POINT OF VIEW- RAISING CAPITAL AGAINST HIGH VALUE WORKS OF ART
The Ben Enwonwu Foundation in collaboration with the Society of Nigerian Artists and supported by Alliance Française /Mike Adenuga Centre Lagos, will on October 17, 2019 present the second edition of its monthly series talks ‘Point of View’. It will hold at Alliance Française/Mike Adenuga Centre, Ikoyi, Lagos.
Drawing from other creative disciplines and experiences to take a broad helicopter view of the art scene in Nigeria and Africa, ‘Point of View’ aims to encourage support and funding for the visual arts through public and private sector partnership while ensuring continuing artist’s professional development and empowerment.
Conceived as a collaborative platform, the second edition of ‘Point of View’ titled ‘Raising Capital Against High-Value Works of Art’ brings together a diverse line-up of artists, curators, writers, thinkers, wealth managers and policymakers. It is informed by mounting global interest on art from the continent and steady growth of the collectors’ base within Africa and especially in Nigeria.
Indeed, the value of artworks by Nigerian artists sold at African art auctions increased to $5,539,648 (2017) from $3,794,924 (2016) and $2,990,395 (2015), with Sotheby’s 2017 entry into the field of modern and contemporary African, accounting for $1,345,631 from a single sale of 15 works by Nigerian artists.
With this unprecedented growth, several questions arise; how do we establish a reliable value of an artwork? How do we transform the market for art from Nigeria and embark on new directions in art lending, investment and wealth management? What are the challenges and risks? How do we develop appropriate regulatory and legal frameworks?
‘Raising Capital Against High-Value Works of Art’ thus seeks to encourage the growing recognition of Nigerian art as a new alternative asset class while providing a deeper understanding of the appraising of art holdings for liquidation, and of using art as collateral for lending transactions such as financing business expansions and investments or high-end purchases. It also aims to support the development of art investment products, as well as the diversification of investment portfolios with the integration of art.
Bola Asiru, Principal, Sub-Saharan Africa MasterCard Advisors Business and Co-Founder, Red Door Gallery
Tayo Fagbule, Chairman, Editorial Board at BusinessDay
Panellists on the evening are;
Prof. Koyinsola Ajayi SAN, Managing Partner, Olaniwun Ajayi LP;
Omooba Yemisi Adedoyin Shyllon, Founder, Omooba Yemisi Adedoyin Shyllon Foundation (OYASAF);
Kavita Chellaram, Chief Executive Officer, Arthouse Contemporary Limited and;
John Opubor; Managing Partner, Coronation Capital.
This event is sponsored by Mydrim Gallery and Red Door Gallery and supported by Jackson Etti & Edu, Lagos Paris Art, Hundids Magazine, Connect Nigeria, The Sole Adventurer, Onobello and Omenka.
Point of View was launched on September 17, 2019, with ‘A case for the Artist’s Resale Right’. It centred on the implementation of resale royalty rights for Nigerian visual artists as recognised by the Berne Convention for the protection of literary and artistic works.
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