The art market took centre stage in 2022, as new creative movements reinvigorated interest that affected the art scene in different ways. Even with the fluctuating economy, top buyers remained excited to collect works, especially from African artists in the continent and in the diaspora.
Here’s a look at the top trends that defined the art market this year:
- The rise and fall of NFTs
Image courtesy of Firetti Contemporary
Compared to the meteoric rise of NFTs from the previous year, the trading volume and sales have declined due to the collapse of FTX, one of the largest global crypto exchanges, and the unstable cryptocurrency market in 2022. In a bid to accommodate newly minted crypto-wealthy collectors and cater for potential investors and crypto enthusiasts, more galleries and auction houses like Sotheby’s and Christie’s started to accept crypto as a form of payment in 2021.
According to a report from Auction Daily, the NFT sales at major auction houses like Christie’s, Sotheby’s, Phillips, and Bonhams took a hit and brought in a total of just $9.41 million in NFT sales to date, down from $153.5 million in the corresponding period in 2021. There is no denying that NFTs reshaped the art world by bringing new buyers and collectors into the market, as well as expanding art mediums as more artists ventured into making their works digital. With the positive impact of NFTs, it also fell as hard as it did in the art market because more artists were being ripped off as their work was being minted without their permission. No one really knows what the comeback of NFTs will look like in 2023. So, fingers crossed.
- Young African artists make new strides
Image courtesy of Phillips
Young African artists did not cease to surprise art galleries, curators and collectors this year. This year saw young artists frequently selling their works at auction for amounts that were unheard of at the turn of the century. The ultra-contemporary art market has produced $420 million between July 2021 and June 2022, a 28% rise from the prior year, according to a study by Artprice earlier this year that focused on auction results for works by artists under 40. This is a result of an increase in the value and volume of these works in 2022. Artists like Ghanaian-born Serge Attukwei Clottey’s work, Fashion icons, 2020–21, realised £340,200, which is more than eight times its high estimate, at Phillips. As more people are looking to collect more works by African artists, the works are competitive even with the rising prices. Ultra-contemporary art at auction has a sell-through rate that is comparable to or even higher than the general market. This trend is not limited to auction houses alone, even though that is where it is most visible, as more popular galleries are picking up artists to represent.
Image courtesy of Artsy
Read our list of most sought-after African artists here.
- Art collecting with a purpose
Image courtesy of 1-54.
This year, art players took action to acknowledge issues that are important to the world even with the need to scale the art market on a commercial level. There are more conversations being had about how the art world impacts the world in general. According to the Art Basel and UBS report “The Art Market 2022,” most collectors stated that they are concentrated on lowering their carbon footprint by travelling to fewer fairs and using more environmentally friendly shipping methods. More and more collectors are emphasizing marginalized groups, like BIPOC, women, or LGBTQ+ artists, in their purchases during benefit auctions now. This year, more collectors prioritised sustainability when buying art.
