How The ARTSPLIT App Is Pushing Fractional Art Ownership To A New Generation Of Investors
African Art has always been a tool for economic development. In recent years, there has been a rise in the demand for works from countries like Ghana, Nigeria and South Africa. According to Statista, Africa contributed a sum of 13 Billion United States Dollars in 2018 to the global art market and this contribution is predicted to rise to US$15 billion by 2023.
Accra’s commercial galleries sell out of artworks by both contemporary and modern artists, and globally renowned art collectors and auction houses continue to bid aggressively for these African works.
Some of these works by Ablade Glover, Kofi Agorsor, and Isshaq Ismail have had significant international market impact, which is one of the reasons why industry stakeholders, particularly in Ghana, continue to advocate for more citizens to be interested in and invest in these works.
The Ghanaian local scene is slowly picking up pace in the acquisition and collection of its works; however, opportunities remain abound for more strategies and innovation to drive this new reality.
Classic paintings and sculptures are now very affordable and accessible, but only a few have taken advantage of the opportunity to appreciate and acquire these works. This is why a technological tool designed specifically for Africans by Africans was required.
ARTSPLIT is an art technology company that allows Ghanaians to own fractions of prominent African artworks, also known as “Splits,” and keep or sell them on its app at the end of a Split Auction.” The Splits allow multiple people to co-own a single iconic piece of art, which no other art platform currently does.
These Splits can go for as low as US$0.028 and then they can either keep or sell them in the secondary market to other users for profit.
Following the Split Auction, Ghanaians can also participate in a ‘Lease Auction’ on the app to win physical custody of these co-owned artworks for a set period. And this cycle is repeated on the app as far as multiple individuals own splits of that artwork. That way Ghanaians get to own as well as earn from the ownership of these pieces.
For the artists, this is a digital innovation that has the potential to improve how their works are collected, appreciated, promoted, and purchased. This also implies that they will be able to sell their works faster than through any other method.
Right now, ARTSPLIT GHANA is holding a December auction of works from our people’s finest artists; Ablade Glover, Kofi Agorsor and Isshaq Ismail up till 17 December, 2022. Art lovers and new art investors can use the ARTSPLIT app to have a share of these pieces. ARTSPLIT can be downloaded on App Store and Google Play Store.
Ghanaians can today meet and talk to some of these artists at The Mix Design Hub and Restaurant, Osu, Accra, Ghana while attending the physical viewing of these works ending on 16 December, 2022.
This December auction follows the successful November auction of works by the continent’s most celebrated artists, Yusuf Grillo and George Pemba as well as the inaugural MOCONA auction which grew the value of the artworks by an average of 14%, making a total of US$57,000 held in July 2022.
ARTSPLIT’s mission is to position African art & artists as the preferred alternative investment choice by democratising access to iconic African art alongside developing the African art ecosystem through technology and co-ownership.
Due to this innovation, there is now a huge movement in the Ghanaian art industry and if our people do not capitalise on these possibilities, it will be too late.