This week ‘CNN Marketplace Africa’ explores the surging market for African art

From paintings to sculptures, demand for African art is growing, as collectors around the world are now willing to pay higher prices for them. It’s estimated that half of these collectors are from the African continent.

‘CNN Marketplace Africa’ meets a prominent collector, Nigerian prince Yemisi Shyllon, who is reported to be the country’s largest private art collector.

Shyllon, who has 7000 pieces of art which he displays in his house in Lagos, tells the programme: “When I started collecting art as an undergraduate at University in the mid 70’s, art virtually had no value. You’d could buy a piece of good art for 20,000 naira, which today would sell for millions. It didn’t have that kind of value.”

This increase in sales is evident in the auction houses that sell African art, such as the British auction house Bonhams, which has seen prices of contemporary African Art increase fivefold since they started those sales in 2007.

In Nigeria, Arthouse Contemporary Limited has also experienced a local increase in sales.

CEO Kavita Chellaram tells ‘CNN Marketplace Africa’: “I started my first auction in 2008. We’ve had 14 auctions, we’ve sold about $8 million worth of art, and about 1100 pieces. The local growth has been tremendous…There are other auction houses that have started, there are galleries that have started, so people are really looking at their art as an investment. They've seen huge growths in their investments, so if somebody bought in auction one, their work might be worth 10 times the value today. So they are seeing the potential of art as an investment.”

This potential has seen the work of some African artists sell for large amounts outside the continent. Chellaram tells the programme: “The Brooklyn museum had a show of El Anatsui, who is one of our most famous contemporary artists. He's hit the $1 million dollar price for his work. We have him in every auction. And we've set record prices for him.”

Chellaram is not surprised that the growth in demand of African art has come from Nigeria, telling ‘Marketplace Africa’: “Nigeria has the largest population, it's the largest economy and oil producer today. And half the billionaires of Africa live between Nigeria and South Africa, so I think the prominence of the art here is quite relevant to the financial market.”

With high interest in African art within Nigeria, Shyllon is planning to build a private art museum in Lagos. He tells the programme: “I don't believe collections should just be about collecting and enjoying art. I think it should go beyond just collecting. It should go into the element of propagating the culture or the heritage of the people and way of life of the people. Not only that, it should finally go to the extent of creating a legacy.”

Chellaram agrees, telling ‘CNN Marketplace Africa’: “I think there will be more exposure to African Art. We already have many mediums and platforms that are being used globally, as well as here, we have foundations starting, we have new gallery spaces, there's much more awareness, people all over Nigeria and Africa today are looking towards art, and in fact Kenya has opened an auction house, Uganda's having an auction this year, so there is a bit of a domino effect in Africa - auctions can provide a platform to showcase African Art to the world.”

‘CNN Marketplace Africa’, Friday 11 September at 1715 on CNN International

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