Page 24 - AC-2-1

Arts & Communication Contemporary art from the Global South

“Orchid” sold for $882,000 (approximately 5 times the Projects organized Boafo’s first exhibition in Los Angeles
estimated price) at Christie’s New York in 2022, confirm his and priced his paintings at around $10,000. Shortly after,
growing reputation in the art market. These results reflect the Marianne Ibrahim Gallery, based in Chicago, Paris, and
the growing demand for Toor’s work and established him Mexico City, began promoting Boafo at Art Basel Miami
as a major contemporary artist. in December 2019, where his colorful portraits were sold
for $50,000 each. The following year, the value of these
These artists’ success stories are unique, but they all
share a common thread: the ability to use their experiences works multiplied more than ten times. The Lemon Bathing
Suit (2019) was sold for $881,500 at his auction debut in
and surroundings to create meaningful and impactful
works of art. Despite coming from diverse countries and February 2020, despite Phillips in London estimating it
to sell for only $40,000 to $65,000. As stated by Artprice,
using different techniques, these artists are similar in their “Amoako Boafo symbolizes a cosmopolitan art market,
mission to advance their own artistic languages through capable of taking off in a matter of weeks with nothing
painting. While they have received support from galleries more than an online presence .” This rapid ascension in
26
both domestically and abroad, our analysis demonstrates reputation and prices demonstrates a strong interest from
how exhibitions in key art galleries and museums have collectors in purchasing his work and has also opened
propelled the value and recognition of their artworks in the the door for many Ghanaian, along with other African,
international art market. It is worth noting, however, that artists to enter the global art market. After observing
the fact that they create paintings means their works are Boafo’s meteoric rise, many collectors saw an investment
easier to integrate into the global art market structure. If opportunity in acquiring artworks from artists of African
they had worked in more specialized or culturally specific origin. As Nate Freeman detailed in an article published
media, their work would likely not have found success in on ArtNet News in 2020, Boafo’s work became the subject
this market domain and, as a result, would not be visible in of intense speculation among art world insiders, and
our analysis. various actors in this network, as early as 2020, found ways
On analyzing the profiles and careers of this group of to profit from the fascination for his work. The challenge
artists, two observations can be made. First, the numbers of such stories of speculation in the art world is always
indicate that African artists are currently leading the to understand whether the incredible rise in prices was
establishment of Global South artists in the art market. driven by speculators trying to profit from the increasing
The following section will elaborate on how African artists value of his work or whether the increasing values of his
have experienced a surge in demand for their work in the work were driven by speculative maneuvers themselves.
past two years. Second, it is important to note that the The shocking detail reported by Freeman is that the buyer
top five performers on the list were all men, highlighting of the Lemon Bathing Suit was the artist himself, but the
the persistent gender disparity in the art world, with men intermediary who bid on the painting and took possession
25
continuing to dominate the market. In Section 3.1.4, of it never delivered the work to him . In this way, it is
we will examine the stories of three women artists who possible to see that artists whose value rises so quickly are
overcame these challenges and established successful exploited by established actors in the art market, but they
careers in the international art scene after migrating to are also implicated in these mechanisms very quickly, and
other countries. any effort by emerging artists to assert control over market
mechanisms will likely be trumped by experienced players
3.1.3. The skyrocketing success of African artists in the already in the art market infrastructure. This is not simply
market a story of another artist and a handful of gallerists giving
We believe both internal and external reasons explain Boafo an opportunity (though this is what happened);
the explosion of African artists in the global art market. it is also about actors in the market recognizing an
The internal explanation can be summarized by what we opportunity and playing it for maximum gain. Freeman’s
refer to as the “Boafo effect.” Amoako Boafo is currently story demonstrates an artist coming to terms with these
one of the most in-demand artists. A few years ago, Boafo realities, his efforts to manage his market, and, ultimately,
was struggling to sell his artworks for a few hundred cedis his failure to do so. Nevertheless, Boafo has become a
(local currency in Ghana) in Accra and decided to move significant fixture in the contemporary art market, and his
to Austria to advance his career. It was on Instagram future career will benefit from it as long as he can ride the
that he was discovered by the famous African-American wave, negotiate with knowledge of his limitations, and be
artist Kehinde Wiley, who recommended that his galleries protected by the galleries that represent him.
in the US and the United Kingdom (UK) take a look at In addition to the Boafo effect, it can be said that
Boafo’s work . After a few months of negotiations, Roberts external reasons have facilitated the skyrocketing success
25

Volume 2 Issue 1 (2024) 8 https://doi.org/10.36922/ac.1608