Is African modern art undervalued?

African modern art is intriguing. Between the high prices commanded by Africa’s Contemporary stars and the affordable prices of the majority of its artists, it is not always easy to understand the value of African artworks offered at auction. In today’s article we look at ways to navigate today’s market for African modern art.

Discover the artists who dominate the market and those whose potential has yet to be realised.

Article published in our partner magazine Diptyk

A very accessible market for collectors… but for how long? With the multiplication of exhibitions around the world, including Paris Black (soon at the Pompidou Center), this semi-dormant market could well acquire a new dynamic.

Chapters

Stars of African modern art: Ben Enwonwu first and foremost
Price constructions over longer periods
A promising future?

Stars of African modern art: Ben Enwonwu first and foremost

Benedict Enwonwu is universally considered the father of Nigerian modernism and his work dominates the market for African Modern art. At auction in 2024 his works generated more than $2.4 million, a substantial increase compared with an annual total of less than $900,000 ten years ago.

Enwonwu studied art in Nigeria and the UK and was honored many times during his lifetime, notably with the Nigerian National Order of Merit. And yet 25 years ago his works were worth barely $2,000 a piece. Bonhams, a pioneer in the promotion of Modern African art, played a key role in attracting his first six-digit result in May 2013, followed, six months later, by ArtHouse Contemporary in Lagos.

The year 2018 marked another threshold with the sale of Cold, an iconic portrait of Yoruba princess, Ife Adetutu Ademiluyi. Found after disappearing for more than 30 years, the painting fetched over $1.6 million, four times its initial estimate. This success was a strong signal for African modern art, suggesting its ability to compete with major international names.

In 2024, Enwonwu continued to shine with a best auction result at around $600,000, consolidating his role as market leader. Behind him (in terms of auction turnover), other modern artists like Farid Belkahia, Omar El Nagdi, Mohammed Melehi, Esther Mahlangu, Hamed Nada and Adam Henein together generated nearly $3.4 million between January and November.

However, the price differences are striking. While Enwonwu’s works peak at six-digit prices, those created by Esther Mahlangu still sell for between $1,000 and $5,000 on average. The upside to Esther MAHLANGU’s affordability is of course a broader demand base and she is the most frequently sold African modernist artist, with around a hundred results annually, compared with around ten works on average for other artists.

Price constructions over longer periods

Farid BELKAHIA, a central figure of the Casablanca School, wonderfully illustrates the kind of market ascension African modern art is capable of. Renowned for his works combining abstraction, craftsmanship and local influences, Farid Belkahia is today one of the most popular Moroccan artists at auction.

In 2024, 87% of his lots offered for sale found buyers, an excellent sold-through rate, with prices mostly oscillating between $10,000 and $50,000. But some exceptional pieces reached new heights. In October 2024, a major painting, Rainbow tree (1989), sold for $259,000 – almost three times its high estimate – during the sale of the Dalloul collection at Christie’s in London.

Read: Bonhams and Sotheby’s, two auctioneers committed to the promotion of African art [01/10/2020]

With results sometimes exceeding $300,000, Belkahia’s works have become more valuable than works by other Moroccan artists like Jilali Gharbaoui and Meriem MEZIAN, although a painting by the latter – Berber women (1977) – set a new record in June 2024 at over $120,000 when it was offered by the Compagnie Marocaine des Oeuvres et Objets d’Art (CMOOA) in Casablanca.

Top 10 African Artists Born Between 1920 and 1950 by Auction Sales in 2024

And elsewhere on the continent?

On the Senegalese scene, Ousmane SOW is an essential figure, with sculptures that regularly fetch several hundred thousand dollars. Among his contemporaries, only Iba N’DIAYE and PAPA IBRA TALL have managed to cross the six-digit threshold.

On the other hand, works by other artists like Mbor Faye and Babacar Lo are still selling in a more modest price range; recent sales have been under $2,000. As for Ivorian artists, we have found even more modest prices and they generally struggle to find a place on the secondary art market. Works by Georges ADINGRA, for example, sell (not particularly well) for between $100 and $500, whether in Europe or the United States.

A promising future?

Although some advances have been made in terms of valuations, the prices of works by major African modern artists are evolving at a very measured pace, far from the spectacular surges observed in Contemporary art. But, it is precisely the regular and measured progression, devoid of speculation motives that reassures about the sustainability of demand and the future value of these works.

Ibrahim EL SALAHI, the leading figure of the Sudanese School of Khartoum and the first African artist to have benefited from a retrospective at the Tate Modern (2013), perfectly illustrates this steady price progression. Ignored by auctions for many years, he saw one of his works sold at auction for the first time in 2016, three years after his major exhibition in London.

Today, Ibrahim El-Salahi’s creations generally sell for between $20,000 and $50,000, reasonable price levels for an artist whose works appear in prestigious collections such as those of the MoMA and the Abu Dhabi Guggenheim. His prices, although evolving slowly, are firmly established: over the last five years, four of his works have fetched over $50,000. To track down his most captivating works, go to Christie’s or Bonhams in London which generally handle sales of the most important African modern artworks.

According to the Africa Wealth Report 2023, the number of African millionaires could grow by 42% in the next decade. These HNWIs could play a crucial role in the promotion of the continent’s historical artists by collecting more ardently.

Moreover, the multiplication of exhibitions devoted to African art in African, European and American institutions – such as the “Paris noir” exhibition planned at the Center Pompidou in 2025, could awaken the somewhat dormant markets of certain artists.

These exhibitions, coupled with the clear interest from major international auction houses and an anticipated stronger commitment from local collectors, could well strengthen the market and further enhance the value of certain signatures. The foundations are laid for African modern art to continue gaining visibility and value, gradually placing its emblematic figures among the ‘essentials’ of the international art market.

Exhibition “Black Paris”: March 19-June 30, 2025, Center Pompidou, Paris

Diptyk Magazine

African modern art – Price records – Collectors and Auctions