African art is valued for its cultural significance, historical importance, and aesthetic beauty. Many forms have been passed down through generations and hold deep meaning for the communities they come from. Additionally, the visually interactive aspect of our art allows us to relate with the depictions of our daily life; in a way that makes part of the whole experience a self-reflective one. Consciousness; where the true value of our human existence is. Additionally, African art has had a significant influence on the development of modern and contemporary art, and continues to be a source of inspiration for many artists around the world.
While the African art market may still be a niche market compared to the Western art market, there have been some notable sales of African art in recent years. Some of the most expensive African paintings sold in the last 20 years include:
"Arab Priest" by Ben Enwonwu: Sold for £1.1 million ($1.4 million) at Bonhams in 2018, this painting by Nigerian artist Ben Enwonwu set a new world record for the most expensive African painting ever sold at auction at the time.
"The Beautiful Ones" by Njideka Akunyili Crosby: Sold for $3.1 million at Christie's in 2017, this painting by the Nigerian-American artist set a new record for the most expensive work by a living African artist ever sold at auction.
"Drowned II" by Ibrahim El-Salahi: Sold for $1.2 million at Christie's in 2013, this painting by the Sudanese artist set a new record for the most expensive work by an African artist ever sold at auction at the time.
"Crescendo in B Minor" by Irma Stern: Sold for ZAR 34 million ($2.9 million) at Strauss & Co in 2011, this painting by the South African artist set a new record for the most expensive work of art ever sold in South Africa.
"African Landscape" by Gerard Sekoto: Sold for ZAR 9.8 million ($660,000) at Strauss & Co in 2018, this painting by the South African artist set a new world record for the most expensive work by a black South African artist ever sold at auction.
"Arab Priest" by Enwonwu
These sales demonstrate the growing interest and recognition for African art in the global art market, and suggest that the value of African art may continue to rise in the coming years. Our art and blockchain technology may seem like two disparate fields, but there are ways in which the former can influence the development of the latter in Africa. Here are some possible examples:
Provenance tracking: One of the potential applications of blockchain technology is in tracking the ownership and provenance of art. This can help to combat fraud and ensure that artworks are not stolen or illegally traded. African art, which has often been subject to looting and theft, could benefit from such a system.
Royalty payments: Blockchain technology can also be used to ensure that artists receive proper royalty payments when their works are sold or licensed. This could be particularly important in Africa, where many artists struggle to earn a living from their work.
Digital art: Another potential application of blockchain technology is in the creation and distribution of digital art. This could provide new opportunities for African artists to reach a global audience and generate income through the sale of their digital works.
Decentralization: Finally, blockchain technology's decentralized nature could help to promote greater equity and transparency in the art world. By allowing artists to bypass traditional gatekeepers and intermediaries, blockchain could help to create a more level playing field for African artists who have historically been underrepresented in the global art market.
We believe that there is so much value; Social value, psychological value, functional value and lastly monetary value.
