A special contract for buyers of art of authors of African descent
ARTinvestment.RU   14 августа 2020

For fight against speculators, Christie's has developed a list of conditions of purchase

In February 2020, an artist of Ghanaian descent Y. Amoako Boafo was sold at the auction house Phillips in London for $881,4 million – more than 10 times higher than the estimate and more than 3000% more expensive what the current owner paid for it a year earlier. As often happens, the artist has not received this deal a penny. Similar high results in the secondary market may be harmful for the rising talent, who has not yet had the opportunity finally to form or to experiment. In other words, the auction house – not the most pleasant place for new authors, especially fast becoming popular.

However, on 22 beginners or have not reached the peak in his career the author has registered to participate in the curatorial exhibition-продаже Christie's auction house Say It Loud (I'm Black and Proud) ("Say it loud (I'm black and proud of it"), dedicated to the promotion of black art. The auction house together with the curator of the exhibition Destini Ross-Саттон say they, to prevent the buyers resell the work for quick profits, went even further. Each artist will receive 100% of the proceeds from the sale of their works, and each buyer must sign a special contract with a whole list of conditions. So, they must agree not to resell the work at auction at least five years; and if they still want to sell, they should give the author the right of first redemption; if they sell [the work] who-то another, they must return to the artist 15% of the profits.

Ross-Саттон says that these conditions are the result of long conversations with artists and others about how best to support their career growth. The contract also can serve as a kind of "litmus test" that shows the motivation of the buyer. Although Ross-Саттон had doubts about how people will react to the [contractual] limitations, she says: "basically, they responded with greed. This is encouraging and suggests that people do not stop to answer you after you send them a contract."

To date, nearly 75-80% of the exhibition sold to collectors and art-институциям, and prices range from $475 for limited edition prints by artist from Houston Cary Fagan to $43 thousand for the two large works of South African artist Nelson Makamo. Work Collins Osijeku, Hari Turner, Isaac, Ismail, Juvena of Aderemi, Alexis of Machagge, Amani Lewis and Anyway Oluwaseyi estimated at $6 million – $8 thousand Picture YOYO lander from Los-Анджелеса valued at $15 тыс.; large-scale composition of the South African author of the wonder Boole of Mbambo $17 thousand

Exhibition-продажа Say It Loud (I'm Black and Proud) ("Say it loud (I'm black and proud of it") will work at Christie's till 18 Aug 2020.

Maria Kuznetsova, AI

Source: artnet.com