Described by the authors as the first Nigeria
art market report, an analysis of the secondary art outlet has been released.
Tagged Nigeria Art Market Report 2014, the analysis focused auction sales in
Nigeria and the U.K of the year under review.
Sponsored by the Foundation for Contemporary and Modern Visual Arts (FCMVA), the report, which is authored by Tayo Fagbule and Jess Castellote highlights sales of the auctions. "This maiden report examines the activities that make up the relatively small but growing market for modern and contemporary artworks from Nigeria using data compiled from auctions by Arthouse, TKMG (Terra Kulture-Mydrim Gallery) and Sogal in Lagos, and Bonhams in London."
About sales from 2013-2014, the report,
though shows no figures for primary market, it however focuses on what the
authors described as "changes in the different sectors of the market such
as the professionalization of the primary market, new entrants into the gallery
space in Lagos, changes in the exhibition culture and the performance of the
Nigerian art at auctions"
It notes that auction sales of modern and
contemporary artworks from Africa dropped by 10% in 2014 to $3.27 million from
$3.65 million in 2013. Specifically, sales at auctions held in Lagos
"declined by 3% (from $1.73 million to $1.67 million) while auction sales
at Bonhams in London dropped by 17% (from $1.92 million to $1.60 million).
"In Lagos and London, the sales volume of
artworks by Nigerian and non-Nigerian artists grew by 3% to 315, partly due to
an additional auction in Lagos. The debut auction by Sogal in October 2014
increased sales volume in Lagos by 10% to 246. Of the 69 lots sold in London,
39 were by Nigerian artists. Despite the drop in volume and value, average
prices and sell-through rates recorded at the auctions indicate a strong
market, buoyed by Nigerian artworks.
"In 2014, the auctions were dominated by
artists from Nigeria. The top 10 selling artworks at the auctions in Lagos and
London were by Nigerians: 70 artworks (25 of them by Ben Enwonwu) accounted for
18% of the sales volume and generated 58% ($1.91 million) of the sales value.
"From Yusuf Grillo (b.1934) to Peju
Alatise (b.1975), artworks by old and young Nigerian artists dominate the
high-end of the market. Ben Enwonwu (1917-1994) maintains the lead, both in
value and volume while the works by El Anatsui (b.1944), Bruce Onabrakpeya
(b.1932), Kolade Oshinowo (b.1945) continued to generate five-digit figures in
turnover. Paintings and sculptures by Bunmi Babatunde (b.1957), Sokari Douglas
Camp (b.1958) and Abiodun Olaku (b.1958) also reported impressive turnovers.
"The authors note that, “The growing
interest for modern and contemporary artwork from Nigeria and the swelling
number of newly rich individuals, from Nigeria and elsewhere, who are keen on
buying iconic pieces, has led to a bifurcated market with London serving as the
centre for top-selling artworks while Lagos caters to the middle-market. We
reckon this trend will continue.
"The typical middle income Nigerian has a
passion for high-end luxury brands. And it’s expected that more rich Nigerians
will want buy art for a combination of different reasons: passion, prestige and
profit. According to a 2014 survey by Standard Chartered Bank, Nigerians in the
middle-income category are optimistic about their economic well-being and are
stand-out among others surveyed (Indians, Indonesians, Kenyans, Ghanaians) for
their aspiration for pleasure among other desires.
Highlights from the Nigeria Art Market Report
In 2014 the value of artworks sold at auctions
in Lagos, by both Nigerian and non-Nigerian artists, was $1.67 million, a 3%
decline from the previous year despite the debut auction of Sogal in 2014.
In Lagos sales at the bi-annual Arthouse
auction dropped by 20% to $1.1 million in 2014 from $1.40 million in 2013.
Similarly, sales at TKMG declined by 20% to $260,000 in 2014 from $326,000 in
2013. The debut auction of Sogal brought in $301,319.
Although Bonhams Africa Now auction sales
declined by 17%, more than half of the lots sold were by artists from Nigeria:
artworks by 39 Nigerian artists generated $1.3 million.
Artworks by 130 Nigerian artists accounted for
91% ($2.98 million) of auction sales and 79% (249) of auction volume in both
Lagos and London.
Most of the artworks sold in Lagos were
within the $10,000 range while in artworks sold in London within the $50,000 to
$100,000 bracket slightly increased.
Modern and contemporary artists from Nigeria
dominate the top-end of auction sales – the highest selling artworks at Arthouse,
Bonhams, TKMG and Sogal respectively were: El Anatsui, Mask, 1978 ($78,375);
Ben Enwonwu, Princes of Mali, 1976 ($138,870); Bruce Onabrakpeya, Dance in the
Bush, 1998 ($24,784) and Okwoju El-Dragg, Untitled, 1992 ($28,681).
Sell-through rates i.e., the number of artworks
bought as a percentage of lots offered, indicate a strong market particularly
works made by established artists.
With the advantage of London's expertise,
infrastructure and network of clientele, Bonhams is likely to remain the centre
for top-selling Nigerian artworks.
In Nigeria, the limited number of galleries and
physical spaces is affecting how, where and when exhibitions are held. Most
galleries in Nigeria are based in Lagos, 55% are located in Victoria Island.
The market, despite challenges, is vibrant; a
number of galleries are getting professional with plans to attend more
international fairs. Rele, a new gallery, opened on Lagos Island.
Demand from a growing number of
multimillionaire Nigerians and non-Nigerians based in Nigeria is partly
responsible for the growth of the secondary market.
A copy of the report comes with this press
release
: The Foundation for Contemporary and Modern
Visual Arts is a non-profit organisation set up to promote contemporary and
modern visual arts from Nigeria through multimedia: documenting artworks,
publishing books and videos which serve as a credible and reliable repository
of Nigerian artists and their artworks and provide dependable information for
art enthusiasts, artists, collectors etc.
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