The value of artworks sold at auctions in Nigeria declined for the second consecutive year from N348,690,000 ($1.77 million) in 2014 to N269,890,000 ($1.37m in 2015), recording an 18 percent slump in sales compared to the previous year.
This is according to the Nigeria Art Market Report 2015 published by Foundation for Contemporary and Modern Visual Arts (FCMVA) with sponsorship from Diamond Bank.
The uncertainty surrounding the 2015 elections in the country, along with the dip in exchange rates, played significant roles in the slump, according to the co-author of the report, Tayo Fagbule, who spoke to BDSUNDAY in a telephone interview.
“The dip in exchange rates which started late last year, as well as the year’s election uncertainty – usually characterised by violence – kept people away from the market, thus causing a decline in sales,” Fagbule said.
The slump may also be attributed to the fact that not all the art dealers who featured in 2014 were present in 2015, with 2014 debutants, SOGAL art, not seen at the event.
“SOGAL art, which made its debut in 2014, cancelled their auctions much to the detriment of total sales recorded,” Fagbule added.
When contacted, Rahmon Akar, owner of the Signature Beyond Gallery outfit, SOGAL art, said the auction had been postponed and slated for March 13, 2016. He attributed the cancellation of the previous date in 2015 and subsequent postponement to the dire situation of the road leading to the venue at Porshe Centre in Victoria Island.
“We slated Porshe Centre as the venue for our 2015 auction but the road was in a dire situation. You would recall some heavy construction work going on on Akin Adesola Street last year and this forced us to re-schedule the auction date, now holding on the 13th of this month,” Akar told BDSUNDAY.
In 2015, the average price of works by non-Nigerian artists at auctions in Nigeria was 11 percent more than the average price of works by Nigerian artists, consolidating a 3 percent increase in the previous year, the report revealed.
However, sales of artworks by Nigerian artists at Bonhams in London, one of the world’s oldest and largest auctioneers of fine art and antiques, brought in $1,774,330 in 2015 recording a 23 per cent increase from the $1,373,198, generated by artworks of Nigerian and non-Nigerian artists at auctions in Lagos.
Reacting to the increase in Bonham sales, Fagbule said the upsurge was partly as a result of sales in the art collections of Afren- an oil company with financial problems.
“Following Afren’s declaration of bankruptcy last year, its artworks were sold and this is a part reason for the increase in Bonham sales,” he said.
The report submitted that over 180 exhibitions- 69 solo and 38 group shows- were organised in Nigeria in 2015, with galleries playing host to 64 of the exhibitions, according to the data compiled.
El Anatsui, a Ghanaian sculptor, active for much of his career in Nigeria, retained his spot as the artist with the highest turnover with sales worth $229,713 upturning his $152,710 sale figure -attributed to three of his artworks in 2014.
Anatsui overtook Ben Enwonwu, an award winner of the National Order of Merit in Nigeria for contributions to art in Nigeria, in 2014. The duo account for 86 per cent and 53 per cent of the value and volume respectively, of the top 200 highest selling artworks by Nigerian artists at auctions since 2008.
Their works consistently ranked among the top ten highest at every auction.
Of the seventy pieces of art by non-Nigerian artists that have gone under the hammer in Lagos since 2013, one quarter is by Ghanaian artist, Ablade Glover, the report submitted.
LOLADE AKINMURELE
