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Africa contributes 2.5% to $520bn global arts industry – MCAA

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Modern and Contemporary African Arts, an organisation focused on the arts, has revealed that the African arts industry constitutes $13bn, which is 2.5 percent of the global art market worth $520bn.

A Director at Patrons MCAA, Ms Keturah Ovio, at a recent press conference heralding the 6th miniature exhibition scheduled to be held in Lagos, to reclaim feminine narratives, redefine icons and inspire inclusion through the arts.

She stated that there was an opportunity for the private and public sector participants to do more by investing in the arts.

She said, “The size of the African arts industry is just about $13bn, which is just 2.5 percent of the $520 billion global arts market. There is an opportunity for the private and public sector participants to do more.

 “Everyone has to invest in it. As corporates, we must invest in art collections, building, marketing, and export. We need art in public places. We need to export art, not just tech or other products. Arts values can appreciate and change people’s lives.”

Themed ‘Herstory Reframed’, Ovio stated that the exhibition would feature three well-exhibited female artists from French-speaking African countries who would tell incredible stories through their 20 works of art.

 She added that the event, which would take place at The Art Hotel Lagos from March 30 to April 14, would feature a fireside chat, where women in business, finance and arts would discuss the way forward for the African art industry.

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