Artsplit, a leading art trading platform for African art, closed its split and lease online auction MOCONA – a Modern and Contemporary African Arts, on Sunday, July 31, with a closing event and exhibition at Hourglass Gallery, attended by the creme of the Lagos art scene and exhibiting artists, Edosa Ogiugo, El-Dragg Okwoju and Abiodun Olaku.
The total value of bids placed was $57,000 for the five artworks, with an average growth value of 14%.
This first-of-its-kind auction, titled Ode to Mastery, took place from 15 – 31 July, and featured five prominent Nigerian artists who are key drivers of the contemporary art scene on the continent: Abiodun Olaku, Duke Asidere, Edosa Ogiugo, El-Dragg Okwoju and Oliver Enwonwu.
The ARTSPLIT app allows users to own fractions of prominent African artworks, also known as “Splits,” and keep or trade them on the app if they win the “Split Auction.” The Splits allow multiple people to co-own a single iconic piece of art, which no other art platform allows. Users can also participate in a ‘Lease Auction’ on the app to win physical custody of these split artworks for a set period.
Artsplit curated the Mocona auction to further put African art and artists at the forefront.
Artsplit highlights the importance and value of the works, and welcomes a global audience to its app, where users can experience, invest and earn.
Each of the five artworks were divided into 100,000 units for auction. All works in the auction were fully subscribed to, and lease contracts on the works were taken up for the next 24 months. The artwork Euphoria by the artist El-Dragg Okwoju saw the most significant increase in value by 20%, with 100,000 units purchased under a Split contract, increasing the reserve price of 0.10 to 0.12, with a new value of $12,000.
Market Day in Dalston, London by Edosa Ogiugo grew by 17% with a new value of $14,000; Rite of Passage by Oliver Enwonwu grew by 13% with a new value of $9,000; The Death of Honour by Duke Asidere grew by 10% with a new value of $11,000 and The Seeker (Portrait of a Beggar) by Abiodun Olaku grew by 10% with a new value of $100,000. The top markets by bid value are located in Nigeria, the UK and South Africa.
The event follows the successful inaugural auction held in May, where Ben Enwonwu’s 1977 artwork ‘Agbogho Mmuo’ from the Ogolo series was valued at $105,000, as well as Artsplit’s debut at the 59th Venice Biennale, where the platform partnered with The African Art in Venice Forum (AAVF) and the South African pavilion at the 59th Venice Biennale in 2022.
According to the organisers of the auction, “by presenting MOCONA, Artsplit intends to raise the profile of these artists further and introduce them to a new set of diverse art collectors and investors, which would ultimately boost the status of both their works and the platform. Indeed, this is the new ART ECONOMY!”
Artsplit is an art trading technology company driven by one common goal – enhancing the investment status of African art by allowing users to co-own rare and valuable artworks on a platform that guarantees price discovery and market liquidity.
“Our mission is to position African art & artists as the preferred alternative investment choice by developing the African art ecosystem through technology and co-ownership.
“We believe that in this way, we can make wealth accessible through alternative investments.
The platform (ARTSPLIT mobile app) allows art lovers to own fractions (also known as Splits) of prestigious African artworks, which they can trade in real-time.”