The Nation Newspaper

Tag: auction

  • Who sold and who didn’t at TKMG auction

    Who sold and who didn’t at TKMG auction

    At the recently held Lagos Art Auction, organised by Terra Kulture Mydrim Auction House (TKMG), Market Queens, an oil on canvas painting by Ablade Glover, a Ghanaian foremost artist, ranked the most expensive. The alluring piece which is a 47×39 inches, was sold at the rate of 3,200,000.00 naira.

    The bidding for Market Queens started from 2,800,000.00 and went to the last bidder for 3,200,00.00. People, another oil on canvas by Glover was sold at the rate of 2,800,000 naira, making second most expensive artwork at the auction. Both works were produced in the year 2013.

    While Man Rowing into Life, a 48x27inch bead work, created in the year 2012 by David H. Dale, was estimated between 2,500,000 to 3,500,000. Man Rowing into life was ranked the most expensive piece on the list. However, the work was not sold. The Rainbow Brigade 8, a mixed media artwork by emerging artist, Ndidi Emefela was sold at rate of. 950, 000 naira. Busy Hands, an oil on canvas painting by another emerging artist, Raji Mohammed’s was also sold at 250,000 naira.

    About forty-five artworks were sold at the auction, which featured 104 artworks, cutting across various media and artists from Nigeria and across West Africa (Ghana, Togo and Republic of Benin). Most works of masters of art were not sold at the auction. Kolade Oshinowo had four works but none was sold. Two by Dele Jegede were not sold and six by David H. Dale were on the list of works not sold. Only one piece by Bruce Onobrakpeya was sold out of five works.

    In the year 2015 edition, Dupe, a piece by Kolade Oshinowo, was sold at the rate of N2,200,000. Dupe was the most expensive work auctioned that year.

    TKMG has grown to become one of the leading Art Auction Houses in Nigeria recording over 70% sales at each auction. But this edition witnessed a low sell according to source since the inception of Art Auction in 2010. One critic at the auction said works were not sold because “the works were “overpriced,” while another speculated that the economy of the country is the reason many of the works were not sold. “Sale was low this year compared to other years,” said a reliable source, who works with one of the galleries. “People are coming behind after the auction to beg for the works at a low price.” For this reason, the organisers cannot reveal the total number of works sold at the auction.

    Preview of the works took place on April 24, at Terra Kulture Art Gallery and the auction held on Friday, April 29, 2016, at the Intercontinental Hotel, Victoria Island, Lagos. The auction was conducted by Mr Yinka Akinkugbe. And curated by Ronke Akinyele. “We brought in the affordable works and expensive ones. We also decided to put inworks by a couple of young Nigerian artist who have been making waves both home and abroad, and I was able to reach out to them to see how we gathered some of their pieces in this year’s auction.”

    Ten exceptional works by Kolade Oshinowo, David H. Dale, Ablade Glover, Rueben Ugbine and Segun Aiyesan were leading as the expensive artworks in this year’s Lagos Art Auction. Among the top ten ranking in the list were: Discussion, (acrylic on canvas), by Kolade Oshinowo People, (oil on canvas), by Ablade Glover, Market Queens, (oil on canvas), by Ablade Glover, Abuja Landscape (oil on board), by Kolade OshinowoMaiden Dance (wood), by Rueben Ugbine, Motifs (copper foil in board), by David H. Dale, Tussle (wood), by Rueben Ugbine, Village Scene (oil on canvas), by Kolade Oshinowo, and Owanbe (acrylic on canvas) by Segun Aiyesan.

    Lagos Art Auction brought collectors and art lovers togetherunder one roof to bid for works of their choices, as well as celebrates Nigeria’s cultural heritage through creative artistry and a reference platform for pricing African artworks. The Terra Kulture Mydrim Auction House (TKMG) was initiated by the CEO, Terra Kulture, Mrs. Bolanle Austen-Peters. It collaboration with Mydrim Gallery which was started six years ago. TKMG, annual art auction.

  • Firm puts Nigeria on international auction sales option

    Firm puts Nigeria on international auction sales option

    Nigerians are set to enjoy a global electronic platform for auction sales, thanks to WesternMall, an e-commerce platform designed to create a hub for individual trade between Nigerians and people across Europe and United States.

    According to the Managing Director of the online store, Nosa Idehen, the auction sales option allows users to place items they do not have need for anymore on WesternMall for prospective users to bid on it, with the highest bidder winning the item.

    He said: “We are also giving Nigerians the opportunity to earn extra income through this avenue. We are starting one transaction at a time and the goal is to put Nigeria on the map for international trade using the internet.”

    Besides, the platform also creates an avenue for local sales from person to person in Nigeria, he noted.

    “This comes with the added safety check which we provide by not allowing third party communication. All items listed on our website pass through our warehouse to ensure that it is as described by the seller to maintain a safe and hassle-free environment.

    Craftsmen tailors and other skilled people who have exportable items can list it on WesternMall and earn income in forex when interested users of our site in other locations visit and carry out transactions.

    “We handle the logistics and all they need to do is just get their items ready and sent to our warehouse on purchase.

    “This arrangement also applies to people outside Nigeria, as they have the opportunity to sell safely without the fear of being scammed as we moderate all transactions through Westernmall,” he added.

  • 1,700 BDCs lobby CBN to join forex auction next week

    1,700 BDCs lobby CBN to join forex auction next week

    About 1,700 Bureaux De Change (BDC) operators that were on Wednesday refused access to the forex market for non-rendition of returns, are lobbying the Central Bank of Nigeria (CBN) to participate in next week’s auction.

    The CBN gives $30,000 weekly allocation to each BDC operator to meet forex users’ demands.

    The affected BDCs, The Nation learnt yesterday, failed to provide detailed reports on how previous dollars sourced from the CBN were utilised. They failed the returns-rendition test which carries sanctions of fines, or revocation of licences.

    A source said the level of abuse was so massive that the CBN decided to restrict them from accessing the market to serve as deterrent to others.

    CBN Director of Communications, Ibrahim Mu’azu, said the affected BDCs applied for the $30,000 allocation, but were denied because they did not meet the requirement. “They have to render returns before they buy next week,” he told The Nation.

    CBN tightened noose of BDCs when it requested that forex buyers provide their Bank Verification Numbers (BVNs) before transactions are approved. The procedure which has made it increasingly difficult for BDCs to sell all the $30,000 weekly allocation, has led to many operators returning unutilised funds to the apex bank and creating high level of default by non-compliant operators.

    The CBN had last June suspended 437 Bureau De Change (BDC) operators from accessing its weekly dollars sales. The affected BDCs were slammed with N2 million fine each.

    The President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe confirmed the development, and described the sanctions as punitive, saying it would further weaken the already fragile naira.

    The apex bank has consistently urged banks, BDCs and Other Financial Institutions (OFIS) on the importance of rendition of returns and compliance with anti-money laundering regulations.

    The regulator always wants to ascertain if lenders are complying with Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations.

    “Section 29 of the CBN AML/CFT Regulations, 2013 (as amended) requires financial institutions to maintain all necessary records on transactions, both domestic and international for at least five years after completion of the transactions or such longer period as may be required by the CBN and Nigeria Financial Intelligence Unit (NFIU), provided that this requirement shall apply regardless of whether the account or business relationship is on-going or has been terminated,” it said.

    Financial institutions are expected to maintain records of the identification data, accounts files and business correspondence for at least five years after the termination of an account or business relationship or such longer period as may be required by the CBN and NFIU on a timely basis.

    Financial institutions are required to forward their AML/CFT Compliance Manual to the CBN for off-site review of the document as well as carry out enhanced customer due diligence for high risk customers and effective Know Your Customer (KYC) processes.

  • Arthouse holds auction November 2

    Arthouse holds auction November 2

    Arthouse Contemporary will hold the fifteenth edition of its auction of Modern and Contemporary Art on Monday, November 2, by 6 pm at the Wheatbaker Hotel in Lagos. Arthouse Contemporary is sponsored by The Wheatbaker Hotel.

    Founded in 2007, Arthouse Contemporary is an international auction house that focuses on modern and contemporary art from West Africa. With auctions held twice a year in Lagos, Arthouse Contemporary aims to create awareness of the scope of contemporary art in the region, encourage international recognition towards its talented artists, and strengthen the economy of its art market. As West Africa’s premier auction house, Arthouse Contemporary has sold over 1,100 pieces of art worth nearly eight million dollars over the past seven years.

    As contemporary African art moves to become one of the fastest growing global art markets, this edition of the auction will feature both master works from the modern period and cutting-edge contemporary art from the region’s most celebrated artists. This edition of the auction will feature 103 lots, with new artists being featured for the first time including Timothy Adebanjo Fasuyi, Angela Isiuwe, Obiora Anidi, Chibuike Uzoma, Jimmy Nwanne, Johnson Uwadinma, Cheri Samba, Georgina Beier and Toyin Loye.

    The auction will also include charity lots from notable artists Rom Isichei, Isaac Emokpae, Sade Thompson, Olu Ajayi and Gbenga Offo, in support of Arthouse Foundation, a non-profit residency based programme that provides a platform for artists to expand their practice and experiment with new art forms and ideas. The proceeds of these charity lots will go directly to support Arthouse Foundation’s acquisition of a permanent venue for its studio residencies. The Arthouse Foundation has inaugurated its first year with our first artist in residence, Victor Ekpuk, who is completing a four month residency in Lagos.

    Works will be on display at the Wheatbaker Hotel for viewing in anticipation of the auction, on Saturday, October 31, by 11am-4pm, Sunday November 1, 12-6pm, and Monday, November 210am-1pm. The auction will be led by noted auctioneer John Dabney.

     

     

     

  • Mantrac’s exhibition, auction ends today

    Mantrac Nigeria Limited’s four-day Caterpillar certified, used equipment exhibition and auction sales that started september 8 will end today.

    The event which is holding  at the company’s head office in Oregun, Ikeja, Lagos, exhibited full range of Caterpillar products and services in Nigeria.  The Managing Director of the company, Mr. Edmund Martin-Lawson, said the exhibition and auction were designed to meet the needs of customers who wish to buy premium machines.

    He said the event would parade a wide variety of machines with wide range of ages and hours in service. “They are Caterpillar certified machines that were carefully sourced, inspected and selected by the company’s specialist engineers, through its extensive links with recognised used-equipment suppliers worldwide. All the used machines are vigorously examined by our engineers before purchase, with exhaustive diagnostic tests, to ensure their excellent condition,” he added.

    Martin-Lawson stated that customers would be assured of the opportunity to inspect the machines before they register  their price and contact details.

  • NCC braces for spectrum auction

    NCC braces for spectrum auction

    •’Low participation not our doing’

    The Nigerian Communications Commission (NCC) said it has started a process that will lead to the issuance of another spectrum license to operators in the country pursuant to Federal Government’s national broadband plan.

    The Commission also absolved itself of any blame for the dismal participation of operators at the last auction in Abuja, arguing that its responsibility was to provide the level playing field for all participants while the decision of who participated or did not was purely that of the investors.

    Its Director, Public Affairs, Tony Ojobo who spoke with The Nation on the sideline of a forum in Lagos said the NCC has started another process that will see another auctioning of spectrum in the 2.6 gigahertz (GHz) band to complement the one issued earlier in the year in which Bitflux, a relatively unknown IT firm beat Globacom to clinch the license.

    He said: “Participation at the last bid round for spectrum was very low because people knew that this particular one is coming. This is a question of choice and it is purely a business decision of the organisation. You have of two options and you ask yourself- Should I go for this one? if I go for this one am I going to have enough money to participate at the next one when it comes? Or should I just wait for this one because they don’t deliver the same kind of value? The 2.3GHz is for bulk that is wholesale. This one coming soon is different. So the point is that this one is different and people did their business plan and looked at the numbers. If the numbers added up for them to go ahead, they will go but if the numbers do not add up, they will keep their funds.”

    “Ours is to create a level playing field for the investors while the investors will make their investment decision of whether to invest or not. Some important thing is that some level playing field has been created. Twenty-seven companies indicated interest when we did the last one in Abuja but only two got to the final stage. The other people that dropped by the way said it was based on their business plan.”

    Ojobo said the number of times the regulator auction spectrum is a function of the availability of its availability, adding that as the nation prepares for the analogue switch off next year, more frequencies would be vacated by the broadcast industry for telecommunication. He said ubiquitous availability of broadband itself is a function of the availability of spectrum.

    He said: “The issue of broadband is about spectrum because there are areas of Nigeria that it will be very difficult to take optic fibre cable. In places such as that, we will use wireless to bridge the gap because optic fibre cable is wired. So, the 2.6 GHz that NCC is preparing to auction will deliver wireless services. Then remember that preparations are also in top gear to license infrastructure providers (Infracos) to complement the efforts. Seven companies will be licensed one in each of the six geo-political zones of the country while one will serve Lagos. Already, the process to do the first phase of licensing is on and we are hoping it will be concluded before the year runs out.”

  • NCC to auction 2.3Ghz frequency in January

    NCC to auction 2.3Ghz frequency in January

    The Nigerian Communications Commission (NCC) said it will auction frequency in the 2.3 Giga Hertz (GHz) band next year through a transparent bidding process.

    Some operators have demanded that they give the spectrum freely to them or allow them to have it without subjecting it to open bidding process. But the Executive Vice Chairman of the NCC, Dr Eugene Juwah insisted that NCC will put the frequency on offer for transparent bidding.

    The regulator also assigned timelines on the activities that will ultimately peak at the licensing InfraCos that will provide broadband services in the six geo-political zones of the country and one in Lagos.

    Speaking in Lagos at the maiden edition of Telecoms Stakeholders’ Summit, Juwah said based on the time table already drafted by the NCC, the companies will be subjected to due diligence, assuring that NCC will be fair and transparent to all the bidders.

    The InfraCos are companies that will help in the deployment of infrastructure in all the six-geopolitical zones in the country towards accelerating broadband services deployment.

    “By January, 2014, we would put a public notice of expression of interest. By May, we would do the selections of the bidders and eventually by December, 2014, we would award the winning InfraCos licences,” he said.

    Juwah explained that the InfraCos would be offered one-off subsidy based on peculiarity of the business model and geographical coverage to better meet the NCC broadband objectives.

    Minister of Communications Technology, Mrs. Omobola Johnson, said the ministry has been taking measures to address challenges facing telecoms companies in the industry. She noted that when fully achieved, having ubiquitous broadband access would help in accelerating economic development in the country.

    She said broadband would particularly help in boosting the country’s Gross Domestic Product (GDP) growth.

    She said: ‘ICT sector, today contributes just over eight per cent to GDP. If the target of a five-fold increase in broadband penetration by 2017 is achieved, theere will be an additional increase of three per cent in GDP.”

    She added that the National Broadband Policy, which is the framework that that encapsulates the broadband initiative in the country, articulates how “we will deliver these broadband targets local government by local government and state by state.”