Johannesburg, South Africa: Today, Capital Art, a software company that provides art collectors with a platform to easily document and store the details of their art collection, announced its participation at the 8th edition of ART X Lagos, the contemporary art fair in West Africa, from 2 to 5 November 2023 in Lagos, Nigeria. This marks Capital Art’s first sponsorship, with a presence at each gallery exhibitor stand at the fair, providing fair collectors, art enthusiasts, and visitors the opportunity to engage with the platform and learn more about how to access it. ART X Lagos was the first event of its kind in West Africa when launched in 2016 by Tokini Peterside-Schwebig.
Founder of Capital Art, Karabo Morule, said, “Having launched in October 2020 and acquired the first subscriber customers in December 2020, this year has been focused on growth and increasing visibility of the company and its offering for art collectors. In celebration of Capital Art’s third anniversary milestone, having a sponsorship of this kind which provides visibility in the vibrant and significant art collector market in Nigeria is key to enabling more collectors to maximise the value of their art portfolios by using a Capital Art to manage their art collections more efficiently”.
The 2023 Art Market report by Art Basel reveals that contemporary African art market has grown over the past decade. The fact that Aboudia, an Ivorian artist was the best-selling artist in 2022, with 75 artworks at auction compared to British artist Damien Hirst’s 73, and the auction records regularly announced by auction houses such as Strauss & Co and Sotheby’s for their contemporary African art auctions, points to the growth interest and emergence of African collectors, buyers and investors.
“Increasing use of collection management systems amongst art collectors will also help maintain the priceless cultural value of the artworks produced by artists, Masters and emerging artists alike, from Nigeria and the broader West African region. At Capital Art, we strongly believe in empowering local talents while fostering global connections because art transcends borders” adds Morule.
Capital Art was founded by Investment banker and corporate executive turned art entrepreneur Karabo Morule is the Founder of Capital Art. Combining her passions, Karabo operates at the intersection of finance, art and technology. Prior to founding Capital Art, she was the Managing Director of Personal Finance at Old Mutual Limited.
This year, Capital Art and Morule have also been featured on the prestigious Stanford Entrepreneurship Thought Leaders series in March, on a panel discussion at the Harare Art Meeting in July, and as part of the KIISA Art Collector’s Series events during London Art Week in October, as well as on a number of podcasts.
As the first art collection management platform that is empowers collectors of modern and contemporary African Art, Capital Art is well poised to assist in transforming the African collector’s ecosystem. The service can be used by any art collector from anywhere in the world and collectors in Senegal, Nigeria, US, UK, the Netherlands, Morocco and Singapore have signed up.
About Capital Art: Capital Art is a web-based art collection management system which enables art collectors to better manage and protect the value of their art collections. The company was established in 2020. The Founders’ mission is to get collectors of African art to see it as a bankable an asset class; by doing so, they hope to ensure that modern and contemporary artworks from Africa and other under-represented regions are not relegated to artefacts over time, and that art collectors see long term value in the artworks that they collect. As at the end of September 2023, user growth was 120% of the number of users as at 31 December 2022.
Find out more about the company and packages at https://capitalart.co
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