest in African artwork remains strong worldwide; however, that also creates complications. Global collectors who have high-end art as well as opportunities for artists to be experienced outside of their home country, have created dynamics that may put pressure on the artist to create work appealing to a global rather than local audience, which includes the artist being under much more pressure from global demands than ever.
The cost of exporting artwork has also increased due to the rising cost of logistics as well as previous and current fluctuations in currency values. This has created problems for galleries as it is crucial that they exhibit at international fairs for both exposure and sales. Smaller galleries are in danger of being overrun in the global marketplace.
Digital platforms have created a way for some artists to connect with collectors through virtual exhibitions, social media-marketing and electronic auctions, however, for many artists, they are not able to take advantage of these opportunities due to unreliable internet connectivity and/or a shortage of digital infrastructure.
The successful execution of these strategies will depend on collaborative and innovative approaches to creating resilience within the market going forward; such as developing regional partnerships between AAP members, alternative funding sources and enhancing private sector participation. Art collecting for African collectors, the intent will also be to generate a longer-term investment in the arts locally.
While continuing economic volatility continues to create many difficulties for the African art scene, the overall artistic direction of the continent persists. African art’s ability to fulfill its communicative role as an artistic narrative for people from all backgrounds around the world can only grow through ongoing evolution and support going forward.
