As the 2024 Dakar Biennale kicks off this Thursday, it’s more than just an awe-inspiring cultural spectacle —it’s a moment to reflect on the potential of African art beyond its beauty. There’s a deeper opportunity here: to engage thoughtfully with a thriving art market that seamlessly blends cultural richness with promising horizons. African art isn’t just about aesthetics; it’s an untapped reservoir of financial opportunity, a chance to stake a claim in a burgeoning market that intertwines culture with capital.
African art has long been the heartbeat of the continent—a vivid tapestry of storytelling, identity, and heritage. But today, it’s also a compelling investment vehicle. Global collectors are finally waking up to what insiders have always known: this market is a hidden treasure, ripe for savvy investors ready to see beyond the canvas. And the Biennale, with its rich tapestry of exhibitions and events, is the perfect place to start.
The Dakar Biennale: A Gateway to African Art
Dak’Art isn’t just another art fair—it’s Africa’s premier cultural showcase. Held biennially, it transforms Dakar into a nexus of creativity, drawing artists, collectors, and curators from around the world. Picture the Venice Biennale but with an African twist: more rhythm, more color, and a whole lot more soul. The Biennale isn’t just about appreciating art; it’s about recognizing its value, both cultural and financial.
The last edition saw over 300,000 visitors and injected millions into the local economy. This year promises even more, with a spotlight on emerging talents who blend traditional techniques with contemporary themes. And here’s where the savvy investor should pay attention: these artists are not just creating; they’re redefining the global art scene, one breathtaking piece at a time.
Partcours: Dakar’s Art Scene in Full Bloom
Complementing the Biennale is Partcours, Dakar’s vibrant art circuit. Think of it as an urban treasure hunt, where every turn of the city reveals another gem. From chic cafes to rooftop galleries, Partcours
democratizes art, making it accessible and intimate. It’s a playground for discovery, where newcomers like Tampidaro are shaking up the scene with their vibrant inspired works that capture the exuberance of city life.
The Sarr-Savoy Report: A Turning Point for African Artefacts
Of course, the conversation around African art isn’t complete without addressing its controversial history. The Sarr-Savoy report, a landmark document, has reignited debates over the restitution of African artefacts housed in Western museums. These aren’t just objects; they are sacred carriers of cultural memory, stripped of their context and displayed as mere curiosities.
Countries like France are beginning to heed the call, with promises to return looted artefacts. But the
pace is slow, and the implications profound. For Africa, reclaiming these pieces isn’t just about ownership—it’s about restoring dignity and rewriting history on its own terms.
Investing in African Art: The New Frontier
The financial potential of African art is finally gaining recognition. Artists like El Anatsui and Njideka Akunyili Crosby have already broken into the multi-million-dollar club, but they are just the tip of the
iceberg.
According to Art Basel’s 2022 Market Report, the African contemporary art market grew by 14%, outpacing global trends. The market’s relative youth means there’s ample room for growth, making it an ideal playground for investors with an eye for the future.
Traditional investments—stocks, bonds, real estate—are predictable. African art, on the other hand, offers something rare: an opportunity to own a piece of cultural history that’s appreciating in value. It’s not just an investment in financial terms; it’s an investment in beauty, in storytelling, in legacy.
Imagine the pride in owning a work by Amadou Yero Ba or Ibrahim Mahama. These aren’t just names on a canvas; they’re voices in a global conversation, pushing boundaries and redefining art itself. And the best part? You get to be part of their journey.
Tips for Aspiring Collectors
- Engage with the Scene: Attend events like the Dakar Biennale and Partcours. They’re not just
showcases—they’re incubators for the next big names in art. - Research and Recognize: Dive into the backgrounds of artists. Understand the cultural
narratives they represent. This isn’t just about buying art; it’s about
buying into a story. - Follow Your Heart: Investment is important, but art is personal. Choose pieces that resonate with you, that speak to your soul.
- Consult the Experts: Don’t go it alone. Leverage the expertise of galleries and curators who
specialize in African art. They can guide you through this vibrant,
dynamic market.
Conclusion: Art as the Ultimate Investment
The African art market is a perfect storm of opportunity—cultural, financial, and personal. As global interest surges, now is the time to dive in. This isn’t just about being part of a trend; it’s about leading it, about recognizing the value of a market that’s been underestimated for far too long.
So, why not take the plunge? Embrace the beauty, the stories, the potential. And who knows? That painting on your wall might just be your most rewarding investment yet—financially and
emotionally.