Volume I Issue I

1,000

This Collectors issue profiles the emerging secondary art market in Nigeria, as well as a feature on the rising value of Nigerian art, along with the top ten highest selling works on the Nigerian market as at March 2013.

Lagos collector, Robert Mbonu shares his passion and pet project, the Art Exchange, set-up to promote art as an alternative asset class and collateral for bank loans. Director of African contemporary art at Bonhams also predicts increasing prices for modern Nigerian art and tells us why contemporary Nigerian art, despite its flair does not command as much as art from South Africa.

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INSIDE THIS ISSUE

The Rising Value of Nigerian Art

Ben Enwonwu, Anyanwu, 1956, bronze, 142.2cm. ₦30,800,000 (buyer’s premium inclusive)

Ben Enwonwu, Anyanwu, 1956, bronze, 142.2cm. ₦30,800,000 (buyer’s premium inclusive)

The auction room erupted with applause when the hammer came down at the Arthouse Contemporary auction in Lagos closing the sale of a miniature bronze cast of Anyanwu, an iconic work by celebrated Nigerian artist and probably the most influential African artist of the 20th century ,Ben Enwonwu MBE at a staggering N30.8 million (Us$ 192,500, buyer’s premium inclusive). In recent years there has been a steep rise in the value of the artist’s work on the international art market.

Increasing global attention to African art has seen international art auction houses like Bonhams and Phillips de Pury devote entire sales to modern and contemporary art from the continent. Many watchers of these trends would not be surprised at the new record set for a modern Nigerian work of art. However, this figure pales in comparison to previous records set by arguably less influential South African artists. Only recently Irma Stern’s 1945 Bahora Girl set a world record at London’s Bonhams auction house of £2.4 million (Us$ 3.78million) for South African art.

 

 

 

 

 

 

 


 

contents issue 1

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