Modern and Contemporary Art has an exciting and buoyant global market with European and American twentieth century works attaining record volumes of sales and breath-taking prices. Notwithstanding, modern and contemporary African art has in recent years acquired respectable recognition and critical appreciation for their refreshing creativity and energy at numerous acclaimed exhibitions, museums, galleries around the world
The growing appreciation has also been witnessed here too! The establishment of Arthouse Contemporary Limited, organisers of the spectacularly successful series of Arthouse Contemporary Auctions in Lagos, testifies to the vibrancy and maturity of the modern and contemporary art market in Nigeria. The pioneering efforts of the auction house, modelled on the traditions of internationally renowned auction house such as Sotheby’s, Christie’s and Bonham’s, has catapulted Nigerian modern and contemporary art onto the global market and attests to the fact that increasingly local and foreign collectors recognise the artistic, cultural and investment value of such works.
The value of works sold at the 2008 Arthouse Contemporary Spring Auction alone totalled over N60,000,000.00 (Sixty Million Naira) and more that N80,000,000 (Eighty Million Naira) the following year.
“Collecting art can be one of the most enjoyable ways to spend your money. An engaging work can provide its owner with a lifetime of visual pleasure…and the fetch cash”
M. Kahan, Exhibition Manager, Guggenheim Museum
“Ever increasing wealth, particularly at thee top of society, coming up against the finite supply of art, means that the long term trend for art pieces is very definitely upward.”
J. Sproule, The Art Newspaper
Art and finance are two sides of the same coin. Money is indispensable to great collectors, but collectors also need reliable financial advice. Art is an investment, or, should I say it is a ‘superinvestment’ because it gives an aesthetic return and cultural pleasure in a manner that no other investment can match.”
Dr. G. Ceccatelli, Art Banking, Union Bank of Switzeeland
“Art can be lucrative and outperform more conventional investments, such as stocks ans real estate, and is increasingly regarded as a legitimate addition to any investment portfolio.”
V. Wilson, Reputed Art Dealer
“…buying and selling works of art have shown better returns than many conventional investments, including equities and properties.”
Modern and Contemporary art has, generally, proven itself to withstand economic vagaries and downturns more robustly than most other types of assets. Thus, owning a unique piece of artwork created by an up-and-coming artist or renowned master assures not merely aesthetic pleasure and cultural acumen for the collector, but also represents a considerably prudent and appreciative financial investment.