Auctions for African goods art worsened, prices do not stop growing
Nigerian commercial center, with an area of over 8 thousand. Sq. Meters in Lagos Yemisi awl is struggling to gather the largest private collection of art in the country, which extend to a total of 20 rooms.
63-year-old Yoruba prince collected his collection since he began studying engineering at the University of Ibadan. It has more than 7,000 works collected in his house and garden. As demand and prices of contemporary African art continues to rise, awl worries how to keep thieves away from their values, writes Bloomberg.
Spurred by the wealthy elite and the broad recognition of African artists, the average prices of lots in Bonhams increased nearly five-fold to 50 thousand. Dollars, since the London-based auction house, founded in 1793, began to organize special sales of contemporary African art eight years ago. Awl now plans to create a private museum in Lagos.
"African art enjoys a bullish trend and one's investments can return a significant profit, and the last eight years certainly demonstrate this," said Gilles Pepi, director of Bonhams. "Nigeria surely lead this revolution among artists and the prices that dominate the results coming from Africa."
When a customer sends works of Nigerian sculptor and painter Ben Enuonu eight years ago, Bonhams offers them for sale along with other paintings, but one of them is sold to more than 20 thousand. Pounds (30,670 dollars), said Pepi.
This is one of those moments that hint at Bonhams begin to organize auctions with African works. About 50% of buyers are from the mainland.
Nigerians are increasingly seeing art "status symbol and investment," says Shilo. In his words, the market will become even greater for people like him will become dangerous to keep works of art in their homes.
Except that in Nigeria live more wealthy collectors, the largest African economy and oil producing good progress in technology, media and the Internet, which it helps to broaden your audience, says Jean Frits, a senior director at Sotheby's, responsible for Africa art.
Sotheby's is considering conducting specialized auctions African art, as total sales of works by African and Oceanic countries rose to 84 mln. USD in 2014 from 4 million. Dollars two decades ago, said Fits.
Bonhams set a record price for a modern African artist in the sale of his works at auction - 3.04 million. £ work of South African Irma Stern in 2011
Technology "things changed dramatically, because the artists who live in remote areas, have access to information to other artists, other galleries," says Elizabeth Laluchek, art director at London's October Gallery. "If I want to find someone I can do it."
In Nigeria hold regular auctions since 2008, says Shilo.
Although demand is growing, industry is "ruthless" says Maria Barnabas, director of the London Tiwani Contemporary gallery. "The objectives are to a very small market, so fight for the same base of collectors makes you ruthless."
Compared with other art markets, the prices of African works are still modest, and their total gross sales of Bonhams in the last two years have collected about 1.6 million. Pounds.
"In terms of the art market that is still a small amount," said Pepi.
One of the challenges in religiously conservative countries like Nigeria are cultural battles faced by artists and collectors in promoting local art, said awl.