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Nigeria Art Market Report 2015 Is Out

EL-ANATSUI, FRAGMENTED THOUGHTS II, 2002, WOOD PANELS, 24(3_4) x 52in.

EL-ANATSUI, FRAGMENTED THOUGHTS II, 2002, WOOD PANELS, 24(3_4) x 52in.

The Nigeria Art Market Report 2015 has been released, Tayo Fagbule, co-author of the report said in a statement.

The report co-authored by Fagbule, a journalist and Jess Castellote, a Spanish architect working in Nigeria as a project manager since 1984, like the maiden report launched in 2014, is a comprehensive look at that the Nigeria art market based on publicly available data compiled from auction sales in Lagos (and Bonhams’ Africa Now in London) as well as exhibitions in Nigeria.

“The Nigeria Art Market 2015 report,” said Fagbule, “highlights the value of artworks sold at auction in Nigeria declined for the second consecutive year from $1.77m in 2014 to $1.37m in 2015. The drop in sales in 2015 was 18%, three times more than that of 2014.”

The report sponsored by Diamond Bank and published by the Foundation for Contemporary and Modern Visual Arts (FCMVA), a not-for-profit organization, shows that El Anatsui retains his spot as the artist with the highest turnover, after overtaking Ben Enwonwu (b.1917-1994) in 2014 — four works of art by Anatsui generated $229,713 in 2015, double the $152,710 three of his artworks fetched in 2014.

“In 2015 the average price of works by non-Nigerian artists at auctions held in Nigeria was 11% more than the average price of works by Nigerian artists, despite its 3% increase from the previous year,” Castellote explained. “Sales of artworks by Nigerian artists at Bonhams brought in $1,774,330 in 2015, 23% more than the $1,373,198 generated by artworks by Nigerian and non-Nigerian artists at auctions in Lagos. The rise in Bonhams’ sales was partly due to auction of the art collection of Afren, an oil company with financial problems.”

According to the report, over 108 exhibitions — 69 solo and 38 group shows — were organised in Nigeria in 2015, according to data compiled; 64 of these events held in galleries.

In the first ever compilation of the top 200 highest-selling works by Nigerian artists at auction since 2008, Anatsui and Enwonwu account for 86% of the value and 53% of the volume. Both are the bellwethers of art Nigeria at auction; their works consistently rank among the top 10 highest at every auction. Peju Alatise is not only the youngest but the only female artist.

A quarter of the 70 pieces by non-Nigerian artists that have gone under the hammer in Lagos since 2013 are by Ablade Glover.

For more information on the report contact Tayo Fagbule at temigbule@gmail.com

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