WHEN THE STAKES ARE HIGH
African art market in the past two decades has experienced tremendous growth within and beyond the continent. Nigerian art market for example, has its fair share of the boost with the proliferation of galleries and re-emergence of auction houses to consolidate the once moribund secondary market.
Only last year, works by Ben Enwonwu Tutu recorded ￡1,205,000 (about $1.68 million) more than four times the highest estimate, while in 2017, Anyanwu, one of his sculptural masterpiece had sold for N54 million at Arthouse Contemporary auction in Lagos. Njideka Akunyili Crosby also has created unmatched commercial success for any Nigerian artist as her work (The beautiful Ones) soared to more than $3 million at the Sotheby’s auction also last year.
Between Enwonwu and Akunyili Crosby lie several notable artists who have attained international reckoning and positioned the Nigerian art as a potential major foreign exchange earner, while a lot of while a lot of emergent talents sustain the local markets.
Fundamentally, the dynamism in the industry also reveals a gradual drift towards contemporary art form as opposed to traditional representations, especially as most collectors develop appetite for works not necessarily easily recognizable as simple realism. These are signs that the stakes are being raised in Visual art industry, including stake holders as artists, dealers and collectors.
There is no gainsaying the fact that art provides an alternative investment, especially seriously managed. This demands informed advisory and consultancy with regards to art acquisition to balance accruable aesthetic and economic benefits. Age-old collectors and connoisseurs of art are wont to go for works by masters or more established artists, and these cost quite a fortune. Sammy Olagbaju, Omoba Yemisi Shyllon, Evelyn Oputu and so on, have shown the capacity to satisfy their thirst for good works to which they are strongly attached. Hence several African modernist works remain attractive at auctions of African art. While holding a collection of Masters seems a sure investment, there is also need to locate emergent artists who are likely to become highly sought after in the future. This is what I call raising the stakes considering the high risk of speculation it portends. By the way, what is art investment without speculation?
Some Corporate organizations such as Access bank and GT banks with managers who are avid art collectors have over the years invested in art and supported its growth.
Seyi Tomoye of Octa Energy and Valentine Ogbede of Gremoore have not only patronized advanced artists, but also shown a lot of belief in relatively intermediate artists such as Ebi Akpi, to consolidate their collections, as you never know who will become the next Enwonwu or Picasso. These organizations look for art which ties in their core values or address issues around their activities. For instance, Ebi Akpi is a contemporary Nigerian painter and sculptor whose art thematically addresses poor social conditions in Bayelsa where activities of oil companies lead to high crude oil spillage and gas flaring. These developments not only degrade the land, but also pose serious environmental hazards to dwellers. As a result, the subsistent livelihood of the people is distorted leading to several militant agitations and uprising by their youths. This message is exploited by oil companies to launch social programmes, including encouraging youth creativity and cultural development .
As an individual, proper advisory on art investment will expose you to knowledge about different genres of art, and you will do well to immerse in the sort of art that you like, i.e whether painting, sculptures and photography etc. This will ensure that you enjoy the work in other ways beyond maximizing profit, especially if the value does not meet your expectations in the future.
It is also important your collection pattern gives priority to works typical of any given artist, rather than what occurs in his oeuvre as a rarity or one off. This ensures that they are easily recognized as trademarks of the artists who have created them. For example, Prof Bruce Onobrakpeya is a multimedia artist, but anybody looking to acquire a work by him will most likely remember him first and foremost for his metal foils!
Finally, as Giles Peppiatt , the auctioneer at Bonham would advise, “Collectors should attend auctions and gallery openings; meet and talk with dealers and market professionals as these people have a wealth of knowledge and are usually delighted to share this. Be aware of current pricing levels; attend Art seminars.”