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
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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