By Tajudeen Sowole
A third art sale for the
leading art auctioneer in Nigeria, Arthouse Contemporary seemed to have proven
that, indeed, the fledgling Lagos art market is sustainable. The maiden edition
of what the auction house describes as Affordable
- held at Kia Showroom, Victoria Island, Lagos - has produced a relatively
impressive sale.
According
to the results of the auction, 72 percent of the lots were sold in the sales
that featured lots from leading modern and contemporary artists.
In an exclusive chat last year, the CEO of
Arthouse, Mrs Kavita Chellaram had disclosed plans for Affordable art auction. Arthouse has been organising bi-annual
auctions of modern and contemporary art in May and November since 2008.
Having come this far and established a
reputation for premium art sales, an auction dedicated to low prices appeared
like a descend down the graph that might not work out well, so some observers
argued. But few days ago, after the auction, Mrs Chellaram expressed
satisfaction with the results: "Yes I am." Apart from the figures
recorded for the sales, she revealed that more than half of the buyers were new
collectors, indicating fresh participants that have been inspired by the Affordable sale. "The most
important was that 50 % of the buyers were new clients."
Indeed, with a total of N31, 050, 000 million
naira ($155,250) recorded during the auction, the increasing value in African
art appreciation has been stressed.
How did Arthouse arrive at Affordable? Since 2008 when the auction
house started a new phase in the Nigerian secondary art market, the premium and
lower priced works of art have been thriving under the same hammer. But the
behaviou of collectors, particularly in the November 2015 edition of the
bi-annual auction, had the premium sales stressed the need to get a divorce
from the middle and low prices. At N130, 611, 250 million naira recorded for
just 65 per cent of lots sold, the November 2015 sent the signal of an
expanding demand by collectors for more premium prices. Ironically, at 65 per
cent lots sold, the auction recorded one of its lowest number of art sales
since inception eight years ago.
The top sales that confirmed a growing value
in the premium included Ben Enwonwu’s Untitled, oil on board, dated 1976, sold
for N22,500,000 (USD$112,500); El Anatsui’s Tabula Rasa, a new wood
panel work, for N12,375,000 (USD$61,876) and another Anatsui’s
2002 wood work Fragmented Thoughts II, for N10,687,500 (USD$53,438).
As the tag Affordable clearly explains, mega sales were not expected. But
whoever expected that the auction would be exclusive for non-old masters and
relatively known artists got it wrong.
For the debut edition of Affordable, each lot was priced at an
estimate below NGN 500,000. The spirit behind the new auction, according Expert
at Arthouse, Nana Sonoili, was to "showcase a broader scope of
contemporary artists." She added hat it was also aimed at engaging
emerging markets and the rise of a new collector base.
If the old masters - living and departed - had
edge in dominating top of the sales in previous and general auctions, the Affordable appeared to have created a
level playing field with prices pegged at below N500, 000 naira. This, perhaps,
led to a new texture in top sales, which included Rom Isichei’s
Rejuvenation (2011), an oil on board
sold for NGN 1,322,500 ($6,613) competing with Ben Osawe’s
Mask (1985), a gouache on paper, for
NGN 920,000 ($4,600); and Kolade Oshinowo’s The Family
(2009), an oil on board sold for NGN 782,000 ($3,910).
With the results of Affordable, Isichei.
(b.1966) has confirmed his status as a bridge between the old masters and
contemporary artists. Recall that his work titled Re-Figuration Of The White Headband (2014 oil
on canvas 190.5 x 122 cm. (75 x 48 in.), sold for N4, 950,000, at the November
2015 auction. In fact, the sale was
Isichei's Nigerian auction record.
The Affordable
appears like an opportunity to expand the reach of contemporary artists in the
secondary market. Perhaps the new auction enjoyed more consignments directly
from artists? "Yes," Chellaram
confirmed. She however added that "we did have from the secondary market
as well."
Also, Sonoiki explained that another benefit of the
Affordable was as an opportunity for
many artists to show at auction "for the first time, including works by
leading modern masters and Africa’s most prominent
artists —- all scaled to a more affordable and accessible price
point." She added that the auction was however made possible with the
supports of Ecobank, Kia Motors and Luxeria.
The Affordable
art auction also included three charity lots in support of the Society of
Nigerian Artists, which raised NGN 506,000 ($2,530) with all proceeds going
directly to their fundraising campaign to expand their operations
With the feat of last November, the auction
house boasted: "Arthouse's bi-annual auctions have cemented themselves as
an integral platform for the development of the African art market."
Signs of a possible expansion of the Nigerian
secondary art market started showing during the 14th edition of the bi-annual
sales in May last year. Results of the auction showed how figures accrued from
116 lots reached over N124 million naira. It was the largest art sales for any
art auction event in Nigeria as at May 2015.
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