ARTHOUSE SCORES HIGH IN ECONOMIC RECESSION
by Ladun Ogidan
On November 14, 2016, El Anatsui’s Ahe, headlined the 17th Modern and Contemporary sale by leading auction house, Arthouse Contemporary as the top-selling work on the domestic secondary market in Nigeria. The sale, which held at The Wheatbaker, Lagos featured a total of 98 lots by celebrated and emerging artists across Africa.
The 2016 wood panels 122 x 213.5cm with previous estimates ₦ 17,000,000-20,000,000 sold at ₦ 18,400,000 scored high despite the prevailing economic recession in the country. This emphasizes founder Kavita Chellaram’s statement during the ART X Talks held earlier this month on art as an alternative investment. Chellaram explained that over the years, the value of art by masters like Ben Enwonwu, Aina Onabolu and Bruce Onobrakpeya, as well as leading contemporary artist, El Anatsui, tend to remain the same or achieve new record sales.
Other top featured lots were; Enwonwu, Crowd Scene, 1951, pencil and watercolor on paper, 43 x 63.5cm, estimated between ₦ 13,000,000-15,000,000 and sold for ₦ 13,950,000; Drummer, 1978, fibre glass, 66 x 18.5 x 23 cm, sold for ₦ 13,800,000 with presale estimates ₦ 12,000,000-18,000,000.
March 21, 2018
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