WHEN 113 works go on display at the third art auction of one of the newest auction houses, Terra Kulture, Victoria Island, Lagos, the emphasis will be on the future of art.According to the Managing Director of Terra Kulture, Bolanle Austen-Peters, the auction, which opens with a preview on May 2 to 3 and sales on May 4, 2011, is aimed at exposing the vibrancy of the Nigerian art. She stated that, though the auction is expected to record impressive sales exceeding the previous one held last year, its not all about money, but exposing good works, particularly from the younger artists.Interestingly, Terra Kulture has a surprise choice of auctioneer as popular art patron, Engr Yemisi Shyllon was presented to conduct the sales. Shyllon stressed that the selections of works for the auction was geared towards segmentation of the art market such that there is something for every buyers irrespective of financial status. We want to encourage new collectors, so its not about the older artists and regular collectors who can afford the Ben Enwonwus and Kolade Oshinowos, but expanding the scope to accommodate younger collectorsAlongside works of masters such as Enwonwu, Abayomi Barber, Bruce Onobrakpeya, Ben Osawe, Muraina Oyelami and others, there are paintings and sculptures from younger artists such as Alex Nwokolo, Segun Adejumo, Uche Edochie, Segun Aiyesan, Bimbo Adenugba, Diseye Tantua, Joshua Nmesirioye, and Lara IgeTerra Kulture made its debut art auction in partnership with Nimbus in 2008. The auction had on sales some of the works that were used for the historic Commonwealth Head of Government Meeting (CHOGOM) held in Abuja in 2003.At the second sales tagged Golden Jubilee Art Auction 2010 and organized by Terra Kulture in partnership with Nimbus 2000 and support from Guaranty Trust Bank (GTB), two works of Anatsui, a multimedia artist and teacher at University of Nigeria, Nsukka topped the sales. His wood panel, lot 72, Time Window (147 x 61 cm, 2006) sold at N3.8m while lot 61, from a series, 1004 Flat (40 x 40 cm) went for N3.6m. Approximately N35m worth of art works sold, representing a 70 percent sales increment from the maiden outing.A 70 per cent sale had been declared as quite an achievement for a second outing; it was an improvement compared CHOGOM Art Auction held in December 2008 which recorded just about N10m total sale from close to 50 lots.From one of the several auctions being organized this year, a record sale is though anticipated, but Austen-Peters said Terra Kulture would not be under such pressure, rather, we are hopeful of good sales and improvement on the last auction. About three or four auctions, from different auction houses are expected to hold in 2011.In his analysis of the financial sectors behaviour towards art, Shyllon, who is also a stockbroker, noted that the current economic situation in the country offers investors alternative to invest in the art market. The Nigerian art market, he stressed, is growing fast and can only get better.
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