Auction sales of African art works rose by 44% to $72million in 2021, according to ArtTactic’s Report. The surge in demand is attributed to young African artists, as international collectors show increasing interest. Samuel Muoto, a Nigerian entrepreneur and serial investor, in this interview with DAVID IJASEUN, shares strategies to help visual and performing artists attract more investments and boost the Nigerian art industry’s profitability. Excerpts:
What’s your take on Nigeria’s art from your experience?
From my experience, Nigeria’s art is impressive, but there is a need for a supportive environment to promote sustainable growth for the artists. I’ve had the opportunity to collect some beautiful pieces, but there is still work to be done. What is missing is what 1952 Africa does which is exploring different opportunities for artists to make a living.
What pitfalls should artists avoid when monetising their art?
Monetising art can be challenging for artists, especially if they lack an enabling environment to showcase their creativity. While some artists may appear to give up, it’s often due to external circumstances beyond their control. To change this status quo, society should do more to support and enable artists to tell their stories properly. In the western world, social welfare programs and government interventions have created an environment that supports creativity and innovation. Therefore, artists should avoid operating in environments that lack sustainable enablement and instead seek supportive spaces to showcase their works.
What are some effective strategies for visual artists to build a brand, attract a following, and boost their revenue opportunities?
It is just the story behind it. To build a strong brand and attract a following as a visual artist, storytelling is key. When people come across your art, they want to know and connect to the story behind it. Communicating and conveying your thoughts and ideas effectively to your audience is crucial.
As an investor, what will you look out for before you invest in any Nigerian art?
First thing I look at is the story behind the artwork. It must be a beautiful and captivating story that can resonate with potential buyers. Secondly, the artist’s character is essential. Investing in someone who cannot execute their ideas can result in losses, so it is important to consider the artist’s track record before investing. In summary, the story behind the artwork and the person behind it are the two main factors I consider before investing in Nigerian art.
How can visual artists monetise their art and what advice would you give to them to put into practice?
As an entrepreneur, there are always two basic drivers. Are you being driven by passion for what you do or is it financially driven? Most of the time, you see people do things out of passion but commercially, they are at great loss and the other way around, you see people doing things based on the financial returns but because they don’t have passion for that, it might also create a blocker to make that sustainable. I am more for the middle. You need to have a bit of passion or a lot of passion. To make that sustainable, you will really need to think of the commercial aspect of it.
We should do better, including having what we call a complete valuation creation where we include all the Artists within the programme.
From your experience, what are some effective strategies that visual artists can use to maximise their earnings without pricing themselves out of market?
I purchased two art pieces for N20,000 and strategically placed them in my house, where they serve as a daily source of inspiration. These same pieces are valued at over $100,000. Often, artists do not drive up the prices of their works as they are not business-oriented. It it is essential to have a consultant or a manager with business experience to guide and mentor them. Just like musicians have managers to sell their products and position them in the world, artists should have business-focused managers to help them monetize their works. This is not something they can do alone.
Read also: How Omotola is promoting entrepreneurship in Africa
In what ways can these artists have a profit making mindset to know the worth of their work, and avoid being ripped off?
It is actually by exposing them to the world and the use of it. So similar events that we have here at 1952 Africa, are also creating a platform where they will showcase their arts. There are auction platforms where you can upload your art and people they go in and be for it right so having that exposure maybe can motivate them to actually do it more. So we just need to do more, the community or the incubator need to do more by actually involving these artists and bringing them to a platform where they can be exposed. For example, there was one simulation that was done by a Swiss company. They took the chocolate, travelled down to Cote d’Ivoire to meet these guys producing the cocoa bean.
They started giving them the chocolate, can you taste, can you eat it? They did and asked the company representatives, what is it made of? And they started sharing among themselves, stil asking, what is it made of?
The company representatives then told them, this chocolate that we’re eating is made from exactly this stuff that you’re doing here, day and night..
They didn’t have that information, so they didn’t reall know. So I think we should do better, including having what we call a complete valuation creation where we include all the Artists within the program.
In what ways can the Nigerian visual art industry attract increased foreign investment? How can they draw these investors to the country?
It’s not what the artist can do alone sincerely. The funding chat program we’re doing here in 1952 Africa, we should have more of this because really, majority of artists don’t have access to the international environment or international space.
I can’t really go in and tell them, hey, this is what you need to do because there is no endeavoring environment for that. We should create more incubator, more community where the artists are exposed, with that, they can tell their beautiful stories, they can show their beautiful art, they can demonstrate their creativity and overall, the story will be done.
I think it’s not only depending on the artist but really what maybe this successful artist, what can they do together to make sure that there is really a community that incubates or that promotes other ones that have less or no chances to the market.
Creating an enabling environment for artists to thrive is crucial. The industry needs more incubators and communities where artists can showcase their creativity and tell their stories.
Successful artists should come together and collaborate to promote and incubate up-and-coming artists, helping them gain access to the international market.
It is not solely the responsibility of the artists; a concerted effort is required to create opportunities for artists to access the international environment.
Increasing funding and programs such as the 1952 Africa program can also help to expose artists to the global market. By creating a supportive community and fostering a vibrant arts culture, the Nigerian visual art industry can attract more foreign investment and investors.
You noted charity causes more harm than good. What is your reason for believing that?
My father taught me to not only give fish to the hungry, but also to teach them how to fish and provide them with the tools to catch their own fish. Continuously providing fish for a man can create dependency and laziness. It’s important to encourage self-sufficiency and independence. Their kids will grow up knowing that they go somewhere to collect fish and they will continue taking that path.
How does this relate to artists?
Artists receiving grants should consider what they are giving back and how they can make their goals sustainable. Grants should not be seen as free money, but rather as an opportunity to give back and promote positive change. It’s important to be aware that some charity foundations may use grants for their own benefit, which can perpetuate a sense of laziness and dependency.
What can artists do when grants are not available or have stopped coming their way?
The focus should be on creating something of value that they can give back to the grantor or investor. While it may be tempting to take something for free, it’s important to remember that there’s always a price to pay. Instead, artists should work hard to realize their vision and propose something that they can give back to investors. For example, they can offer to produce a piece of art or provide a service in exchange for funding. By doing so, they can establish a mutually beneficial relationship and secure funding for their work. It’s also essential for artists to push themselves to create valuable and meaningful work, rather than simply relying on grants or donations.
