South Africa: Put Your Money Where Your Art Is

analysis

From art academies, art fairs to private collections curated and owned by local businesses, corporate support of artists around the world continues to rise.

According to the Art Basel and UBS Art Market 2019 report authored by Dr Clare McAndrew, founder of Art Economics, a research and consulting firm focused exclusively on the art economy, sales at art fairs globally reached $16.5-billion in 2018. This was a 6% rise year-on-year, with art dealers reportedly spending an estimated $4.8-billion attending and exhibiting at fairs - 5% more than in 2017.

The report added that art fairs around the world grew from some 55 in 2000 to more than 260 in 2018. In addition to supporting galleries and assisting in economic contribution to the cities that host them - think large volumes of affluent visitors, and the exhibitors themselves - art fairs provide a platform for emerging artists to be recognised and gain traction in local and international markets.

Although the majority of art fairs (52%) were held in Europe in 2018, Africa and the Middle East contributed to 5% of the global art fair market.

Corporate companies played a role in the establishment and maintenance of the arts worldwide - from...

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