- The Art Resale Market Report 2025 analyzes the secondary market performance of sixteen Nigerian artists, revealing a highly concentrated market where one artist accounts for 83% of cumulative revenue and 67.27% of total resale value
- Despite uneven liquidity and performance, some artists delivered exceptional returns, outperforming equity benchmarks and reinforcing art as a viable alternative investment for portfolio diversification.
- The report highlights the decline of Nigeria’s domestic auction ecosystem, with only Sogal remaining active, and calls for the establishment of three to five independent, well-managed auction houses to revitalize the sector.
Vetiva and GoudenFara today release the inaugural edition of The Art Resale Market Report 2025.
The report tracks the individual resale markets of sixteen Nigerian artists, from modernists such as Akinola Lasekan and Ben Enwonwu to contemporary figures like Nnenna Okore and Kainebi Osahenye.
The report reveals an unbalanced market, notably dominated by one artist, who accounts for about 83% of the cumulative revenue across the reviewed period, as well as 67.27% of the total resale value.
Despite the sharp contrast in resale performance and liquidity depth, a few artists delivered exceptional returns across holding periods, with some even significantly outperforming the broader equity benchmark and solidifying art’s position as a viable alternative asset for a diversified investment portfolio.
Oyelade Eigbe, Managing Director, Vetiva Fund Managers Limited, noted that: “The Art Resale Market Report 2025 arrived at a critical moment for both seasoned collectors and new entrants exploring art as an alternative investment class. For the first time, investors have a structured, data-driven view of how Nigerian artists perform in the secondary market, offering clarity on value appreciation, liquidity depth, and return potential. By tracking various artists across generations, this report provides a transparent framework that helps investors distinguish between sentiment-driven collecting and informed, evidence-based art investment.”
“Beyond its analytical depth, this report is timely. Nigeria’s domestic auction ecosystem has thinned significantly in recent years, even as international markets continue to attract strong demand and higher sales value for Nigerian art. This publication fills a long-standing gap by equipping art investors with the insights necessary to make confident, strategic decisions in a rapidly evolving—and increasingly global—resale market.”
Ekiko Ita Inyang, CEO/Head of Global Market, GoudenFara, stated: “Nigeria’s secondary art market has experienced a slowdown in recent periods, a trend reflected in the deceleration of domestic auction sales captured in this report, as momentum completely shift towards London.TKMG held its last auction in July 2018, while Arthouse has scaled down operations following its July 2022 sale.
Sogal, whose operation is intertwined with Signature Gallery, appears to be the sole active auctioneer in Nigeria, underscoring how underserved the sector is, given the incredible number of talented, distinguished artists available in the market, with a diverse demography of new collectors.”
“However, several artists tracked in the report — including Simon Okeke, Gani Odutokun, and Jimoh Akolo, who were consistently offered across both pioneer houses (TKMG and Arthouse), have since experienced marginal auction offerings due to the ‘winding down’ of both houses. We believe three to five independent, broker-focused, pure-play auction houses with good management and solid expertise are needed to revamp Nigeria’s domestic auction sector.”
About Vetiva Fund Managers Limited
Vetiva Fund Managers Limited is a subsidiary of Vetiva Capital Management Limited and is registered and licensed by the Securities & Exchange Commission to carry out business as Fund/Portfolio Manager.
VFML also manages 5 Exchange Traded Funds and 2 Mutual Funds namely, the Vetiva Griffin 30 ETF, Vetiva Banking ETF, Vetiva Consumer Goods ETF, Vetiva Industrial ETF, Vetiva S&P Nigerian Sovereign Bond ETF, Vetiva Money Market Fund and Vetiva USD Fixed Income Fund, and provides multi-asset class, holistic wealth management services to individuals and institutions.
GoudenFara
GoudenFara provides art-finance advice and solutions to high-net-worth individuals, private and investment banks, asset and wealth managers, sovereign entities, and multi-family offices.