A total of N36million ($99,340) worth of artworks were sold at the Affordable Art auction organized annually by Arthouse Contemporary Ltd.
The figure showed a good start for the art industry in the first quarter of 2020 until the Corona Virus outbreak applied a brake on the legs of a promising year for auctioneers, artists and collectors.
In its fifth years, the auction which took place on March 7, 2020, at the Kia Showroom, Lagos, featured 103 lots from emerging and established artists, in addition to five charity lots, the auction brought in a total of NGN 35,762,500 ($99,340), approximately N36million.
The two top sales of the evening were Rom Isichei’s Girl with Purple Umbrella, a charcoal and pastel on paper from 2019, and Segun Aiyesan’s Ewa, a mixed media on canvas from 2019, which both sold for NGN 1,233,750. Rom Isichei’s Delineation, a mixed media on paper from 2017, sold for NGN 1,116,250, while Reuben Ugbine’s Athleticism, a wood sculpture from 2019, sold for NGN 1,086,875. Alex Nwokolo’s Red Canopy series, an oil on textured canvas from 2020, old for NGN 1,028,125.
This edition also featured charity lot by Oladele Awosoga, Nkechi Nwoso Igbo, A. Akande, Em Inwang and Agemo Francis, in support of the Arthouse Foundation, the non-profit artist residency programme in Lagos, raising a total of NGN 750,000. The proceeds from these charity lots will go directly to supporting the programmes of the Arthouse Foundation, including its residencies, workshops, talks and public events.
The Affordable Art Auction aims to engage new collectors with all works of art estimated below one million naira. As the sister edition to the May and November auctions, the Affordable Art Auction features artworks that are scaled to an affordable and accessible price point.
The Affordable Art Auction was generously supported Kia Motors, Absolut, 7UP and Guardian Arts.