The Business of Art in Africa: Navigating Emerging Markets

By Joe Kukoyi

Art has always been a vessel for storytelling, cultural preservation, and self-expression, but in the 21st century, it has also become a powerful economic force. Across Africa, a continent known for its rich cultural diversity and creative heritage, the art market is experiencing a remarkable transformation. Once perceived primarily through the lens of tradition, African art now commands global attention, drawing collectors, investors, and cultural entrepreneurs who recognize its value not only as aesthetic expression but also as a viable business. The continent’s art economy is being reshaped by evolving ecosystems where local galleries, festivals, artists, and policy frameworks converge to create unprecedented opportunities.

This rise is not abstract; it is visible in numbers and events. In fact, it's on the streets these days and within the reach of many average people, unlike popular beliefs of exclusivity for the elite. In the past decade, African art sales have surged at international auction houses such as Sotheby’s and Bonhams. According to reports, African artists generated more than $72 million annually at auction, with projections suggesting the market could reach $1.5 billion. Nigeria’s resilience in particular is telling: despite economic volatility, Bonhams saw African art purchases rise from $8.9 million in 2022 to $10.3 million in 2023. This data underscores how Lagos has positioned itself as a cultural capital, with ART X Lagos leading the charge. Scheduled for its 10th edition in November 2025, ART X has become one of the most significant fairs on the continent, connecting local creators with global collectors and serving as a symbol of Nigeria’s role at the heart of Africa’s art renaissance.

As the business of art grows, local players and institutions are building the foundations for long-term success. The Zeitz Museum of Contemporary Art Africa in Cape Town, the Loft Art Gallery in Morocco, and the recently launched Africa Basel in Switzerland are not only amplifying African voices but also reshaping the global narrative of art from the continent. These institutions provide platforms where African artists can present their work alongside international peers, creating networks that strengthen cultural and financial exchange. They embody the kind of infrastructure investment—galleries, museums, and fairs—that experts say is essential for sustaining the art economy.

                                                          

What makes Africa’s story particularly compelling is the role of women. For the first time in history, female African artists have collectively outperformed their male counterparts in auction sales. In 2023, women artists surpassed men, and by 2024, they maintained a 52.8% share of sales, generating more than $22 million. This is a groundbreaking shift, not only redefining gender balance in the art world but also challenging global assumptions about who drives value. Artists like Njideka Akunyili Crosby and Billie Zangewa are not only celebrated for their artistry but also for embodying the new face of Africa’s art economy. This transformation shows that Africa’s market is not just growing, it is innovating in ways that can set global precedents.

Global business literature has much to offer, but African contexts give these lessons a unique flavour. Daniel Grant’s ''The Business of Being an Artist'' and Miriam Schulman’s ''Artpreneur'' stress fundamentals such as pricing, branding, and contracts, which are crucial in African markets where formal infrastructure is still developing. Lee Caplin’s ''The Business of Art'' highlights the importance of negotiation and market leverage skills increasingly needed in African cities where new galleries and fairs are redefining value chains. Edward Winkleman’s ''How to Start and Run a Commercial Art Gallery'' offers guidance that resonates with entrepreneurs everywhere seeking to professionalize gallery practice. And Martin Wilson’s ''Art Law and the Business of Art'' shines light on the legal considerations that remain critical in Africa, where copyright protection and enforcement are inconsistent but increasingly necessary.

Challenges remain, though. Infrastructure gaps limit the number of galleries and auction houses compared to Western markets. Artists often face difficulties pricing their work consistently, sometimes undervaluing it in the absence of widely accepted benchmarks. Resources such as the ''Graphic Artists Guild Handbook of Pricing & Ethical Guidelines'' can help address this need, but dissemination remains a challenge. Intellectual property enforcement is weak in many African countries, exposing artists to risks of exploitation. And both collectors and creators need greater education in the mechanics of the art economy, from understanding contracts to recognizing the long-term financial potential of art.

Yet, these obstacles highlight opportunities. Digital platforms and NFTs allow African artists to bypass traditional gatekeepers and reach global audiences directly. Cultural tourism adds another revenue stream, as cities such as Cape Town and Marrakech attract visitors who increasingly view art acquisition as part of their travel experiences. For investors, African art is no longer a niche interest but a growing asset class. With global recognition of African artists expanding, art is increasingly seen as both a cultural treasure and an appreciating financial investment.

                                                           

The success of initiatives like ART X Lagos, Addis Foto Fest, and 1-54 Contemporary African Art Fair demonstrates the importance of local ecosystems that bring together exhibitions, mentorship, and trade. These events nurture collaboration and provide educational opportunities, while also creating sustainable networks that can weather global shifts. They are proof that Africa’s art market is not only growing in numbers but also maturing in sophistication.

May I therefore stress at this juncture that the future of African art lies in consolidating these gains. Empowering artists with training in marketing, pricing, and negotiation will ensure fair compensation and global competitiveness. Governments must strengthen intellectual property protections and invest in cultural funding. Infrastructure expansion, including more galleries and museums, will anchor the market physically, while partnerships with global institutions will amplify Africa’s voice internationally. If these elements align, Africa’s art economy can grow into one of the most vibrant and sustainable in the world.

The business of art in Africa is not merely an economic trend. It is a movement redefining how creativity intersects with commerce, gender equity, and cultural identity. African artists are telling stories that resonate globally, while also building economic futures for themselves and their communities. By blending lessons from global markets with African innovation and resilience, the continent is poised not only to participate in but to lead the future of the global art economy.