ARTSPLIT Weekly Roundup (September 30th — October 7th, 2022)
It was a bearish week on the ARTSPLIT marketplace as it posted a 1.97% loss, with its market capitalization losing $64,000 from $3.25 million in the previous week to end the week with a market capitalization of $3.19 million. The loss in the market seen during the week was majorly attributable to the losses seen on Ben Enwonwu’s “Nnamdi Azikiwe,” artwork which lost $61,000 in market capitalization.
It was a slow start to the month of October as the week saw the market record a total volume of 985 SPLITS from 10 Artworks of the 40 currently listed on the ARTSPLIT platform. A majority of the volume came on Saturday, the 1st of October 2022, also the day Nigeria celebrated its Independence Day. On the day, 594 SPLITS, representing 60.31% of the total volume that was traded during the week. The least came on Tuesday and Wednesday, the 4th and 5th of October 2022, where no SPLITS were recorded.
Diving deeper into these figures, Akinola Lasekan’s “Fisherman Sorting the Catch,” accounted for the most volume seen during the week, representing 339 SPLITS or 34.42% of the total volume seen during the week. This is followed by Ben Enwonwu’s “Nnamdi Azikiwe,” and Akinola Lasekan’s “Ijo Ibile,” which both accounted for 281 and 248 SPLITS, representing 28.53% and 25.18% of the total volume respectively.
On the value side, a total of $219.40 was traded during the week under review. A majority of the value came on Thursday, the 6th of October 2022, accounting for $126.15, representing 57.50% of the total value of transactions seen on the platform during the week in question. The least came Tuesday and Wednesday, the 4th and 5th of October 2022, where no transactions were recorded.
Diving in deeper, Ben Enwonwu’s “Nnamdi Azikiwe,” accounted for the most value of transactions seen during the week, accounting for $135.15, representing 61.60%. This is followed by Akinola Lasekan’s “Ijo Ibile,” and Akinola Lasekan’s “Fisherman Sorting the Catch,” art pieces accounting for $49.46 and $16.95, representing 22.54% and 7.73% of the total value respectively.
On the loser’s chart, we saw three artworks post losses during the week under review. The chart was led by Ben Enwonwu’s “Nnamdi Azikiwe,” which posted losses of 57.55% during the week, as it started the week trading at $1.06 per SPLIT to end the week trading at $0.45 per SPLIT. Next in line was Abayomi Barber’s “Forest,” and Akinola Lasekan’s “Ijo Ibile,” which both posted losses of 28.57% and 3.57% respectively for the week. There were no gainers for the week.
Although the market ended the week bearish, its market breadth, however, was an entirely different story as buyers accounted for most of the transactions seen during the week, representing $198.17 with a volume of 921 SPLITS. This means the buyers accounted for 90.32% of the total value of transactions and 93.50% of the total volume of transactions. There was no activity on the lease side as all artworks ended the week flat.
ARTSPLIT is an art trading technology company driven by one common goal; enhancing the investment status of African art by allowing users to co-own rare and valuable artworks on a platform that guarantees price discovery and market liquidity.
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