Walk into an art gallerya in Lagos, and you could find two paintings hanging a few feet apart. One costs ₦500,000. The other is priced at ₦20 million. So, what exactly are you paying for? The artist’s name? Their talent? The history of the painting? Or simply what someone else is willing to pay?
Art pricing can be confusing, especially when you’re buying for the first time. Unlike a handbag or a piece of furniture, there is no straightforward formula for determining what a painting should cost.
Here are seven things to consider before you buy.
1. The Artist’s Name Comes at a Price
Reputation matters. Established Nigerian artists such as Ben Enwonwu, Bruce Onobrakpeya and Nike Davies-Okundaye have built careers that collectors recognise. Their exhibitions, achievements and previous sales can influence what buyers will pay. But a famous name doesn’t guarantee you’ll love the work. Emerging artists can produce exceptional pieces at more accessible prices.
2. Not All Works by the Same Artist Cost the Same
An artist might have one painting priced at ₦2 million and another at ₦15 million. The difference could come down to when each was made, its importance in the artist’s career, its condition or its rarity. A work from a defining period may attract more attention than a recent piece.
3. Original or Print? Know What You’re Buying
An original painting is unique. A limited-edition print is one of a stated number of impressions, sometimes signed and numbered by the artist. A mass-produced reproduction is different again. All can look appealing on a wall, but they shouldn’t be priced as though they’re interchangeable. Ask exactly what you’re getting, particularly when the description sounds impressive but isn’t clear.
4. A Painting’s History Matters
In art, provenance means the documented history of ownership. Who owned the work before? Has it appeared in notable exhibitions? Can the seller establish that it’s genuine? Reliable records can give buyers confidence and sometimes support a higher price. If you’re spending substantial money, ask for documentation and a proper receipt. An exciting story about a painting is no substitute for evidence.
5. Popularity Can Push Prices Up
When collectors compete for work by the same artist, prices can rise. Gallery representation, exhibitions and auction results may increase visibility and demand. But attention doesn’t always last. A high asking price isn’t proof that someone else will pay it later. Before you buy, find out whether comparable works have actually sold at similar prices, rather than relying on enthusiastic predictions.
6. Expensive Doesn’t Mean a Good Investment
Art can appreciate, but it can also lose value or prove difficult to resell. Gallery commissions, framing, transport, insurance and conservation add to the cost of ownership. If profit is your main objective, do more than admire the painting: research the artist’s sales history and consider how you might eventually sell it. Nobody can promise that today’s fashionable name will be tomorrow’s auction sensation.
7. Sometimes, the Best Buy Is the One You Love
Perhaps a painting reminds you of childhood, captures something familiar about Lagos or simply makes you happy. That’s a perfectly good reason to own it. Set a budget, buy from a credible source and make sure you understand the price. You don’t need to become an art expert overnight, and you certainly don’t need to impress anyone with the amount you spent.
