Art

Art for Africa: Two coalitions working to change the continent's fortunes

SOUTH SOUTH and African Art Galleries Association are taking different routes to establishing the continent as a competitive force on the global art scene

02 May 2021 - 00:00 By James Sey

The economics of the art world are weird. It seems incomprehensible that anyone would shell out hundreds of millions on a painting, like the infamous $450m (R6.5bn) paid for the "Last Leonardo" in 2017 - which may not be by Da Vinci after all.

And it's made worse by the recent cryptocurrency-driven vogue for paying millions for a non-fungible token (https://www.timeslive.co.za/sunday-times/lifestyle/2021-03-21-crypto-art-goes-mainstream-as-beeples-digital-canvas-sells-for-r1bn/) - which is basically a digital guarantee that a virtual art object you're buying is unique...

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