**Interview with Ngozi Akinyele on the Evolving Art Investment Landscape**

**Interviewer:** Ngozi, it’s a pleasure to have you with us today. To kick things off, can you share your thoughts on the importance of a diversified portfolio in today’s investment market?

**Ngozi Akinyele:** Thank you for having me! A diversified portfolio is essential for achieving investment success. The broader your investment base, the greater your chances of beating the market. Savvy investors are always searching for fresh opportunities, including emerging asset classes like art.

**Interviewer:** Art as an investment seems to be gaining attention lately. What’s driving this interest?

**Ngozi Akinyele:** While art investment isn’t new, what makes it appealing now is its low correlation with traditional asset classes, resulting in less volatility. Investing in blue-chip artists—those widely recognized whose works command high prices—can be a reliable strategy that often leads to significant value appreciation.

**Interviewer:** Many people might think that art investment is only for the wealthy. How would you respond to that?

**Ngozi Akinyele:** That’s a common misconception, especially when it comes to high-ticket items from renowned artists like Picasso or Warhol. However, the landscape is changing. More investors are looking beyond Western artists, appreciating the cultural significance and artistic value of works from places like China, India, Brazil, and Nigeria. This shift is helping to elevate the market prices of these artworks and make art investment more accessible.

**Interviewer:** Can you provide some insight into the rise of African art and how it’s performing in the market?

**Ngozi Akinyele:** Certainly! For example, Ghanaian sculptor El Anatsui creates stunning tapestries that can range from $5,000 to $2.2 million. Similarly, pieces by Nigerian artist Yinka Shonibare often sell for hundreds of thousands at auction. Early investors in these artists have seen remarkable returns, sparking increased interest in talented African artists who produce culturally relevant yet affordable artworks.

**Interviewer:** The Nigerian art market has seen impressive sales in recent years, despite economic challenges. What has contributed to its resilience?

**Ngozi Akinyele:** Yes, the Nigerian art market hit a record high in sales, reaching N400 million across various auction houses in 2019. While recent currency fluctuations have posed challenges, the art market has demonstrated resilience, often outperforming broader economic trends. International auction houses like Bonhams reported a rise in African art purchases, with sales increasing from $8.9 million in 2022 to $10.3 million in 2023.

**Interviewer:** How does Coronation Group fit into this shifting art landscape?

**Ngozi Akinyele:** At Coronation Group, we’re dedicated to making art, investment, and wealth accessible to everyone. Our founder, Aigboje Aig-Imoukhuede, has a deep-rooted passion for art that developed during his childhood. This passion inspired the creation of the Coronation Art Gallery in 2022, aimed at supporting Nigerian artists and collectors. Recently, we held an exhibition celebrating prominent women art collectors in Nigeria.

**Interviewer:** That sounds fantastic! Who were some of the notable collectors featured in the exhibition?

**Ngozi Akinyele:** We celebrated several remarkable women, including Ugoma Ebilah, Tinuade Awe, and Sola Carrena, whose collections underscore the immense potential of Nigerian art. The total value of the works displayed reached N451 million, highlighting both their investment appeal and cultural significance.

**Interviewer:** With technology advancing rapidly, how do you see the future of art investment evolving, particularly in relation to NFTs?

**Ngozi Akinyele:** NFTs represent an intriguing development, enabling digital ownership of art. While they offer a new avenue for investment, they come with risks, as many NFTs can lose value quickly. However, fractional ownership is emerging as a safer option, allowing more collectors to invest in high-value artworks without the complete financial burden.

**Interviewer:** Are there any upcoming innovations in the art investment scene that you anticipate, especially in Nigeria?

**Ngozi Akinyele:** Nigeria ranks among the top five African countries for fintech investment, so I expect to see innovative platforms that will enhance access to art investment opportunities soon. At Coronation Group, we’re committed to promoting local artists and collectors because investing in local art not only enriches our portfolios but also nourishes our cultural heritage.

**Interviewer:** Thank you so much for sharing your insights, Ngozi!

**Ngozi Akinyele:** It was my pleasure! Thank you for discussing this important topic.