If you’re looking for a creative way to invest your money, art may just be the solution for you. A painting by a well-known East African artist could easily double in price within five years. That’s a better deal than many banks, stocks or bonds currently offer.

A good place to find such “investible” artwork was at the Circle Art Agency’s second Contemporary East African Art Auction held at the Villa Rosa Kempinski in Nairobi on November 3.

Circle Art’s Eddy Kioi said they plan to open a gallery in 2015. “We currently have an office with a showroom, where we represent new and old collectors,” he added.

The auction, sponsored by CfC Stanbic Bank, featured works from 51 artists from six East African countries, acquired directly from artists or from collectors from as far as the US and Thailand.

“We are delighted to partner with Circle Art in promoting local artists,” said Anjali Harkoo, head of private clients at CfC Stanbic Bank.

Last year, 90 per cent of the art sold for more than three times the reserve prices, raising over Ksh18.5 million ($215,000 at last year’s rate). This year raised Ksh18.8 million ($209,000 at this year’s rate) with 87 per cent of the 57 lots sold.

The auction featured Uganda’s Eli Kyeyune, Kenya’s Gor Soudan, and works from Ethiopians Dawit Abebe and Ephrem Solomon, whose paintings were recently acquired for the Saatchi collection in London.

“One of Solomon’s pieces, initially valued at $4,000, rose to $15,000 about a month after Saatchi bought it,” Mr Kioi said. On offer from the artist at the auction was an untitled painting of two heads, on mixed media, valued at $3,300 - $3,750. It was sold for Ksh422,640 ($4,700).

Birdwatchers at Maragwa, an oil on canvas by Andrew Okello was being sold by the collector who had bought it from the artist, for an estimate of $1,350 - $1,950. It was sold for Ksh305,240 ($3,390).