British auction house Bonhams has seen average lot prices increase 5-fold — to about $50,000 — since it started specializing in contemporary African art in 2007.
ArtHouse Contemporary Limited, an auction house based in Lagos, Nigeria, notes that pieces bought at their very first auction, back in 2008, have increased up to 10-fold in value today.
The trend falls within a general rise in value for African art as a whole — Sotheby’s, whose auctions currently combine African and Oceanic art, took in an “outstanding” $84 million last year, compared to just $4 million a decade ago. They are now considering specialized sales for African art alone.
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