Dusasa 1, 2007, by El Anatsui, who is based in Nigeria. Another of his tapestries sold for a record-breaking £541,250 last year. Photograph: David Levene for the Guardian.
The demand for African contemporary art is on the rise, especially in Nigeria and Kenya. Rather than looking at “imported artwork,” collectors are focusing on works by “local” artists to adorn their walls at home and their offices.
Entrepreneurs in Africa want to invest money in what they consider as safe assets and have become the driving force behind the contemporary art scene there:
When one of Nigeria‘s biggest media moguls began collecting contemporary African art three decades ago, he was one of the few Africans in a niche market dominated by western connoisseurs. But as African art becomes more sought-after globally, that is rapidly changing.
“Some of the things I bought just for aesthetic pleasure years ago are now worth millions,” said the wealthy businessman, who did not want to be named for fear his home could become a target for thieves.
“A lot of people on both sides of the pond are waking up to the fact you can make big money in contemporary [African] art,” he added, reclining on a golden sofa in his Lagos home crammed with expensive art from across the globe.
“One stockbroker I know recently went and bought so much art he didn’t know where to put it. He actually had to put some of the paintings on the ceilings,” said Arthur Mbanefo, a prominent sponsor, visibly distressed by the collision between art and Nigerians’ flair for exhibitionism.” [The Guardian]
