Saturday 20 April 2013

Oshinowo tops sales of Terra Kulture-Mydrim auction

By Tajudeen Sowole
Prolific painter, Kolade Oshinowo has recorded his biggest art auction sale in Lagos when the hammer stopped at N3.9m on a group portraiture titled Royal Procession (32 x 60 in, 2011) during the last Terra Kulture-Mydrim auction.

It was a brief bidding shortly after the attendance inside the multi-purpose hall of Terra Kulture, Victoria Island started thinning out; the work which had an asking price of N2, 500, 000 – 3, 500, 000 was sold as the highest of the day’s sales.

Perhaps the artist’s closest auction record in Lagos occurred when his work Koma Village, oil on canvas, (122 x 152.5 cm, 1987), was sold for N2.5m at a different auction organized by Art House Contemporary in 2011.

With N47 million total sales under the hammer prices of debutant art auctioneer, Yinka Akinkugbe, the Terra Kulture-Mydrim’s sixth auction was an improvement on last year’s sales of N38, 125, 000, 00.

Out of a total 96 lots put up for sale, 60 were sold, according to the results released by Mrs Temitope Sanya of Finance Department, Terra Kulture.
   Kolade Oshinowo's Royal Procession (32 x 60 in, 2011).

  Shortly before the sales, the Terra Kulture-Mydrim’s Lagos Art Auction 2013 was described as the richest collections of contemporary African art among the six outings of the partnership. Also, aside the regular masters such as Ben Enwonwu, El-Anatsui, Bruce Onobakpeya and Kolade Oshinowo, who featured in the past auctions, the Terra Kulture-Mydrim art auction had quite a number of young artists who impressed during the sales. Artists such as Fidelis Odugwu b 1970 and Segun Ayesan b 1971, for examples were among those whose works made the top ten sales of the auction.
 At the Terra Kulture multipurpose hall where most of the previous five editions of the auctions were held, a five-day preview of show had offered bidders an opportunity to connect them with works on offer.
  The two ladies behind the movements of the hammer sales of Terra Kulture-Mydrim auctions, Bolanle Austen-Peters and Sinmidele Ogunsanya, had, in a joint statement said the auction “is in furtherance of our goal option to project Nigerian visual art as a viable and sustainable investment.”
 Aside the increase in the young artists featured at every Terra Kulture-Mydrim auction, bringing a new auctioneer, Akinkugbe was aimed at spreading the opportunities and give the auction a fresh breath, they stressed. Auctioneer of the previous sales, Prince Yemisi Shyllon, Ogunsanya said, is still with the Terra Kulture-Mydrim team “as a patron, supporting and helping in other areas”.    
 Akinkugbe, according to the auction house “is an art enthusiast, who is bringing his wealth of knowledge of the visual arts and indeed the art market to bear.”
   The “success of the previous five auctions”, it was disclosed, has led to more people showing interest in collecting works just as “those who are in possession of great collection want to exchange such for higher value.”

Visitors during the preview of the Terra Kulture-Mydrim auction few days ahead of the sales in Lagos

Ten of the top sales from 96 lots at Terra Kulture-Mydrim’s Lagos Art Auction 2013

1.   Kolade Oshinowo   
      Royal Procession              N3,900, 000. 00
2.   El- Anatsui                
      Towel  II                               3,500,000.00
3.   Fidelis Odogwu         
      Wazobia I,II, III,                  2,200,000.00  
4.   Kolade Oshinowo     
      Road To My Village             2,100,000.00
5.   David H. Dale           
      Oke Arin Market                  2,100,000.00
6.   Segun Aiyesan          
       Odion                                  1,950,000.00
7.   Abiodun Olaku          
       Bliss                                    1,600,000.00
8.   Alex Nwokolo           
      Global Energy                     1,500,000.00
9.   Chidi Kubiri              
      Wait On God                       1,300,000.00
10. Bunmi Babatunde     
      Alarede                                1,200,000.00

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