Indian art market dominates

The year has begun with a bang for the Indian art market. All the major auctions held this year have seen exceptional sales, at times even higher than the estimated totals. And, remember we are only in March. Looking back at some of the statistics, at the recently held Christies auction M F Husain's ‘Battle of Ganga and Jamuna', a painting from the Hindu epic, fetched $1.6 million, setting a world record at the South Asian Modern and Contemporary Art sale. At this auction 87 percent of the lots were sold and fetched a total of $10,974,600.

Incidentally, M F Husain's untitled work went for a hammer price of $409,000, dominating the Sotheby's New York spring sales of Indian art. Prior to that, Saffronart's first contemporary art sale this year closed at a total sale value of over Rs 27 crores (US$ 7.15 million), which was well above its total higher estimate of Rs 19.56 crores (US$ 5.1 million). Emami Chisel Art - a Kolkata based auction house that held a physical-cum-online bidding - brought the hammer down on February 23 and their sales touched a total of Rs 24 crores. Osian’s ‘Indian Modern and Contemporary Art’ auction that was held in New Delhi on March 18 touched a total of Rs 30.28 crore (USD 7.5 million). The highlights of the evening included works by J Swaminathan’s ‘Mountain and Bird Series’ that crossed the Rs 2 crore mark and Tyeb Mehta’s ‘Untitled’ that fetched Rs 1.98 crore. This was Osian’s second auction in the year. While at the earlier Jan 19 auction Osian registered a total sale of Rs 32.18 crore.

If these figures are any indication then it does seem that the Indian art market is poised at a strategic juncture. It is very likely that the renewed confidence in Indian modern and contemporary art will see that the market not only stabilizes but also sees a resurgence of sorts. At the Dubai Art Fair too there has been a lot of interest in the Indian art section, and Jitish Kallat’s works in particular have captured the imagination of many art lovers. Therefore it is not only the modern artists who are seeing a renewed interest in their works but also the contemporary and upcoming artists who are finding many takers.

(Published in Financial Times)

Art Buzz (Bangalore) Hellmuth Conz

Art market needs more transparency

China’s contemporary art market is miles ahead of the Indian art mart, and globally, there is a huge interest in this segment. I recently read a report that pointed out some of the ills that are now plaguing the market. Some Chinese artists, it was alleged, pay critics, produce paintings by the drove, and auction houses work with dealers and artists to manipulate prices. This ‘disclosure’ is a market-related phenomenon. After all, where there are millions of dollars at stake everyone wants a portion of the pie. Art critics being paid to write ‘favourable’ reviews is something, which one hears about even in our country.

Now, most art experts feel that the Indian art market is also poised to grow tremendously. Which means the stakes will go even higher. Looking at some of the recent sale figures, M F Husain’s untitled work fetched $409,000, leading the Sotheby’s New York spring sales of Indian art. Prior to that, Saffronart’s first contemporary sale this year closed at a total sale value of over Rs 27 crores (US$ 7.15 million), which was well above its total higher estimate of Rs 19.56 crores (US$ 5.1 million). What is also interesting is that at this sale 25 percent of the bidders were not Indians, according to Saffronart sources.

Controversies have been dogging the Indian art scene as well. A few Indian auction houses have received criticism that ranges from dealing with fake paintings to popular film posters. In fact, all kinds of issues have been raised time and again. Instances of dealers bidding for the works that they themselves have consigned have also been heard.
Market forces that are looking at short-term gains can not only affect their reputation irrevocably but can also impact the entire market scenario. What has emerged in recent times, as we have just seen, is that there is a growing segment of non-Indian buyers who are looking at Indian modern and contemporary art from an investment perspective. I believe that clean and above-board dealings will help strengthen the market, enhance credibility and encourage this buyer base to invest further. Therefore, the point is that the greater the transparency in the market, the better it will be in the long run. And, most importantly it will benefit all.

(Published in Bangalore Mirror)

Art Buzz (Bangalore) Group Show

Art Buzz (Bangalore) Book Launch

Investing in art

Thanks to the hype there is a lot of interest in investing in art, but for many buyers the biggest challenge lies in knowing where to begin. Although this topic has been covered extensively in the past, a few points can be reiterated to help the new class of investors.

There are some financial consultants who manage investment portfolios and who are now also diversifying into investing in art. Should you go for that option, remember to check out their credentials to ensure they are sound on all aspects related to art. Art as an asset class requires specialised knowledge, for instance information on upcoming artists, price and market trends to name just a few. In addition, a strong network with galleries, dealers and clients who are open to secondary sales is also a must. On the other hand you can opt for an art consultant who can assist you with planning out your art portfolio. Another option is to consider investing in art funds.

Having said that, the biggest thrill that comes with investing in art lies in doing your own research, reading up all available information, keeping tabs on the market, visiting art shows, interacting with artists and so on. The joy of choosing an artwork that appeals to your senses and you want to put up in your home is immeasurable. However, when you are looking at art from a purely investment perspective, be prepared to sell it when necessary. Most collectors caution and advise that one must maintain objectivity towards the artwork. Passion and emotion can cloud your judgement and you may either find yourself drawn towards art that has no investment value or you may end up keeping artworks foregoing opportunities to sell them at an advantage.

Keeping up to date on newer mediums, genres and foreign artists one can have the advantage of picking up works at lower costs that have the potential to appreciate in future. In conclusion, it helps to remember that one must always buy from reputable sources, ensure there are all relevant documents (authenticity and provenance), look for quality works and finally diversify your portfolio accordingly.

(Published in Financial Times)

Update

Following complaints that readers are unable to find an 'e-mail' option and are forced to put in a comment, I have added the e-mail option at the right hand corner of every post.

- NM

Art Buzz (New York) Erasing Borders 2008

Erasing Borders 2008: Exhibition of Contemporary Indian Art of the Diaspora Tabla Rasa Gallery, Brooklyn, NY USA United States of America

With Indian contemporary art at an all time high, the Indian Diaspora artists in the U.S. have steadily gained momentum and claimed their turf. Indian Diaspora Art is alive and gearing up for its Fifth Annual exhibition entitled 'Erasing Borders 2008: Exhibition of Contemporary Indian Art of the Diaspora' featuring works by 40 artists. The Indo-American Arts Council?s show features an eclectic mix of diverse mediums employed by a group of 40 artists representing myriad styles, mediums and mind sets with one common bond - a shared Indian heritage that has been cultivated in the United States. Now in its fifth year, this traveling exhibition has had a successful showing in California and kicks off in New York at the Tabla Rasa Gallery in Brooklyn. Participating is Suhas Tavkar who has been a Premiere Portfolio Artist at absolutearts.com since 2006. - Read Indepth Article at http://www.absolutearts.com/

Art Buzz (Mumbai) Pradeep Misra

Call for Artists: 'Marcello's Art Factory' in The Hague, Netherlands

Call for Artists: Urban Ready Mades Marcello's Art Factory, den Haag, NL Netherlands
'Marcello's Art Factory' in The Hague, Netherlands is currently hosting a project entitled 'Urban Ready Mades' which comes from the concept of 'ready mades' made famous by artist Marcel Duchamp who was the first to introduce this oevre . Duchamp shook the established art scene and it's foundations by assembling a bike wheel on a bar stool and presenting this as art. Four years later he did it again by signing a urnal 'Fountain' under the alias R. Mutt and sending this to an art show as an artwork. In December 2004, Duchamp's 'Fountain' was voted the most influential artwork of the 20th century by 500 selected British art world professionals. This concept was successfully adapted by such later artists as Andy Warhol with his 'Brillo Box' and 'Campbell's Soup Cans'. - Read Indepth Article at http://www.absolutearts.com/

The Baroda connection

A few months ago I was in Baroda and when Rameshbhai Pandya, retired professor from the department of fine arts, MS university, found out that I was in town, he very graciously invited me for a preview of an art show at Sarjan Art Gallery. I reached the gallery half an hour after the specified time (in fact quite early according to Bangalore standards) and was surprised to find the place jam-packed, where everyone knew everyone. This despite the fact that there were no cocktails but only tea and snacks (Gujarat is a dry state!). In any case the retrospective exhibition of paintings and sculptures by Ahmedabad based Piraji Sagara, a founder member of Progressive Painters' Group was a delight to see. In a non-conventional approach, the artist had used different mediums, combined them and presented figurative as well as non-figurative works. The 1931 born artist took the trouble to take me around and to show me each of his works and explain the various nuances associated with it. Wood, metal, beads, he had experimented with various mediums and textures. A very interesting show!

Back in Bangalore, I visited artist Jasu Rawal at his studio, who is incidentally also from Gujarat (born 1939), and completed his MFA from M.S. University, Baroda. But he has been living in Bangalore for several decades. Jasu bhai as he is fondly called is a fine artist and a fabulous human being, and he known in the city for his abstracted landscapes that often combine elements of still life. He, in fact, recently had a retrospective exhibition of his works spanning 40 years of his career. He has been awarded twice with the Karnataka Lalit Kala Academy Award in 1972 and 1980. This particular exhibition was organised by Ananya Drushya, where the photographs of his paintings were displayed at the gallery premises. Now, Ananya Drushya is an organization that aims to create awareness about visual arts in schools and other sections of the society. Readers will remember that about two years ago, the visual chapter of Ananya had started with a group show, where seventy artists from the city had contributed their paintings.
This is a great initiative but it needs more focus and probably greater involvement from its members to make the Karnataka arts scene more vibrant and to be able to reach out to a larger audience.

(Published in Bangalore Mirror)

Art Buzz (Mumbai) Aditi Singh

Reframe if necessary

As most buyers and investors are aware about good quality framing and the importance of taking care of an artwork, there is another aspect which one needs to look at when buying art, especially framed works from any source. In any case most people take a lot of care when framing the paintings in their collection, so that is an issue well taken care of.
But, very often galleries sell works that are already framed, but this frame is usually of a very basic quality and in fact may not meet quality standards at all. The framer is generally the local carpenter and not an expert framer. However, one hopes that with repeated framing and with the gallery’s expert input he does a fairly decent job. After all, inexpensive wood, cheap backing and mat can ruin the painting, especially if is a paper work. One important factor to consider when buying art should be the condition of the artwork. Most people are able to spot scratches or small tears, but when it comes to frames, one should carefully look at how well it is done.

Recently, one came across works on paper by a very senior artist, but the paper had been glued to the backing and was also in contact with the glass front. In addition, there were creases on the paper in some of the paintings. All this can damage the painting irrevocably. When you are spending in lakhs of Rupees, it makes sense to spend a decent amount on the framing as well. If you notice particularly substandard framing, you can request that the gallery reframe it before handing it over to you. Most galleries who are of repute will be happy to oblige.
Many buyers prefer to reframe the paintings through their own trusted contacts. In fact, many of them have the gallery frames removed and opt for ornate and more expensive frames. Which makes sense because it is natural that one would want to safeguard the investment potential of the painting and ensure that it remains in mint condition for years to come.

Art Buzz (Hyderabad)

Art Buzz (Bangalore) Farah Ahmed

Art Buzz (Bangalore) Anand Bekwad

Art Buzz (Bangalore) G Reghu

Paper Tigers

I recently read a report that talked about how artworks on paper are gaining ground with investors, especially works by Indian artists. The article went on to elaborate on the history and tradition of Indian art on paper, and also listed the prominent Indian contemporary and modern artists who have a significant number of works on paper.
Good quality art paper is probably as good as canvas. But art on paper, especially low grade paper, can have a significantly short life. This is not to say that all artists are using substandard paper, but as an investor you should be aware of what you are buying. In fact, these days most artists take utmost care when it comes to using quality materials – pigments, canvas, paper and so on. But then, the stakes are now very high and one is spending thousands to lakhs of rupees for a single work of art, in which case you have every right to check and validate the quality of paper used. After all, there are a few artists riding the popularity wave and may not hesitate to cut costs. Framing of paper works requires special attention, so keep that also in mind when buying art on paper.

On a completely different note, it is an interesting fact that the kind of art people buy has a lot to do with their geographical location along with other factors such as age, profession and so on. This is not a result of any scientific study but observations made by a few experienced people involved in organising art exhibitions.
For instance, a ‘curator’ (a term used loosely here to denote a person organising an art show) from Mumbai told me that many Bangaloreans are fascinated by paintings with rural women and their earthen pots. But then, it could also be linked to the fact these are the kind of exhibitions that we are exposed to. This trend is more popular with the first-time buyer or those looking at decorating their walls.
Nothing wrong with it, except that one wonders how many of these paintings make sense from an investment point of view. On the other hand, discerning art lovers know exactly what and whose works to buy. Young buyers (in their 20s and 30s and there are many of them now) are more open to newer concepts and media, and are also more willing to take chances with an artist’s name.

(Published in Bangalore Mirror)

Wait before you sell that painting

As an art collector or investor you may want to sell some of the works in your collection and buy newer works. Unfortunately, due to tremendous media hype a lot of people have begun to look at art as a short cut to wealth. In six months. That is a myth. Art should always be looked at as a long-term investment. There might be isolated cases where someone has made money by selling a work in 6 months, but these are exceptions to the rule. If one is lucky enough to find a buyer who is willing to pay more than the market price for the work you own, then that is another story. In general, it is not easy to sell art in the secondary market unless you are either a part of or have contacts with a network of consultants, dealers, buyers and investors.

Some art galleries and dealers may assure young and new investors that they can always resell the painting, but in fact selling an artwork is very different from selling gold or shares. Although, gallery offers may appear tempting, one must take the time to consider that your money will be effectively ‘locked-in’ for a certain period when you invest in art. According to a Delhi based art consultant as an investor you must be aware that you must hold the work with you for a minimum of 3 years to get decent returns. In fact, if you can wait a five-year period that is an optimum timeframe which will fetch you better returns.

Investors who have been buying art for several years will happily tell you stories about how they bought a Husain for Rs 250 many decades ago. In fact in those days art was not looked upon as an investment avenue, but some of these ‘investors’ who have held on to their Husains, Razas and Padamsees are now probably a part of the millionaire club. In any case, the point is that one should not be in a hurry to sell art. Keep a pulse on the market, which will give you an idea how prices and the demand for that particular artist is evolving, which will also help you in making the decision.

(Published in Financial Times)

Art market buoyant again

First, let’s have a look at the results of a couple of auctions held earlier this year. Remember Bid and Hammer, the new auction house in Bangalore? It created a lot of interest and in fact quite a stir in the city. Art connoisseurs were very excited at having this auction house in Bangalore.
Now, Bid and Hammer had their first auction of fine art and other works of art on January 24. The results are now finally up on their website and according to them 46 percent of the lots have been sold for Rs 2.78 crores. In contrast, Emami Chisel Art - a Kolkata based auction house that held a physical-cum-online bidding - brought the hammer down on February 23 and have sold 81 out of 89 lots from 70 artists. Plus, M F Husain’s ‘Tribute to Hashmi’ created a record for being the first Husain to cross the $1 million mark at an auction. The other highlights of the evening were Tyeb Mehta’s ‘Kali III’, which fetched Rs. 4.4 crores, and J Swaminathan’s ‘Bird & Mountain’, which fetched almost Rs 2 crores.
The sales touched a total of Rs 24 crores. That is a good sign. It means there is a lot of interest in Indian modern and contemporary art and the market might well be on its way to recovery.


One of the shows that I visited last week and simply had to talk about was noted artist K G Subramanyan’s. Titled ‘The magic of making’, the exhibition had a phenomenal number of works - 120 on canvas and paper, and in various sizes - no mean feat by any standards. For those who are not familiar with his name, he is a multi-faceted personality, and has donned the role of a painter, art educationist, sculptor, writer, art historian and more with aplomb. Born in 1924, Subramanyan studied at Shantiniketan and went on to teach painting at the Faculty of Fine Arts in Baroda.
His art is rooted in the cultural milieu of Shantiniketan and is inspired by Indian crafts, myths and folk traditions. Based on simple everyday events and people, his visual language forms a powerful medium that follows no rules. One of the major artists on the contemporary art scene today, the exhibition is a must watch for all art lovers. However, do be aware that on the day of the preview itself, more than 100 paintings were already sold (this incidentally is a traveling show).

(The exhibition is on till March 8 at Gallery Sumukha, 24/10 BTS Depot Road, Wilson Garden, Bangalore 27. Phone: 22292230)

(Published in Bangalore Mirror)