The African art market trends and performance as well as the benefits of art in strategic portfolio diversification formed the kernel of intellectual discourse in this year’s edition of the seminar series themed ‘Art as an Alternative Investment’ organised by ARTSPLIT in collaboration with Omenka Online. ARTSPLIT is a platform that aims to promote the global profile of African Art by building a diverse community of African art collectors and investors. The platform provides the opportunity to own shares (also known as splits) of select African artworks, which they can trade in real time.
Arguably, Africa’s premium art, business and luxury-lifestyle magazine, Omenka, through its welltailored content and full-service marketing partner opportunities, aims to position Africa as the hub of an increasingly globalised world by stimulating interest in art from the continent as an asset class, while cultivating taste and defining emerging trends in contemporary visual culture, among a sophisticated and cultured audience that includes the affluent, creative and the stylish, who lead trendy and luxurious lives.
The seminar series, begun in 2012, is timely in increasing knowledge amongst collectors, wealth managers and financial institutions alike, as African art continues to rise in value domestically and internationally. Held at the serene Alliance Française/ Mike Adenuga Centre Lagos, the 2022 edition which highlighted the African art market trends and performance as well as outline the benefits of art in strategic portfolio diversification, brought together experts in the visual arts sector in particular, and indeed, the arts and culture sector in general, including scholars, art collectors, artists, critics, wealth managers and financial institutions alike, among others. While Giles Peppiatt, Director, Modern & Contemporary African Art, Bonhams, spoke on the ‘Benefits of Art in Strategic Portfolio Diversification’; the founding Director, Aspire Art Auctions, Ruarc Peffers, expounded on the issue of ‘Financial Methodologies Responsible for Key Changes in the Structure of the African Art Market’.
‘The Making of a Collector; Guiding Principles, Collecting Strategies’ was the focus of the Head of Chambers, Pump Court Chambers, Oba Nsugbe’s presentation. In his welcome address, notable art historian, publisher, curator and artist, Oliver Enwonwu, who is the founder, executive director, and trustee of The Ben Enwonwu Foundation, the director and founder of Omenka Gallery, as well as CEO of Revilo Company, publishers of Omenka magazine, noted that the seminar will offers clear understanding of fractional ownership – an investment approach in which the cost of an asset is split between individual shareholders – and its benefit and impact/ “I have no doubt that by the time we leave here, we will know a lot more about what it’s all about, the benefit, what impact it will have on African art, and of course, the artists themselves.
Well, I’ll leave all of that to the distinguished speakers and panellists. Today’s event is brought to you by Artsplit in collaboration with Omenka Magazine. And we at Omenka are very proud to be associated with an indigenous homegrown company with an international focus on promoting modern and contemporary art on the African continent,” he said. A major feature of the seminar was an engaging, stimulating and educative panel discussion on ‘Fractionalised Art Ownership and Securities Law’. The panel which comprised Beathur Mgoza Baker, writer, filmmaker and curator and co-founder, Madlozi Art Gallery; Managing Principal, W8 Advisory LLP, Bimpe Nkontchou; Executive Director, Technology and Communications, Onyinye Anyaegbu; and Oliver Enwonwu who was the moderator.