The Megacity and the Noncity
Art Market – As photography gains a foothold on the Nigerian Market
Arguably, the first time photography was offered for sale at an auction in Nigeria was at the Arthouse Contemporary sale in Lagos on May 9, 2011, which realized a sum of N605, 000 ($3,781.25) but paled in comparison to the presale estimate of N2,600,000 –N3,400,000 ($16,250-21,250). This figure was realized from the sale of the single work, Argungun by George Osodi, valued at N500,000-N700,000 ($3,125-4,375).
The November 21 sale the same year also featured photography, but fared no better with N396,000 ($2,475) achieved from photography sales, far lower than the presale estimate of N1,400,000-N1,900,000 ($8,750-11,875). Again, a single work, Beating Room by Adolphus Opara, was sold from three works offered. Both auctions clearly underline buyers’ reluctance to fully accept photography as a collectible medium.
The May 2012 sale is perhaps Arthouse’s most successful inclusion of photography in an auction till date. Here, the auction achieved a 100% success sales rate with all the 6 works offered realizing a sum of N3, 740, 000($23,375). The top-selling photograph on the evening, Adekola Adeleke’s The Charge, sold for N2,200,000 ($13,750), establishing a record for the artist. Yetunde Babaeko also set a record for her work with The Pretty Stranger Who Killed the King I, selling for N220,000 ($1,375), above a pre-sale estimate of N150,000-N180,000 ($937.5 -1,125).
The November 2012 auction by Arthouse Contemporary recorded a dip in sales from photography as only N2,123,000 ($13,268.75) was achieved, with a 50% success rate as only four of the eight works offered sold. The highest sold photograph was George Osodi’s Eyo at N1,320,00 ($8,250), which set a personal best.
Arthouse Contemporary auction of May 13, 2013 included three contemporary photographs, which recorded a 100% sale and collectively achieved N3,366,000 ($21,037.50, including premium) against a pre-sale estimate of N2,280,000-2,920,000 ($1,425-1,8250).
With earlier successes recorded this year for photography, Arthouse’s forthcoming auction sales of November 18, 2013 will hopefully boost confidence in collectors to acquire works of photography.
TOP 10 SELLING PHOTOGRAPHS IN NIGERIA
|No.||Artist||Title and Date||Date Sold||Estimate||Result|
|May 7, 2012||N1,000,000-1,200,000||N2,200,000|
The Dredgers: Rice Bag Armada2012
|May 13, 2013||N1,200,000-1,500,000||N1,980,000|
|Nov 26, 2012||N850,000-1,000,000||N1,320,000|
|May 13, 2013||N1,000,000-1,200,000||N990,000|
|May 9, 2011||N500,000 - 700,000||N605,000|
Hall of Fame-Olusegun Obasanjo2012
|May 7, 2012||N300,000-400,000||N462,000|
|May 7, 2012||N500,000-600,000||N462,000|
|7||Yetunde Ayeni Baba-Eko||
|May 13, 2013||N180,000-220,000||N396,000|
|Nov 21, 2011||N300,000-400,000||N396,000|
|Nov 26, 2012||N400,000-500,000||N385,000|
|Nov 26, 2012||N100,000-120,000||N220,000|
|9||Yetunde Ayeni Baba-Eko||
The Pretty Stranger Who Killed the King I2011
|May 7, 2012||N150,000-180,000||N220,000|
|10||Yetunde Ayeni Baba-Eko||
The Pretty Stranger Who Killed the King II2011
|May 7, 2012||N150,000-180,000||N198,000|
The Lost Coin2011
|May 7, 2012||N80,000-100,000||N198,000|
|10||Yetunde Ayeni Baba-Eko||
|Nov 26, 2012||N180,000-220,000||N198,000|
NOTE: This article first appeared in Omenka Magazine’s Photography Issue (Issue 2).