FEATURE / GLOBAL ART MARKET

WHO’S AFRAID
OF THE BIG BAD
GLOBAL ART
MARKET?
Valerie Kabov investigates the global art market and what
this means for the real market concerns in Africa

Presently, the art world finds itself at an interesting unique set of characteristics, and the manner in which it is
juncture. Over the past decade, the market for art – approached and engaged with will determine whether this
assisted by exponential advances in communications is truly a historical moment.
and technology – has become an overwhelming force,
actively moving to shape, influence and change the face Even the scantiest view to art history will reveal, that the
of contemporary art on a global scale. To many art world current ‘moment’ is far from novel. The Medicis, who
stakeholders, this shift signifies the end of the world as we were nouveau riche, consolidated their power and prestige
know it – and for some, not in a good way. Interviews, with art and cultural patronage and commanded geniuses
articles and reportages bemoaning the state of the art like Raphael, da Vinci and Michelangelo to do their
market have become a staple of art media. Concerns bidding and interfere in ways that would seem monstrous
include the commercial nature of art fairs, that artists have today. And yet today we are thrilled to be mining history
been irrevocably corrupted by the new developments, the thanks to these very interventions. Superstar artists like
closure of more traditional galleries, the ‘new world’ of Michelangelo and Leonardo were multi-millionaires in
galleries where sales and money are the be-all and end-all their time, traveling Europe on mega-commissions, wined
and finally, a strong aversion to the new class of upstart and dined by the mighty of the world. Rembrandt, a saintly
collectors, who see art merely as an asset and who have figure in the art canon, authorised his apprentices to paint
been driving prices astronomically by ‘flipping’ the value of his ‘self-portrait’ as a form of branding and advertising.
works by emerging artists. While most of these comments In late 19th century Paris, Daniel Kahnweiler, another
are earnest and reflect real concerns, it is useful to locate nouveau riche, began buying work in bulk for resale from
them in the context of broader art history to identify the artists he figured might have a future – Picasso, Cezanne
real (as opposed to perceived) novelty. In this moment, and Matisse. Plus ça change, plus c’est la même chose (‘The
the market finds synergy with important movements in more things change, the more they stay the same.’)
art history. Among this synergy is the rebalancing of the
central and peripheral relationships in the art world – and There is, however, a historically significant shift that many
building recognition for underexplored art scenes. The are missing in their self-righteous protestations of ‘too
contemporary art scene in Africa is one such example of much too-new money ruining art’ – that some of this
this rebalancing. This scene encompasses a particularly market power really does come from new money. This is

038 WHO’S AFRAID OF THE BIG BAD GLOBAL ART MARKET? / VALERIE KABOV
“It’s not what you call me, but what I answer to.”
- African proverb

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FEATURE / GLOBAL ART MARKET

a major paradigm shift, because part of the then it must be the responsibility of the the Commonwealth’ in 1962 to ‘Magiciens
self-titled ‘old guard’s discomfort is that the historians, critics, curators and academics de la Terre’ in 1989 and ‘Africa Remix’ in
new money and new movements in the art in (and interacting with) the sector, to 2004, publications such as Nka Magazine
world are shifting the centers of the art world maintain and preserve a sense of morality. and Revue Noire, initiatives like the Triangle
beyond Paris, London and New York. That The emergence of the contemporary art Network, galleries like October Gallery
this new money punts and supports artists sector in Africa on the global stage is a and many other art professionals, curators,
not from the West attests to lasting change in case study of and an experiment in the writers, historians and gallerists who have
visual culture and its paradigms. Increasingly, symbiotic relationship between market and worked hard to advance the cause of art and
artists and art sectors outside of the West are academia. As Mark Coetzee asserted in a artists on the continent.
gaining exposure and recognition. Could panel discussion at this year’s Art Basel,
it then be posited that they too are the “African art is currently in fashion.”2 African However, as Coetzee also correctly pointed
‘products’ of rampant globalisation, new curators and academics have been building out, fashions come and go with predictable,
money and the horror of art fairs? the foundations for engaging with the and somewhat disappointing, regularity. So
international art community for decades, for now, while euphoria and optimism rule
If the market – by way of being the only confirming and validating the current in African contemporary art, we need to
mechanism with which to leverage valuable opportunity. This groundwork comprises make a sober analysis of what this present
opportunities – is devoid of a moral compass, noteworthy exhibitions such as ‘Art from moment means and what is required of us to
engender vibrant and successful art sectors.

This is a complex question with difficult

answers as there are a number of crucial
factors differentiating the spotlight on Africa
from others and which can characterise its
aftermath.

One of these factors is that – unlike most

other art scenes touched upon by the global
largess, such as Brazil, India, China and the
Middle East – Africa (with the few exceptions
of South Africa, Nigeria and Angola) does
not have supportive domestic markets for
contemporary art. The new money in the
aforementioned foreign art markets comes
from within – and is used to support and
attract attention to their national art scene.
When the prices for the (then) fad of
Chinese contemporary art dropped and the
temporary art market bubble burst circa
2008, an interesting thing happened – the
prices dropped substantially only for those
artists favoured by Western collectors. The
prices for artists supported by local collectors
remained stable, allowing for the rebuilding
of the Chinese contemporary market, now a
dominant sector in the art world only a few
years later.

The same cannot be said about Africa. It

isn’t an unrealistic assessment that African
contemporary art is still largely supported by
old money – or to put it another way – not
01
enough of it is supported by new money. This
lack of support is exacerbated by inadequate
art infrastructure on the continent. These
gaps in infrastructure have already created,
and continue to contribute to, a talent
and resource drain – not to mention that
as a result many African contemporary art

040 WHO’S AFRAID OF THE BIG BAD GLOBAL ART MARKET? / VALERIE KABOV
 “What would have become of us if
Kahnweiler hadn’t had a business sense?”
Pablo Picasso1
masterpieces will be lost to local audiences. Rather, it is a collective concern for global
Another vulnerability is that the global art history – the effort to shift the nexus
spotlight, with few notable exceptions, has cannot be the responsibility and product of
been on emerging or young artists. While one generation.
this focus on emerging artists is a global
phenomenon, in the African context it is It is highly unlikely that there will be
uniquely problematic – given the disparities sufficient time to address these issues with
in market and infrastructure outlined above. market and infrastructure by the time the
fashion moves on to wherever it will (if this
Often, young artists move away from year’s Havana Biennale is anything to go on).
Africa in pursuit of educational and career While Western galleries, who have turned to
opportunities. This relocation affects representing African artists, are able shift
generational mentorship and local systems focus by taking on artists from whatever
of support, as well as their own practice, scene is next in vogue, galleries and artists
which has to be reshaped in relation to a new on the continent can be left vulnerable.
context and the assumption of a new identity.
Back in Africa, foreign galleries who sign Looking to history as a predictor, we
African artists inevitably contribute to the could surmise that the countries on the
drain on local talent and general economy, continent with the strongest markets and
as the profits and commissions of their sales infrastructure, who have already taken
are circulated abroad. Significantly, without the lead in building private and public
support systems at home or experience of collections, will forge ahead in carving out
international markets, young artists are their own niche in the global scene – leaving
more likely to be negatively impacted by the rest to fend for themselves. And yet
market pressures and the related exploitative this is not the paradigm shift that so many
practices. have worked tirelessly to achieve. While for
now ‘African Contemporary Art’ is a useful
Concurrently, there are also gifted artists marketing term to those of us working in
outside of the ‘golden youth’ spectrum the field, it speaks to a broader vision and
who have simply been overshadowed in the ethos of brotherhood on the continent,
market juggernaut. These artists may then an ambition that supersedes mere market
feel helpless and hopeless in a way that their concerns.
peers in countries with stable art economies
and a culture of collecting do not. In an effort 1. (Pierre Assouline, An Artful Life: A Biography of D. H. Kahnweiler, 1884–

to build strong cultural identities – without 1979 (New York: Grove Weidenfeld, 1990), frontispiece, pp. 100–101 passim.

which the emerging generation can only 2. Panel Discussion, ‘Building Art Institutions in Africa’ Art Basel 2015.
02
default to foreign learning and achievement
– it is crucial that we recognise the broader THESE PAGES:

context in which art develops and emerges. Valerie Kabov is an art historian with 01 Ibrahim El-Salahi, Untitled, Ca. 1960.
It is more than likely that the global market a focus on cultural policy and cultural Ink and white wash on paper,
will, in due course, view mature artists economics. Her research, writing 60 x 45.5 cm. Courtesy of Vigo
Gallery.
in the West as yet another under-valued and educational practice ranges from 02 Romuald Hazoumè, Bidon
opportunity. However, when the global interculturality and globalisation, Armé (Reinforced Can), 2004.
market reaches this realisation, it will have emerging art sectors and sustainability Mixed media, photograph.
From ‘Africa Remix,’ at Johannesburg
been neatly prepared for it by decades of as well as art market analysis. She is the Art Gallery, 2007.
institutional and academic support, along Co-Founder and Director of Education Courtesy of Johannesburg Art Gallery.
with substantial bodies of work. The African and International Projects at First
PREVIOUS PAGES:
peers of such artists, who are currently in the Floor Gallery Harare, Zimbabwe’s
shadows and bereft of institutional attention first independent, international, Yinka Shonibare, Victorian
and publishing validation, could be left contemporary emerging artist led Philanthropist’s Parlour, 1996-1997.
behind. This problem is not reserved only Mixed media. From ‘Africa Remix,’ at
gallery and educational space.
Johannesburg Art Gallery, 2007.
for the artists or the history of art in Africa. Courtesy of Johannesburg Art Gallery.

041
FEATURE / INTERVIEW

Valerie Kabov: From the vantage point emerging artists and phenomena such as
of a newcomer to South Africa, how do flipping and speculation – which many
you view the changes taking place in say is here to stay? Is this fascination with
Valerie Kabov the art market from an international art emerging artists valid, or are collectors
market perspective? Personally, having missing the opportunity with more
talks to Marc Stanes lived in Australia for a long time, my established artists who have remained
and Johans Borman early impression of the South African
art market (even 6 years ago) was that
under the radar or underexposed?

about working it was very similar to the Australian I’m not a great fan of speculation or buying
scene – established and secure but in art for investment. It detracts from the
with emerging and many ways insular, protective of its pleasure, interest and understanding in the
parochial history and not that interested artist and their process. It may be (or may
established artists in international engagement. This has prove to be) an increasing asset but there is
from the African changed dramatically over the last few
years.
no certainty. Speculation has always existed
in the art market; it’s nothing new but some
continent and the international artists and galleries have made
Marc Stanes: Over the past ten years, efforts to combat this by applying artists’
current global the market in South Africa has evolved resale rights and restrictions on subsequent
preoccupation with at a rapid pace, mirroring the general
upswing in collecting internationally.
sales and contracts. There is no doubt
that the increasing appetite for ‘young’ art
‘youth’ Initially, more traditional or modern works from the African continent fuels the above,
appreciated rapidly due to increased buyer but I do not wholly believe this is entirely
engagement, while the secondary market detrimental to more established artists going
grew through powerful auction houses. forward. Increased awareness of art from
Recently, contemporary works have been the continent will filter across all segments.
the focus, with the rapid expansion of new From a secondary market perspective, there
contemporary galleries into the market is real growth from collectors acquiring
and the more established galleries gaining pieces from the past fifty to hundred years,
international prominence. Generally, local particularly in Nigeria. Many artists are being
buyers have driven the market – however, rediscovered, but currently there aren’t many
there’s an increasing international presence, outlets to view this work apart from auctions.
with works at Africa-focused auctions Too many galleries and dealers are focusing
and South African galleries participating solely on the ‘now’ and are missing out on a
regularly outside of their own borders. rich vein of history that has relevance to and
Marc Stanes influence on many young artists producing
Co-founder of Ebony, As someone who works with both works today. Therefore, this does present an
South Africa emerging and established artists from opportunity to the well-informed collector.
the continent, you’re in a position
to comment on the current global How do you think that African artists
preoccupation with ‘youth.’ What and galleries can best leverage the
Born in London, photographer particular aspects of this phenomenon current ‘moment’ for contemporary art
do you think are particularly important from Africa?
and curator Marc Stanes now for artists in Africa?
lives in South Africa. Following In many ways I think this is already
the success of his initial venture I think that ‘the time is right’ if you are being done. The obvious routes of good
Ebony in Franschhoek, a gallery a young artist currently working on the exhibitions, art fairs and partnerships with
continent – never before has there been museums and other international galleries
specialising in fine art and such a spotlight on Africa. However, given are important. Being insular is not an option.
contemporary South African the international market’s considerable For the artist, having that original voice
design, Marc was invited to awareness of young artists, it’s increasingly – which many artists from the continent
curate and direct the newly important that the right advice is given and already display – seems ‘fresh’ and exciting
taken. Young artists have the advantage of to the international market.
formed Museum of Modern Art offering a fresh and original voice but the
in Equatorial Guinea (2011). He associated issues, such as speculation and Given that most of the art sectors on the
now acts as Ebony’s main art being taken advantage of can be a hindrance. continent face infrastructural challenges,
advisor to their current spaces and that, with a few exceptions,
You have written much about art as an local markets are unable to support
in Loop Street, Cape Town and asset class. Have you had to revise your artists’ livelihoods, we see more artists
Franschhoek. ideas on the concept in light of recent represented by galleries outside the
developments and trends in the market, continent, with some of the best art from
especially in reference to the focus on Africa ending up in foreign collections.

042 WHO’S AFRAID OF THE BIG BAD GLOBAL ART MARKET? / VALERIE KABOV & MARC STANES
 03

02

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01

Do you see this as a problem and if so,

what do you think can be done to begin
remedying it?

I don’t fully agree with this and I don’t see

it as much of a problem. Historically, this
has been an issue on the continent, but the
outcome has not been all bad. Many artists
have left to pursue a career beyond their home
borders, but some of the most important,
influential and successful have stayed. Some
have also returned. As economies on the
continent improve and local interest in
culture burgeons, artists are able to produce
and sell to collectors within the continent
as well as internationally. Had certain major
international collectors and museums not
02
been interested in, exhibited or publicised THIS PAGE:
their collections over the past twenty years,
01 Aboudia, Untitled, 2013. Acrylic and mixed media on canvas, 125 x 200cm.
we would be in a different position today. © The artist, courtesy of Jack Bell Gallery, London.
It’s partly because of this initial international 02 Edson Chagas, a young artist from Luanda, is currently receiving wide-spread attention from the international
interest that artists have more opportunity art market. Edson Chagas, Found Not Taken, Luanda, 2013. Both images © Edson Chagas.
Courtesy of Stevenson, Cape Town/Johannesburg.
to support themselves today. I also believe
that there will be a growth in the number of NEXT PAGE:
institutions and galleries on the continent in
Ben Enwonwu – one of the continent’s leading artists – is seeing his work gain momentum, recently reaching
the near future, but they may have to look to record art auction prices. Ten years ago, Enwonwu’s works sold for several hundred dollars but are now fetching
potential international partners in order to hundreds of thousands at auction.
fund themselves properly. Ben Enwonwu, Purakapukali, 1973. Gouache, 53.4 x76.2 cm. Courtesy of the Ben Enwonwu Foundation.

043
FEATURE / INTERVIEW

South Africa’s cultural and geographic who create environments where speculation
isolation. South Africa’s newfound and flipping thrive. They don’t feel any
democracy and political freedom meant responsibility towards maintaining a healthy
international acceptance, which had a very and stable market – their sole objective is to
positive influence on the local art market. It realise a profit. These factors are definitely
instilled confidence in South Africa’s future not beneficial to the careers of contemporary
and brought new interest from local and artists, as their livelihoods depend on a
international collectors and curators. The stable, long-term market for their work.
local art market expanded rapidly as new
galleries opened, and the auction market Contemporary art and emerging artists
boomed until 2001, when the 9/11 attacks enjoy much publicity – particularly because
stalled world markets. most art fairs and publications focus on the
Johans Borman So you don’t see the current focus on
contemporary market and are designed to
promote the latest and ‘hottest.’ However,
Founder and director the reality is that the bulk of overall sales
African contemporary art as a key change?
of Johans Borman Fine Art (in financial terms) come from the more
The South African contemporary art established artists and works by artists from
industry has experienced tremendous the Modern era. This confirms that seasoned
growth since the early 2000s, coinciding collectors are still spending much more to
A qualified structural engineer, with the new international interest and focus own works by established, ‘branded’ artists
Johans’ career as a gallerist on contemporary African art. The choice who have a proven track record (in terms of
began in 1989. Over the past of the Zeitz Museum of Contemporary prices and value.)
thirty years his knowledge African Art to open in Cape Town reflects
this sentiment and will potentially establish What about in the context of artists from
and love for modern and Cape Town as the future art capital of Africa. across Africa coming to South Africa? My
contemporary African art personal view is that it is a double-edged
has grown exponentially – he You have written much about art as an sword, in terms of career development
metaphorically compares himself asset class. Have you had to revise your and creativity. What is your view of this
ideas on the concept in the light of recent phenomenon?
to a surfer selling surfboards. developments and trends in the market,
Johans managed galleries in especially in reference to the focus on Historically, artists have migrated to
Pretoria, Onrus River and emerging artists and phenomena such as wherever they can establish sustainable
flipping and speculation – which many careers. If not in their home countries, they
Stellenbosch before opening say is here to stay? Is this fascination with will relocate to where they have an audience
Johans Borman Fine Art in Cape emerging artists valid or are collectors and buyers or collectors.
Town, in 1999. missing the opportunity with more
established artists who have remained Art fairs have become the mainstay of the
under the radar or underexposed? art market – a key channel to market. As
a gallerist with an established practice
My views on living with and collecting and collector base, do you feel pressure to
art have not changed. I don’t see art as a participate in these events?
Valerie Kabov: You have worked as typical financial investment instrument, as
a gallerist and art advisor for several it’s not created to be that in the first place. The success of art fairs lies in the fact
decades. In this time, South Africa has We should never forget – art is about life that they provide artists and galleries the
undergone historic changes, as has the art and the art market is about money. Unlike opportunity to collectively generate public
market. What would you say have been conventional financial investments, art interest for (mostly) contemporary art. Art
the three key changes in the South African does not pay dividends, interest or rent. fairs, along with apps like Artsy, provide a
art market – especially in its relationship The ‘return on investment’ is the result of one-stop opportunity to see and engage
with the international art community and the interaction with a work of art – it lies with the international art buying fraternity.
market? in the emotional stimulation and ‘cerebral
gymnastics’ experienced during this This one-stop opportunity does, however,
Johans Borman: During the apartheid era, appreciation process. come at an enormous cost. To make art
South Africa was in cultural isolation. From fairs feasible, the additional costs of hosting,
the 1990s, our new democracy made it In my opinion, the concept of ‘investment organising and publicising a fair, along with
possible for South African artists to travel art’ or art as an asset class distracts from shipping and traveling costs need to be
and exhibit internationally. This meant the real purpose of art. The concept is recouped. The only way this is sustainable
that local artists, curators, academics and emphasised to motivate non-art lovers to is to price works with this recuperation in
students had the opportunity to experience spend more money in the ‘art industry,’ mind. I do think that the influence that art
international art trends and influences. trusting that they will realise a healthy fairs have on the prices of contemporary art
From the mid-1990s, worldwide Internet profit. This concept is largely promoted by is a very serious issue – prices are inflated
access was the next major factor to counter auction houses and profit-driven dealers to make the business model feasible and

044 WHO’S AFRAID OF THE BIG BAD GLOBAL ART MARKET? / VALERIE KABOV & JOHANS BORMAN
are not necessarily based on fair market focus if artists are to stand any chance of Given the infrastructural challenges, and
value. We have to participate in art fairs in working and building their careers in their that, with a few exceptions, local markets
order to promote the careers of the artists home countries. A recent problem is that art are unable to support artists’ livelihoods,
we represent, however I’m concerned about fair curators are becoming more and more we see more artists represented by
the real long-term advantages for artists and prescriptive in terms of which artists’ works galleries outside the continent and some
galleries. In many instances, my observation they want exhibited. What will happen of the best art from Africa ending up in
is that ‘the tail is wagging the dog’. then to the other artists represented by a foreign collections. Do you see this as a
gallery, who cannot show and make sales, at problem and if so, what do you think can
Given the under-developed local art a particular fair? be done to begin remedying it?
markets across the continent, art fairs
have become a crucial source of income How do you think that African artists This is an economic and market reality and
for African contemporary art galleries and galleries can best leverage the current will only change as more Africans buy and
and artists. They are also a platform ‘moment’ for contemporary art from collect African art. Growing local African
for education, promotion and market Africa? art markets and supporting Africa’s artists
development. Perhaps art fairs can requires the collective effort of all players –
become the better ‘devil you know’? My view is that all artists and galleries should galleries, artists, collectors and governments.
have a thirty-year strategy, and not focus Education and exposure are key aspects –
Art fairs are important marketing platforms on the short-term. Artists’ lives depend on the abundance of artistic talent will only be
but are unpredictable when it comes to their long-term success – a ‘flash in the pan’ appreciated, and artworks will only become
sales. It’s a very risky business model to rely at one exhibition or fair won’t necessarily desirable to own, if all involved subscribe to
on the occasional four-day fair to make ensure that. The branding required to an orchestrated and long-term marketing
sales. To establish a sustainable art business make a professional art career possible takes strategy.
that will support artists on a permament enormous effort, dedication and many years
basis, a broad-based local and international of producing good, authentic work – and of
market is essential. Education, promotion course the good luck of commercial success,
and market development should be a local which is determined by the buying public.

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