Sales of contemporary art and works by women drive market growth

  • Global auction sales of works by African-born artists fell 8.4% last year
  • Contemporary artists and works by women continue to show strength in the market
  • Sales of works by women at auction totaled US$43.7 million, a nearly 55% share of the total market
  • South African-born Marlene Dumas and Ethiopian-born Julie Mehretu led in total sales
  • Sales of works by contemporary artists soared 58.2% to US$51.3 million in 2023
  • International buyers drove the market for young contemporary African artists

Global auction sales of works by African-born artists fell 8.4% last year, but the market for African art continues to show resilience. Contemporary artists and works by women are leading the way, with sales of works by women totaling US$43.7 million, a nearly 55% share of the market. South African-born Marlene Dumas and Ethiopian-born Julie Mehretu were the top-selling artists. Sales of works by contemporary artists soared 58.2% to US$51.3 million, while sales of works by artists under 45 years old declined. International buyers have been driving the market for young contemporary African artists. Despite the slump, the African art market remains strong and continues to attract active participation from collectors.

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Key People: Lindsay Dewar (Head of Analytics at ArtTactic), Marlene Dumas (South African-born artist), Julie Mehretu (Ethiopian-born artist), Irma Stern (Modernist artist from South Africa), Njideka Akunyili Crosby (Contemporary artist born in Nigeria), Alastair Meredith (Senior Art Specialist at Strauss & Co), Dumile Feni (South African artist), Gerard Sekoto (South African artist)

Factuality Level: 8
Justification: The article provides information based on data from ArtTactic, a reputable art analysis firm. The information is specific and supported by numbers and figures. There is no obvious bias or opinion presented as fact.

Noise Level: 8
Justification: The article provides information on the decline in global auction sales of works by African-born artists, particularly focusing on contemporary artists and works by women. It includes data from ArtTactic and quotes from experts in the field. The article stays on topic and supports its claims with evidence and examples. However, it lacks in-depth analysis of long-term trends or antifragility and does not provide actionable insights or solutions.

Financial Relevance: No
Financial Markets Impacted: No

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article does not pertain to financial topics and does not describe any extreme events.

Reported publicly: www.marketwatch.com