African American Art Showing Strength

The Artnewspaper is reporting the African American art sector is showing some signs of strength after the late February sale at Swann Swann, since 2007 has been holding bi-annual specialty sales for African American artists. The sale in February brought 1.24 million against pre sale estimates of $1.3-$1.9 million. The sale offered 162 works with 118 selling for a 73% sell through rate. The sale also set 4 new artist records.

As appraisers, we have to stay on top of market trends and what sectors are gaining and showing signs of strength and where there is weakness.

The report states

The top seller was auction virgin Malvin Gray Johnson’s best-known and celebrated oil painting Swing Low, Sweet Chariot, 1928-29, for which a collector paid $228,000 (estimate $200,000-$250,000). Four new artist records followed as institutions, collectors and dealers competed for the best works—this included a record for Sargent Claude Johnson’s tan painted terracotta figure Untitled (Standing Woman), 1933-35, which went to an unnamed institution for $52,800.

Swann’s inaugural sale of African-American art took place in February 2007, growing from specialist-in-charge Nigel Freeman’s observation of the frisson caused by African-American artists’ works on paper during regular prints and drawings sales.

“Three years ago, there was no auction market for African-American artists that even came close to their fair market value, with the exception of works by Jacob Lawrence, Romare Bearden and Henry Ossawa Tanner”, said Mr. Freeman. “Now we have set auction records for many more important artists and have introduced over 100 African-American artists to auction”.

To read the full Artnewspaper article, click HERE.