As part of efforts to educate the public on the intricacies of art collections to all stakeholders in the industry, the Society for Art Collection (SARTCOL) recently held an online summit on the Importance of Provenance and Resale Rights. Chinyere Akachukwu, Associate, Kenna Partners joined Mrs. Aderonke Akinyele-Bolanle, founder of Jade Art Consulting, and Ana Collazo Acha, CEO of Aworanka to speak on this topic.
While speaking extensively on the legal issues that arise during the resale of artworks, Chinyere Akachukwu who is also an artist stated that “the danger with not having good provenance is that fraudulent sales of art could be made and have been made- several stolen Art have been sold in the past”. She explained that under the law, a person simply cannot give a title he or she does not have, and the development of provenance as great practice improves the Nigerian Art scene. According to her, it will bring Nigerian artists closer to receiving better remuneration in the international art market and also help manage copyright infringement, forgeries/ fraud, outright misappropriation of art, and misinterpretation of legal ownership.
On provenance, Ana Collazo Acha maintained, “artwork is the most valuable object, as it is the primary source of provenance data. A provenance document should include important documents such as, owners name, date of ownership, method of transference, and the artwork’s location. Provenance is important because it confirms the authenticity of the artwork, increase in valuation and proves ownership.”
While explaining the importance of provenance to art collectors, Akinyele-Bolanle went on to buttress the point that “verified provenance can prove the authenticity of a piece and greatly increase its value. Since art has been collectible for thousands of years, determining where a piece comes from is often a complex work of historical study and documentation. As a collector, if you have any questions whatsoever about the provenance of a work of art you are thinking of buying, contact an art advisor, consultants or art experts.”
Art intellectuals like Dr. Jess Castellote and Ms. Sandra Obiago attended the online summit. Art collectors, artists, and art enthusiasts from different echelons of society were also tuned in.
Since its inception, Kenna Partners has always supported the mission of the Society for Art Collection and in educating the public through programs such as seminars, workshops, and colloquiums and has supported the appreciation of artists, their arts, and culture.
