African American Art

Susan Adams of Forbes magazine just published an article on African American art. The article is partially based on discussions with BET founder and collector Robert Johnson. The article discusses the growth in popularity and acceptance of African American art. In the past many museums were hesitant to embrace African American art and the major collectors where . That short sightedness now appears to be changing with new and increasing interest from collectors and museums. Some auction houses are now well aware of the greater demand and are creating specialty departments. The article also documents some prices and the appreciation in values of African-American art.

Adams states Now white collectors and institutions are discovering these long overlooked works.

"What's happened in the last five years is a paradigm shift," observes Steven L. Jones, 61, an African-American dealer in Philadelphia. "This means that the best work is going up exponentially in value."

Last year Swann Auction Galleries in New York became the first auction house to create a department of African-American art and in February sold a 1944 modernist oil by Harlem Renaissance artist Aaron Douglas for $600,000.

Adams continues, Prices continue to climb for quality pieces, even while other collecting categories founder.

Manhattan dealer Michael Rosenfeld says business is strong; he made three six-figure sales during two weeks of stock market turmoil in November. The highest prices for artwork by African-Americans come in the still overheated contemporary art market, where Andy Warhol protégé Jean-Michel Basquiat is the reigning star, with a 2007 auction record of $14.6 million.

As appraisers we need to be aware of the growing interest and values of African American art. Appraisers need the basic knowledge to evaluate the properties and markets, network and develop connections with auction specialists, dealers, and fellow appraisal experts in order to professionally and properly value this growing segment of the art world..

To read the Forbes article by Susan Adams, click HERE.