The atmosphere was rowdy but the auctioneer carried on nonetheless . On display was an abundant display of children ’ s art . This was significant because it was for the benefit of children that the auction was being organised . Much concern could be seen on the brow of the UNICEF officials present . They were particularly worried about the antiques of the auctioneer who was throwing all his cajoling skills at a rather reticent audience . He was not meant to ‘ coerce the auction ’ as this could be seen as exploitative of the children , something that went against the UNICEF rule . The starting price was N15,000 but the auctioneer wanted N50,000 . After a nerve-racking five minutes , and a bid for N75,000 the auctioneers gavel came down .
The scene at the upscale luxury hotel at Victoria Island was but a microcosm of the regular auctions organised by the different art auction houses like ArtHouse Contemporary Ltd . or Terra Kulture Mydrim Gallery . The auctions are particularly animated and scores of painters ’ works are sold at very profitable prices . And while the auctions are going on , agents of Bonhams and Sotheby ’ s scour the Nigerian art space looking for contemporary art to haul over to the big auctions in the world ’ s big cities like London and New York .
At present , Njideka Akunyili Crosby , daughter of the late Food and Drugs administrator , Dora Akunyili , is making waves . Her art is mixed media collage . Her first auction offering in September 2016 , an untitled work , came just under $ 100,000 . Then , she began to hit the world ’ s major headlines when she notched $ 1.1million for her work , Drown . If the first two were an auctioneer ’ s fluke , the third isn ’ t . In March 2017 , her work , The Beautyful Ones , a work in acrylic , pastel , colour pencil and Xerox transfer on paper , inspired by Ayi Kwei Armah ’ s novel , The Beautyful Ones Are Not Yet Born , cashed in a whopping $ 3,075,774 from an estimated $ 488,800 - $ 733,000 . Her trajectory seems to be going sky high . As it stands , she is certainly not in the class of the average African artist who struggles to sell his work for between $ 10,000 and $ 60,000 at world auctions .
Even then , television network , CNN , reports : “ Amid strong demand and skyrocketing prices , contemporary African art is increasingly attracting the attention of investors worldwide .”
Since specialising in African contemporary art in 2007 , the British auction house , Bonhams , has been recording great takeaways with average
African contemporary art pieces going for $ 50,000 at its auctions .
Sotheby ’ s reports similar proceeds and is opening its dedicated African contemporary art operation in May 2017 .
Hannah O ’ Leary , London ’ s Sotheby ’ s head of modern and contemporary African art , explains their predilection to the fact that historical links between the U . K . and former African colonies - “ whether good or bad ” – created cultural connections thus emphasising a particularly great emphasis by London art connoisseurs on African art .
The London auction prices for top-name contemporary African artists have been rising steadily in recent years . In May 2016 , at Bonhams ’ s “ Africa
“
Nigeria has the largest population , it ’ s the largest economy and oil producer today . Half the billionaires of Africa live between Nigeria and South Africa ...”
• Njideka Akunyili-Crosby Now ” auction , the most recent of its kind in London , Ghanaian sculptor El Anatsui — one of the world ’ s most high-profile African artists — saw his 1999 sculpture Used Towel selling for £ 176,500 ( including premium ), a record for a wooden sculpture by the artist . His overall auction record was set in May 2014 at Sotheby ’ s New York , with his 2006 work Paths to the Okro Farm selling for $ 1.4 million ( again , including premium ). But auction database records show that , usually , when his works go on sale in London they smash their upper pre-sale estimates . Bonhams ’ s annual May auctions , a first for London when it was launched in 2009 , took more than £ 2 million in total , double the same sale a year previously .
Speaking to the CNN , one of Nigeria ’ s biggest art collectors , Prince Yemisi Shyllon said , “ When I started collecting art as an undergraduate at university in the mid 1970s , it had virtually no value . You could buy a piece of good art for 20,000 Naira [ about $ 100 at current conversion rates ]. Today it would sell for millions .”
“ I ’ ve studied the movement of the prices of artwork sold in auctions in Nigeria since 1999 , and I can tell you how much the artworks have grown over time , of different artists -- if we draw a correlation analysis we come up with a positive graph about the growth , and therefore it can form a solid basis for investment .”
Prince Shyllon boasts about 7,000 pieces , which
he displays in his house in Lagos . But his passion as evidenced by his treasure trove of art belies the belief that at least half of the contemporary African art sales registered at auctions worldwide are believed to come from buyers within the continent , chiefly Nigeria and South Africa .
Kavita Chellaram is the CEO , Arthouse Contemporary Ltd . Also speaking to the television network , explains : “ Nigeria has the largest population , it ’ s the largest economy and oil producer today . Half the billionaires of Africa live between Nigeria and South Africa , so I think the prominence of art here is quite relevant to the financial market .” invests . ng - MARCH / APRIL 2017 11