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Point of View: Raising Capital Against High Value Works of Art

Event Details

  • From: October 17, 2019
  • To: October 17, 2019
  • Starting at: 04:00 PM
  • Finishing at: 07:00 PM

Address

  • Alliance Française /Mike Adenuga Centre Lagos

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 policy makers. It is informed by mounting global interest on art from the continent and a 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 art work? 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.

Speakers are: Bola Asiru, Principal, Sub-Saharan Africa MasterCard Advisors Business and Co-Founder, Red Door Gallery; and 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.

Note to Editors

The Ben Enwonwu Foundation (BEF) was established in 2003 in honour of celebrated Nigerian artist, Professor Benedict Chukwukadibia Enwonwu MBE, NNOM (1917-94). The Foundation aims to sustain and build on his life and works through which he forged a philosophical basis for contemporary Nigerian art by fusing Western techniques and indigenous traditions.

In 2004, the Foundation started its distinguished lecture series, which has become a major gathering for the rich diversity of contemporary Nigerian society. It offers an opportunity for national and international leaders, renowned academics and policy makers to share their understanding and perspectives on the role of art in causing desirable societal changes while contributing to nation building and economic empowerment.

Through scholarships and grants, The Ben Enwonwu Foundation supports research, exhibitions and publications that foster innovative and scholarly artistic expression. Previous beneficiaries of the scheme include students of Yaba College of Technology, Ahmadu Bello University, Obafemi Awolowo University and the University of Lagos.

In furtherance of its objectives, the Foundation opened an art centre in the artist’s home to promote research into his practice. The centre’s year-round educational programme explores Enwonwu’s art practice, the cultural and social context of his work and links to contemporary themes. The centre also houses leading gallery, Omenka, which represents a select number of African and international artists while examining in an experimental and research-minded way, contemporary art developments and discourses in Nigeria.

Currently, the Foundation is embarking on several projects, which include publishing a catalogue raisonné of Enwonwu’s works, as well as autobiography, lectures and writings on contemporary African art.

Bola Asiru

Principal, Sub-Saharan Africa MasterCard Advisors Business

Co-Founder, Red Door Gallery

Bola Asiru is the Principal for MasterCard Advisors, Middle East & Africa with a primary focus on Sub-Saharan Africa markets. His industry experience spans across the UK and Nigerian banking sectors, financial services, energy & power, publishing, transport, public sector and real estate. He has previously served as the Strategy and Operations Leader, West Africa at Deloitte and continues to write extensively and present on the links between art and finance.

Bola Asiru is also a keen art collector and patron of contemporary African art. He is the co-founder of Red Door Gallery in Lagos and supports the growth and mentoring of young Nigerian artists.

Tayo Fagbule

Chairman, Editorial Board at BusinessDay

Tayo Fagbule is a graduate of economics from the University of Lagos and holds a MBA from Lagos Business School, Pan-Atlantic University. He presently serves as the Chairman, Editorial Board at BusinessDay, where he leads content development strategies.

His over a decade-long experience in the media industry includes such positions as Senior Manager at WNT Capitas, and Nigeria Correspondent for ‘The Africa Report’ and ‘Africa Confidential’, where he wrote regularly on business, economic and politics in Nigeria and West Africa. During this period, he was a member of the editorial board of Financial Derivatives Company, an investment research firm.

Prior to his career in journalism, he was the MBA Director at Lagos Business School, a role he combined with teaching anthropology and analysis of business problems on the full-time MBA programme. Fagbule together with Jess Castellote has published the ‘Nigeria Art Market Report’ since 2016.

Kavita Chellaram

CEO, Arthouse Contemporary Limited

Kavita Chellaram is the founder of Lagos-based auctioneers Arthouse Contemporary Ltd, which has a focus on modern and contemporary art from West Africa. She has also established Arthouse Foundation to provoke discourse on contemporary art in Nigeria, through residencies for artists.

An avid art collector, Chellaram was inspired to set-up an auction platform in Nigeria to provide transparency in prices and structure on the domestic art market. Since 2008, Arthouse has held annual auctions in Lagos, achieving record sales in Nigeria for pioneer modernists including Ben Enwonwu, Bruce Onobrakpeya, Ablade Glover, Yusuf Grillo, and Uche Okeke.

Kavita Chellaram is a trustee of the Prince’s School of Traditional Arts and a member of the African Acquisition Art Fund of Tate Modern in the United Kingdom.

Prof. Koyinsola Ajayi SAN

Managing Partner, Olaniwun Ajayi LP

Prof. Konyinsola Ajayi studied law at Harvard Law School and Selwyn College, Cambridge University, qualifying him to practice law in Nigeria, England and Wales. A leading Senior Advocate of Nigeria and a professor of law at Babcock University, Nigeria, Ajayi is the Managing Partner at Olaniwun Ajayi LP.

Konyinsola Ajayi’s expertise spans litigation and transactional work, and over 35 years’ experience in banking, project finance, capital markets, power, infrastructure, M&A, energy and natural resources, privatisation and dispute resolution. Ajayi represents a wide range of clients in domestic and cross-border commercial disputes. He played a key role in the Nigerian banking sector reforms and the recent power sector privatisation, and led the team that advised on the largest single financial transaction in Nigerian financial history. 

Omooba Yemisi Adedoyin Shyllon

Founder, Omooba Yemisi Adedoyin Shyllon Foundation (OYASAF)

Prince Yemisi Adedoyin Shyllon is a legal practitioner, and chartered member and fellow of several professional bodies, including the Institute of Marketing, the Institute of Directors, the Institute of Management, the Institute of Stockbrokers, and the Body of Engineers.

Shyllon earned a Bachelor’s degree in engineering from the University of Ibadan, in law from the University of Lagos, and an MBA from Obafemi Awolowo University. In addition, he holds a honourary Doctor of Letters degree from the University of Port Harcourt. He has served as Executive Director of Nigerite Ltd, Chairman of: Ogun State Radio and Television Station (OGBC FM Stereo), Ogun State Investment Corporation and Gateway Tourism Corporation.

Omooba Yemisi Shyllon has established Nigeria’s first privately funded public museum at the Pan Atlantic University in Lagos. He is globally acknowledged to hold the largest art collection in Nigeria, with well over 7,000 artworks, as well as over 55,000 photographs. Today OYASAF continues to sponsor fellows and artists from around the world, to work in Nigeria.

John Opubor

Managing Partner, Coronation Capital

John Opubor holds a BA in economics from Columbia University and has enjoyed a 20-year career as a principal investor and investment banker in developed, emerging and frontier markets. He is presently Managing Partner of Coronation Capital, where he leads deal sourcing and execution across financial services, technology and consumer goods & services. He also works on secondary buyout initiatives, acting as principal or advisor on transactions in the Americas, Europe, Asia and Africa.

As an investment banker, Opubor advised clients on transactions in excess of USD 50 billion and has held senior positions at Actis in Lagos, Nigeria and Credit Suisse in New York, as well as worked at Deutsche Bank, Citigroup and Provender Capital Group. He currently serves as the President of the Columbia University Club of Nigeria.

THE BEN ENWONWU FOUNDATON PRESS CONTACT

Oyinda Olaniyan

Email: info@benenwonwufoundation.org

Mobile: +2349090846991