The rising development of the contemporary art market in Africa
Art Market | According to the United Nations’ projections, the African population will reach 1.5 billion inhabitants in 2025; among them 60% will live in urban areas (2015 DESA report). Although it is often qualified as a “rentier continent”, stuck in the postcolonial period and marked by strong inequalities, Africa is rising as a young and plural land of entrepreneurial opportunities and increasing consumption. The continent´s current globalized economic and geocultural dynamics, which are conveyed by countries such as South Africa and Nigeria, are forging the structure of an African contemporary art market.
Mapping private collections in Africa
South Africa benefits from first and second-market structures, as well as a strong cultural dynamic that relies mainly on the implication of collectors : the financier Paul Harris, the entrepreneur Bruce Campbell-Smith, the banker Gordon Schachat and the Rupert family. These personalities, who conceive and invest in foundations and museums, are inseparable from the South African contemporary art scene. Another example would be the german collector Jochen Zeitz, former CEO of Puma, who will strengthen the country’s cultural scene in 2017 with the inauguration of the […]
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