Arts | Current Affairs

Nigeria’s Art Market Shines Even As Naira Wavers, Setting New Standards For Collectors

Published 10 days ago
Aspirations (Image courtesy Art X Lagos)
Aspirations (Image courtesy Art X Lagos)

At the ninth edition of ART X Lagos, FORBES AFRICA witnessed a convergence of artists, collectors, and creatives, each contributing to the dynamic rise of Africa’s art scene.

César Schofield Cardoso, an artist from the quiet shores of Cape Verde, found himself in the middle of Nigeria’s pulsating art scene — a world away from his island of 562,000 people where the art scene is almost nonexistent.

“People actually buy art here?” he blurts out, half to himself, half to FORBES AFRICA, amidst the eclectic bustle of ART X Lagos, West Africa’s international art fair. He’s here with five other artists from the continent and the Caribbean, their creations displayed in a 45-square-meter booth with walls clad in gold — a hint of the opulence that now weaves through the Nigerian art world. Around him, top officials, social figures, and curious collectors fill the hall, their interest in art anything but fleeting.

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Patty Chidiac-Mastrogiannis, founder of Alexis Galleries, which is just a short drive from the fairgrounds, nods knowingly as she says, “Art is growing very quickly in Nigeria.” Within three days of the four-day fair, her gallery has moved $50,000 worth of work, despite inflation gripping the nation. Her clientele — seasoned art lovers who appreciate pieces ranging from $9,000 to $65,000 — reflects a new trend in African art collecting that speaks to both exclusivity and passion.

A work by Nigerian folk artist Abe Odedina (Image courtesy Art X Lagos)

Nearby, the works of Ethiopian artist Fiker Solomon sell out almost immediately, with pieces ranging from $5,000 to $8,000. Ugandan gallery owner Daudi Karungi, who brought pieces from Solomon as well as other African artists, finds himself busy with inquiries. “There’s a strong interest in African art,” he says. His gallery, a long-time exhibitor at ART X Lagos, represents Solomon, Kaleab Abate from Ethiopia and Odur Ronald from Uganda.

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Nigeria’s art market has endured despite the fluctuating naira, asserting the country as a regional leader in African art. Cardoso couldn’t help but wonder if his own Cape Verde might one day match Nigeria’s vibrancy. In his current work, Alga C, a cyanotype that explores Cape Verde’s post-colonial transformations, he considers the displacement of traditional fishing communities to make way for the demands of tourism. Here, his piece invited art lovers from all walks of life to consider the stories of the less seen, the overlooked.

At another corner of the fair, O’DA Art Gallery, located a short drive from the venue, was showcasing the pieces of Nigerian folk artist Abe Odedina, priced at around N3 million ($1,825). “Collectors here used to be mostly older, but now we’re seeing younger people with a taste for contemporary art,” shares gallery founder Obida Obioha.

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“There’s a new pride in ourselves,” he says. “People want to dress in their own labels, listen to their own music, and buy their own art.”

For Chidiac-Mastrogiannis, art may target specific buyers, but for Karungi, art is for everyone. “It’s about accessibility. I’ve seen the value of African art grow from three figures to six figures over the last five years. This value expansion is vital for keeping the art scene vibrant and growing,” shares Karungi.

Founder Tokini Peterside-Schwebig dreamed ART X Lagos would inspire and elevate Africa’s art world. Watching collectors and artists exchange stories, she felt that her vision was being realized. As she prepared to welcome David Lammy visiting Africa for the first time as United Kingdom’s Foreign Secretary, she reflected on the fair’s significance. “We’re building something more than monetary value here; we’re creating projects that take these artists’ voices to the world stage. These are ideas that will flourish, even decades from now.”

Cardoso felt it — the cultural electricity, the unspoken pride — a first experience in Lagos he wouldn’t soon forget.

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