Prince Yemisi Shyllon , is planning to open his own private art museum in Lagos , He says the fundamental role of art should not be overshadowed by the investment appeal : “ I don ’ t believe collections should just be about collecting and enjoying art . I think it should go beyond just collecting – it should go into the element of propagating the culture or the heritage of the people and way of life of the people .”
Both Bonhams and Sotheby ’ s see the African art market as ideal for the new entrants since the entry prices are not so high .
It is believed that the current rise in fame of contemporary African artists on world stage began when the Brooklyn Museum in 2013 sold the work of Ghanaian sculptor . El Anatsui , “ New World Map ” for a record £ 541,250 at auction in 2012 .
The new trend is ascribed to globalisation , with the advent of global communications like the Internet and the GSM cellphone . People are now exposed more quickly and profoundly to art works from other parts of the world .
Before the advent of contemporary African art were the prominent ancient art works of the Nok , Igbo Ukwu , Ife and Benin cultures . Other ancient art works include the Ikom monoliths . These works can be seen at the National Museum , Onikan and Didi Museum at Victoria Island . Before these museums became prominent , Nigerians were given to Western art , because of the influence of their colonial past , with copies adorning the various living rooms . It was only until the Festival of Black and African Arts and Culture ( FESTAC ) in 1977 , was there a renaissance in African ancient and contemporary art which saw a resurgence in the number of visits to the National Museum and the eventual opening of Didi Museum , Nigeria ’ s first private museum in 1986 ( see interview ).
With the cultural renaissance came the opening of a plethora of art galleries across major cities in Lagos and other cities . These galleries became good markets
“
Auction is like a secondary market . It does two things to an artist ’ s career . It is a double edged sword ...”
for the streams of artists from the various art schools – Zaria , Maiduguri , Nsukka , Ife , Benin , Abraka , Yaba among others .
The first recorded art exhibition of a contemporary Nigerian artist was that of Aina Onabolu in 1920 – Pictures of Onabolu – which featured his first portrait in oil , Mrs . Spencer Savage , 1906 . Then came Kenneth Murray , an English artist , encouraging spontaneity and the use of local themes and subjects who would cultivate the craft in the likes of Ben Enwonwu , C . C . ( Christopher Chukwunenye ) Ibeto , Uthman Ibrahim , D . L . K . Nnachy and A . P . Umana . These five would pioneer the propagation of art education in Nigeria . Ben Enwonwu would turn out to be the most prominent of them all .
On May 9 , 2016 , Ben Enwonwu ’ s 1990 painting Obitun Dancers set a new record as the top-selling work on the domestic secondary market in Nigeria at the 16 th Modern and Contemporary sale by leading auction house , Arthouse at The Wheatbaker , Lagos .
The 102 x 76cm painting earlier estimated between $ 18,000,000-22,000,000 was sold at $ 46,000,000 , breaking the previous record of $ 30,800,000 ( buyer ’ s premium inclusive ) for any work sold on the Nigerian art market . This figure was set at Arthouse on November 21 , 2011 for Enwonwu ’ s Anyanwu , 1956 , 142.2 cm , estimated between $ 20,000,000 and
• El Anatsui : Man ’ s Cloth
25,000,000 .
Obitun Dancers exemplifies Enwonwu ’ s fascination with the theme of dancing women from as early as 1940 .
The second highlight of the evening was Yusuf Grillo ’ s 1999-2002 oil on board , Threatened Innocence , 122 x 61cm , which sold at $ 16,000,000 against its previous estimate of $ 15,000,000- 17,000,000 while fast-rising contemporary artist Ndidi Emefiele ’ s 2016 Rainbow Café , sold at $ 3,000,000 , above her previous estimate of $ 1,000,000-1,500,000 .
Nsibidi artist , Victor Ekpuk , warns against the overdependence on auctions : “ Auction is like a secondary market . It does two things to an artist ’ s career . It is a double edged sword . Once you put your head in , if you are not successful , that will be used to judge your work . So people sort of follow the hurt mentality . But whatever the work was valued at that time will be what will be used to value your work .” ( See interview ).
Unlike many other real assets , such as farmland or property , art is movable , which is handy for buyers who do not plan to tell the taxman about it . It can be a relatively discreet way of investing , too : Auction houses do arrange discreet purchases for private buyers .
Even so , the risks of investing in art are high . Prices are volatile and the market is idiosyncratic — no two pieces are interchangeable . Then , if one remains in Nigeria , there is the problem of liquidity . Art is not easily sold off on the open market as one would a vehicle or building .
Albeit , one thing is clear . The Nigerian art market has taken off and the only way is up .
12 invests . ng - MARCH / APRIL 2017