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Counterintuitively, the economic chaos caused by the pandemic may also have helped boost interest from wealthy collectors.<\/p>\n
“Investors of that nature don’t want to keep cash,” says Mr Peppiatt. “They were getting nothing for it in the bank. So they bought art.”<\/p>\n
The rapid expansion of online auctions and promotions on platforms like Instagram have also helped by boosting the exposure of African artists.<\/p>\n
But having your work sell for big prices at auction doesn’t mean an artist can immediately break out the champagne. <\/p>\n
Artists usually sell their work via a gallery, which exhibits and markets their art. The gallery typically takes around 50% of the sale price.<\/p>\n
If a buyer sells the piece again and perhaps doubles their money, the artist will see little of that profit.<\/p>\n
In Europe the maximum royalty fee payable to the creator of the work is 4% of the sale price at auction. <\/p>\n
High auction sale prices may mean your gallery is able to charge more for your other work, but the increase there is unlikely to be stratospheric, according to Mr Peppiatt.<\/p>\n
Owning around 500 pieces of contemporary and modern African art, UK businessman Robert Devereux is a prominent collector. He has some at his home, loans out others, but much is kept in storage.<\/p>\n<\/div>\n