April 12, 2017

Press Release – Affordable Art Auction 2017

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Arthouse Contemporary is pleased to announce the results of the second edition of the Affordable Art Auction on February 11, 2017, at the Kia Showroom in Lagos, Nigeria. Featuring 123 lots from emerging and established contemporary artists, the auction brought in a total of N40,526,000 during the evening’s sale, with 62% of the lots sold.

The Affordable Art Auction aims to engage emerging markets and the rise of a new collector base, with all works of art estimated below N1,000,000. As the third annual auction after the May and November auctions of modern and contemporary art, the Affordable Art Auction features artworks that are scaled to a more affordable and accessible price point. The Affordable Art Auction aims to attract both seasoned collectors and first time buyers to build a stronger network of local clients in Nigeria.

The top sale of the auction was the late Ben Osaghae’s Child Labour 2, an oil on canvas that sold for N1,610,000. Other leading sales of the auction included Bruce Onobrakpeya’s Three Elephant Masquerades, a metal foil relief that sold for N1,380,000, Alimi Adewale’s Hustle and Bustle, that sold for N1,207,500, and an untitled painting by Tola Wewe that sold for N1,150,000.

This edition of the auction also featured charity lots by Dipo Doherty, Olumide Onadipe, Sade Thompson and Uchay Joel Chima, in support of the Arthouse Foundation, a non-profit artist residency programme, that raised a total of N700,000. 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 was generously supported by Kia and Prosecco Fantinel.

Founded in 2007, Arthouse Contemporary is an international auction house that specialises in modern and contemporary art from West Africa. Arthouse Contemporary aims to create awareness of the scope of contemporary art in the region, encourage international recognition towards its talented artists and strengthen the economy of its art market.

The eighteenth edition of the Arthouse Contemporary auction of Modern and Contemporary Art will take place on May 22, 2017 at the Wheatbaker Hotel, Lagos. For more information, please visit Arthouse Contemporary’s website at www.arthouse-ng.com, or contact Nana Sonoiki by telephone at 08052500195 or Sumbo Biobaku at 08055099096.

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