Second in its 'Art as an Alternative Investment' Seminar series, Omenka, again gathers resource persons the creative and the larger financial sectors to expand the commercial value of art. Perhaps the recurring emphasis on art's commercial value is necessary in a clime such as Africa where consciousness in art appreciation appears to ha've increased in recent years.
On June 4, 2018, at The Wheatbaker Hoyel Ikoyi, Lagos, one of Africa's top art collectors and a stock broker, Prince Yemisi Shyllon; art critic and architect, Jess Castellote; MD/ CEO, Zenith Capital
Limited, Jubril Enakele; and artist, Oliver Enwonwu who is also president Society of Nigerian Artists (SNA) will speak on the theme. Lead presentation on Art As An Alernative Investment will be coming from director, head of Modern and Contemporary African art at Sotheby’s, Hannah O’Leary. But O'Leary has a primary mission in Lagos aside the Art as Alternative Investment event. Earlier, Sotheby's has announced that O'Leary will be "offering free and confidential auction valuations, strictly by appointment", to collectors in Lagos.
The convener of the event, Omenka says the rising value of Nigerian art at international auctions is evidence that collectors, financial institutions and wealth managers alike need to understand its worth. Omenka, in a press statement discloses that research shows art is an attractive investment for portfolio diversification as there is a low correlation with other financial assets.
"African modern and contemporary art in recent times has made a remarkable impression on the international art scene as works from the continent not only command increasingly high prices at auctions but also form a subject of profound interest for art collectors and scholars alike", the organisers notes.
"In the present economic climate, it is imperative that maximum value is realized on assets held. Indeed, an art collection requires the same strategic planning as other financial assets".
After the first edition in 2012, some gains seemed to have been recorded. "The seminar is timely in increasing knowledge amongst collectors, wealth managers and financial institutions alike, as Nigerian art continues to rise in value domestically and internationally".
Six years ago, Giles Peppiatt from Bonhams, London was the lead speaker of the first edition, held at the same venue.
Programme for the second seminar include: The Rising Value of Nigerian Art by keynote speaker, O’Leary; Art Investment: The Local Financing Market Challenges and Opportunities by Enakele; The Making of A Collector: Guiding Principles and Collecting Strategies by Castelotte; The Legal Implications of Collecting Art by Prince Shyllon; and The History of Nigerian Art by Enwonwu.
About the Speakers:
O’Leary first joined Sotheby’s in 2005, initially working in the Dublin and Melbourne offices. In 2006, she joined Bonhams in London, where she helped pioneer the first international auctions of South African Art and Modern & Contemporary African Art, becoming Head of Department in 2010. With 10 years’ experience in this field, and having overseen record-breaking sales in both categories, returned to Sotheby’s in 2016 to further develop this burgeoning market.
Ms O’Leary maintains close relationships with private collectors and public institutions alike, often advising on their collections and assisting with private sales and exhibition loans, most recently as international consultant to the South African National Gallery and contributing author to the Irma Stern retrospective catalogue ‘Brushing Up on Stern’ (Cape Town, 2015).
She holds a Master’s degree in history of art with cultural anthropology from Glasgow University.
Shyllon is Founder, OYASA. He hails from the Sogbulu and Ogunfayo lineage of the Lararun ruling house of Ake in Egbaland, Ogun State, Southwest Nigeria. Prince Shyllon is also a legal practitioner, chartered engineer, chartered marketer and a chartered stockbroker/investment analyst with business interests covering these academic and professional disciplines. He is widely acknowledged to own the most balanced art collection in Nigeria, with over 7,000 artworks including sculpture and painting, as well as photographs of cultural festivals.
Enakele MD/ CEO, Zenith Capital Limited
Prior to joining Zenith Capital Limited as CEO, Jubril Enakele was Director of Corporate Finance and Client Coverage for sub-Sahara (excluding South Africa) at Deutsche Bank AG, London where he was responsible for originating Capital Markets (debt and equity), Fixed Income and Derivatives transactions, and providing coverage and origination support to other products groups including M&A, Structured Finance etc, in the region. Before Deutsche Bank he worked for Standard Bank (London), and Citibank N.A. / Citigroup Global Markets (London and Lagos). Over the course of his career, Enakele has been involved in notable international debt capital market transactions for African Sovereigns and Corporates.
Enakele is an alumnus of Said Business School (University of Oxford), London Business School, University College London and University of Calabar, Nigeria. He holds memberships of the Financial Reporting Council of Nigeria, Nigerian Institute of Management, Institute of Credit Administration of Nigeria and Chartered Institute of Bankers of Nigeria respectively. He is also an Associate Member of the Chartered Institute for Securities and Investment (ACSI), UK, and is approved by the Financial Conduct Authority UK (FCA) and the SEC, Nigeria.
Castellote is Managing Partner, RedGrey Associates. Lagos-based Spanish architect, Castellote started out in Nigeria as a project manager in 1984. He has since then combined his professional work with an intense involvement in the Nigerian art scene, which includes organising significant exhibitions. Since 2008, Castellote has also maintained a widely accessed blog on contemporary art in Nigeria, “A View from My Corner”. In addition, Castellote has authored important critical texts on Nigerian art such as Contemporary Nigerian Art in Lagos Private Collection: New Trees in an Old Forest, Ben Osaghae, Kolade Oshinowo, Collecting Art: A Handbook in collaboration with Fabian Ajogwu SAN. He is presently the Director of the Virtual Museum of Modern Nigerian Art, an online educational resource he initiated at the Pan-African University, Lagos.
Enwonwu, President, Society of Nigerian Artists.
and founder/ director of Omenka Gallery. He holds a first degree in biochemistry, an advanced diploma in exploration geophysics (distinction), postgraduate diplomas in applied geophysics and visual art (distinction) and a Masters in art history, all from the University of Lagos. Enwonwu has exhibited extensively and curated many shows around the world. The founder, a trustee and the Executive Director of The Ben Enwonwu Foundation, he sits on the board of several other organisations including the National Gallery of Art, Nigeria, and Reproduction Rights Society of Nigeria.Enwonwu is also the founder and Chief Executive Officer of Revilo, publishers of Network, the magazine of the Nigerian-British Chamber of Commerce and Omenka, Africa’s first art, business and luxury-lifestyle magazine.
Enwonwu has written on art and investment for several important publications including Vanguard newspaper, and continues to moderate and speak at major public events centred on the visual arts in Africa.