Do's and Don'ts of preserving an artwork

(Nalini S Malaviya)
Once you start collecting art, you should handle them with care and display them in an environment that will help prevent damage to the artworks. Here are a few tips to ensure the paintings last for a long time.

What you should do

• Always hang them on the wall and use good quality frames
• Put them up in a constant temperature environment
• Make sure sunlight does not fall on the paintings directly
• Artworks look good under spotlights, but colours may fade
• Always use acid-free mats and backing for the frame
• Also, make sure the frame is treated for pests
• Ensure the frame is in contact with the wall surface and not the back of the painting directing
• The canvas may need to be stretched periodically, especially if some sag becomes visible
• Remove the glass from the painting and air them on a periodic basis (it prevents moisture spots from developing )
• Buy works from only those artists who are known to use quality materials
• Double-check the canvas and quality of paper, especially when buying from new artists who may not have the resources or the expertise to use quality products

What you should not do

• Never hang the painting on a damp wall
• Do not place them in the open where rain or sunshine can damage them
• Do not stack them on the floor against the wall or one on top of another
• Never put heavy or sharp objects on top of them
• Never store paintings in a dark, damp storeroom
• Do not try to clean with chemicals or reapply paint on any damaged surface of the painting

In case a painting does get damaged, take it to the restorers to prevent further damage. In case there is any fungal growth or mould development on the painting, it can spread rapidly and can even damage other artworks that are placed in close proximity. A damaged or a restored painting loses its investment value. Therefore, it is better to take good care of your collection.

(Published in Financial Times)

Protect your paintings

(Nalini S Malaviya)

Monsoons are here and along with flooded basements, waterlogged roads and traffic pileups, most people are facing inconvenience in their daily life. But how is all this related to art? Well, paintings in particular are extremely susceptible to weather conditions and the increased amount of humidity in the air can play havoc with your expensive artworks.
This, in fact is a good time to take stock of your collection. One should carefully evaluate the condition of each of the pieces for any visible signs of damage.
Humidity levels in Mumbai are high throughout the year and this is one place where one has to be extra cautious with oil paintings and watercolours. However, in places like Bangalore and Delhi also, due to heavy rains, there are a number of people who are facing moulds and fungus on their prized art.

As most art lovers will be aware paintings need to be taken care of constantly. They must always be hung or stored in an environment that has optimum temperature and moisture. In watercolours, excessive humidity can cause growth of moulds or the paper may start to wrinkle. Moulds or dark spots may appear on paintings done on canvas as well. One must also check the back of the canvas for any infestation. Scattered dark spots, patches of faded colours, warping of the canvas mount or the frame should be taken seriously. One should consult a restorer for any damage that has appeared on the painting. Surface cleaning should be undertaken only if one is knowledgeable and confident about the process. If in doubt it is always better to consult a professional.

Collectors and investors spend huge amounts of money on the paintings, and therefore it makes sense to check them regularly to ensure they are in good condition so that their investment potential is not adversely affected.

(Published in Financial Times)

Risks and returns in art investment

(Nalini S Malaviya)

Although, the art market cannot be directly compared with buying stocks, shares or mutual funds, there are a few similarities between them. In both the cases there is an element of risk involved and one needs to do a complete research before investing.
However, if one is buying art for its intrinsic value, then there is no risk attached and one can enjoy the artwork as long as they wish. However, when buying art for investment, the risk is linked to the investment cost and the projected returns.
Here too one can divide the investment portfolio according to the risk category and thereby distribute the risk factor.

The percentage of risk is highest when buying new and lesser-known artists. Investing in an artist who is well established and is doing well at international auctions also, is a safe option, however their prices may have already spiralled beyond the range of most investors. In such a case one can look at the next level of artists who are poised to hit the big league.
Having said that, the top category of senior artists is the safest option to invest in provided one’s budget has the flexibility. Next, one can also consider names that are performing consistently at international and domestic auctions and are associated with good quality works. Typically, this mid–segment bracket comprises of works of artists who are fairly established and are backed by an encouraging track record.

The high-risk segment would comprise works by promising artists who are in the process of getting established and are beginning to make a name for themselves. Investing in this group has the highest risk, but the returns can also be dramatic in the long term, provided the artist sustains himself and the Indian art market continues to grow at the present rate. In general, young artists who are promoted by credible art galleries are most likely to perform well in terms of their prices.

(Published in Financial Times)

Art is a long term Investment

(By Nalini S Malaviya)

In general, one should consider investing in art only after investing in traditional asset classes such as stocks, equity, real estate and gold. However, given the current scenario of the stock market, there are many prospective buyers with sufficient liquidity, who are looking at alternate options. Indian art has emerged as one of the safest investment instruments in recent times. However, investing in art is quite different from investing in other markets. While, it can be said that all investments require a fair amount of research, art in particular, requires greater research (as data is hard to come by) and an in-depth understanding of the art market dynamics. Another factor one must keep in mind is that art should be looked at as a fairly long-term investment, and to be aware that it is less liquid than conventional assets.

How can one spot a winner?

That is the million-dollar question most people ask when considering investing in art. There are many financial consultants who offer advice on equity and debt based funds, however, consultants specifically offering advice on art and its investment potential are very few. In such a case the onus of making the right decision falls on the investor. One can begin by studying the market, its trends and price graphs of well-known artists. It helps to define a budget that can be then sub-divided into parts according to the investment category – high risk, medium and safe.
Knowledge of art is an important consideration and it helps to read up on artists, their profiles, and in general keep abreast of updates on art related news and auctions. Once the generics are in place, one can look at details.

As a buyer a few questions that you need to ask yourself are,
What kind of work to buy – for instance, a painting, sculpture or a photograph?
Which artist/s to consider?
Where to buy from - a gallery, at an auction or a private dealer?
Will I be able to resell it? What are my options?
What are the various commissions and taxes that I need to know about?

Having the answers in place, it will be easier to begin shopping for art and in creating an investment portfolio.

(Published in Financial Times)

Visual appeal may not make good investment

(By Nalini S Malaviya)

An ‘investment artist’ is a popular phrase coined by art dealers and galleries to attract prospective clients to invest in art. What new buyers and investors need to understand is that not all art will turn out to be a financial investment. Decorative art rarely qualifies as a sound investment, at least monetarily. However, this class of art – paintings and sculptures attracts maximum buyers thanks to its visual appeal.

Another category of art that is becoming popular with both corporate houses and individuals is ‘customised art’. Paintings are coordinated extensively with interiors – furnishings, wall colours, accent pieces, patterns etc. In house artists are briefed on the kind of art that needs to be produced and these are affordably priced anywhere between Rs 5,000 to a lakh, or so. Generally, there are no artist signatures on the canvas as these are promoted under the seller’s brand. Obviously, art of this form is not a financial investment and most sellers, in fact make no pretensions about it. Buyers too are fully aware that they are paying for customised wall art that matches perfectly with their décor scheme.

However, when decorative art is projected as an investment option most people end up buying it in the hope that prices will appreciate over time. In general, prices of artworks do go up with time (not to forget inflation!) and most artists are bound to raise their sale tags periodically. But, the difference between a painting that one buys for investment and another for décor lies in the percentage of appreciation in the same amount of time. An artist, who is performing well internationally, will see a bigger hike in his price than one who sells locally through neighbouring galleries. The latter generally paints a similar kind of work due to popular demand, and exhibits a tremendously limited repertoire. Having said that, there is no harm in buying art that appeals to ones senses, as long as one is clear about its investment potential – financial or visual.

(Published in Financial Times)

It's a good time to buy art

As the stock market continues its downward trend, there are a number of investors turning to art as an alternate investment option. In the past, we have discussed how domestic art is rapidly emerging as an asset class. Analysts confirm that despite last year's fall in the art index, this year it has been recording spectacular returns at both international and domestic auctions.

According to the latest ArtTactic Indian art market survey, the domestic and global economic situation is having an impact on the overall sentiments in the domestic art market. Despite this, both the Modern and Indian Art Market Confidence Indicators have reached new heights, showing the continued optimism in the market. Among the domestic contemporary artists T V Santosh, N S Harsha, Bharti Kher and Subodh Gupta take up the top positions.

At the recently concluded Saffronart's summer online auction 70 percent of the total lots were sold of which 66 percent were sold above their higher estimate. The sale grossed (inclusive of buyer's premium) USD 97.21 lakhs or Rs 38.88 crores. Subodh Gupta, S H Raza, Rashid Rana, and F N Souza continued their brilliant performances at this auction as well. At the upcoming Sotheby's Contemporary art auction this week, domestic artists such as Subodh Gupta, Bharti Kher, T V Santosh, and Anish Kapoor, and a few others will also be featured. This incidentally is not an exclusive domestic art sale but features international artists and involves names such as Damien Hirst, Andy Warhol and Francis Bacon along with a host of other established artists. The sale is offering eight works by the Indian contingent. These works are estimated to be around £2 million. In fact, Anish Kapoor's untitled sculpture alone is estimated at £1-1 .5 million. This is an interesting phase for domestic art and the results from this auction will clearly indicate how domestic artists fare in a mainstream international auction.

However, it does appear that domestic art has found widespread acceptance at a global level and investing in art might be a smart decision.

(Published in Financial Times)

Art auctions good for investors

With so many art exhibitions taking place it can be very confusing for a buyer to decide on the art, artist and the medium to buy, especially from an investment perspective . The list of artists who are talented and are producing interesting works is endless . It becomes very difficult then to narrow down one's search and zero on to a winner . Given the choice to buy from an artist directly, a gallery or at an auction, the answer would depend on factors such as budget, individual preferences and knowledge of art.
You can buy directly from an artist if that artist is selling from his studio, but this scenario is fast getting outdated . Most good artists are bound by contract from galleries and usually do not sell works privately. When picking up art by students and new artists it is a good idea to buy directly from them. Investors who are knowledgeable about art may also choose to buy directly from the artist, but one must especially look for quality and the condition of the work. In general, the woks displayed at a gallery are of a better quality, as they are often either a part of a curated show or the best from the artist's collection. When buying from a gallery look for one that has an excellent reputation , organises shows of reputed artists and has established credentials in terms of transparency in dealing and good business practises.

Buying at an auction (secondary market) works well for those who are looking at art from a purely investment angle and have the requisite budget. Often one may be able to get top of the line works at an auction. Even if the prices are high (premium , commissions, taxes etc), it is well worth it. The biggest advantage is that the works come with a provenance , authenticity and are usually of good quality. When rare or an artist's best works show up at an auction there might be fierce bidding for it. But, in general, an auction is a great way to consolidate one's collection. And, for those who are looking at making the right investment , it makes sense to buy at an auction.

(Published in Financial Times)

Smaller artworks more in demand

It appears that size matters when it comes to sale of artworks. Artists who have a penchant for large-sized canvasses are often asked by galleries to scale down their creations. Online galleries in particular find smaller format works move faster than the larger ones. Living in apartments, especially in metros, translates into multifunctional living spaces, which makes it impossible for buyers to display art that is large-sized. Most of the buyers still buy art for its decorative value and for the sole purpose of putting it up on the wall and beautifying the space. Although, recently, buyers have begun to combine art's aesthetic value with its investment potential, the problem of space remains. There are those investors who buy art and stash it in their cupboards and storerooms but one must remember that paintings can get damaged easily. Scratches, tears, mould, insects are just some of the problems that one can face if the environmental and storage conditions are not conducive. Therefore, it is advisable to hang paintings on the wall and availability of space then becomes a crucial element. Smaller-sized works are generally more affordable and that is also another important factor that aids its popularity.

There are many artists who like to paint on canvasses bigger than 4x5 feet but to find space for them in an apartment maybe a challenge. For instance, Bangalore-based artist Murali Cheeroth who works with very large canvasses feels that he has been getting a very good response for them from his buyers during shows. But, he admits, that an online gallery has approached him and has advised him to come out with a range of smaller works. This, incidentally, can be a challenge for artists who get used to larger-than-life portrayals. On the other hand, corporate offices prefer to go for larger works that can take up a wall. In fact, murals are also popular with corporate set ups. The impact of a large painting, mural or sculpture, is magnified due to its sheer size and it is this very fact that draws the discerning buyer who also has ample wall space.

(Published in Financial Times)

Brand Value in Art

The list of branded watches, bags, and designer clothing now has a new addition - the painting on the wall. Not just any painting but one created by an artist who is a brand by himself. Going by recent auction reports it seems that new records are being created for artists who are perceived as huge brands. The price tags associated with certain artists can only be explained by their brand value. Internationally as well as within the country this trend is catching on big time. Indian artists have never had it better before. Brand Husain is immense and not only because of his art. His penchant for courting controversies and his constant presence in media ensures that his brand value never dips. Just as celebrity participation in talk shows and reality programmes on the small screen have spun success stories for the producers and advertisers, so have a select group of artists for their collectors and investors. The man on the street may not have heard of the local artist living down the lane but will surely have heard of Husain.

It is no surprise that art as a profession is catching the imagination of many youngsters. The million dollar records that are set and broken at international auctions spell glamour and attraction. Some of these artists who have a great international appeal and presence have acquired almost a cult status. People seem to covet their works irrespective of the fact whether they can relate to it or not. MF Husain, SH Raza, FN Souza, Subodh Gupta, Jitish Kallat are just some of the names that have become bigger than their art. The demand for these artists has grown dramatically over the years and has translated into phenomenal sales as well. These artists have become synonymous with status and a ready recall value, which adds to their brand value. Even the uninitiated approach art galleries and dealers with names from this list to ensure their investments remains safe and appreciates well in the next few years. It does appear that in art too the brand rules.

(Published in Financial Times)

Authenticity and provenance

With mega bucks riding the art wave, one has to be extra cautious when buying art. The value of an artwork is unquestionably linked to the name of the artist. In the event that there is any doubt as to the origin of the artwork, or there is a cloud of uncertainty over who the artist might be, the artwork becomes a controversial piece. To substantiate its authenticity may then require an extensive and expensive process.
Every time an artwork exchanges hands it is important to keep a track of its provenance. Art galleries give out authenticity certificates when you buy an artwork, which basically lists out details regarding the artwork and caries relevant signatures to authenticate it. However, in the secondary market when you buy at an auction or from a dealer or even a private collector/investor apart from the authenticity certificate it helps to have a provenance or history of the artwork. This helps in further ensuring that a work is authentic and the investment you are making is sound.

One hears of instances where a painting was offered for sale but then the prospective buyer had doubts about its originality. Unsure whether it was a fake or an original, the buyer chose to opt out of the sale, which is a wise decision. Now that sales of works by Indian modern and even some contemporary artists involve lakhs to crores of rupees, it makes sense to be 100 percent sure about its authenticity. It also follows that one should buy art from only reputed sources, whether it is an art gallery, an auction house, an online dealer or an individual one must be certain of the seller’s credentials before deciding to buy the artwork. As a buyer you must keep all records of the transaction, which will then come in useful when you want to sell of the work.

(Published in Financial Times)

India Art Summit 2008: Art meet brings fraternity together

India 's first art summit is happening in New Delhi later this year. Formulated along the lines of international art fairs, the summit plans to bring together various players associated with the Indian art scenario on a common platform. According to a press release, this initiative will bring together a range of stakeholders supporting the business and development of art in India - artists, galleries, art funds, auction houses, art insurers, art framers, art valuators and restorers, art movers and packers, interior decorators and architects, reputed commentators and art critics from across the world. The event supported by veteran artists Anjolie Ela Menon and S H Raza, among others, promises to be an interesting and useful experience. Apart from providing various galleries the opportunity to showcase their artists, a one-day forum will also be organised that will have experts talk on issues that are relevant to the development and the business of art.

Anjolie Ela Menon who was in Bangalore recently for a short visit feels that an event such as this provides a great opportunity for all those involved with the art scene to come together and interact. Also, the summit will be open to public, and people from across all fields will have access to it. She explains that there will be discussions on issues such as taxation, legal aspects of fakes, rights for reproductions , copyrights and other relevant subjects. Hopefully, the dialogue between various agencies will also help in the regularisation of the art market. There is a need for a collaborative effort of this kind and the India art summit certainly promises a lot for all those connected with art. Finally, how can one resist asking Anjolie Ela Menon about the trend of investing in art? She feels it is a positive trend and now there is a lot of interest in avantgarde art. And, this is a good time to hang on to one's art and not be in a hurry to sell.

(Published in Financial Times)

Contemporary art commanding high prices

The much-awaited Sotheby’s auction of Indian art far exceeded expectations. The recently held auction fetched £4.28 million, which in fact is much higher than the pre sale estimate of £2.4-3.4 million. At the auction 79% of the lots were sold. According to a press release from Sotheby’s, 67% of the lots sold for prices higher than their pre-sale high estimate and 11 new auction records were established for names including Rabindranath Tagore and Jitish Kallat, among others. F N Souza’s ‘The Red Road’ fetched £5,80,000 against an estimate of £2,50,000-3,50,000.A new auction record by medium was also set for Subodh Gupta. An Untitled canvas by Subodh Gupta was the top selling work of this group, achieving £264,500 against a pre-sale estimate of £70,000-100,000 and establishing a new auction record for a canvas by the artist. Amongst other notable results, Rabindranath Tagore’s ‘Death Scene’, which made £144,500 against an estimate of £15,000-20,000 and his ‘Bird’, which sold for £70,100; and Jamini Roy’s ‘Santal Couple’ which sold for £29,300. Incidentally, Tagore’s ‘Death Scene’ established a new auction record for the artist. Along with Subodh Gupta, Bharti Kher, TV Santosh, Jitish Kallat, Thukral and Tagra performed exceedingly well.
One can safely say that the auction results reiterate the interest and acceptance worldwide for Indian contemporary artists. International themes combined with Indian ethos appear to be winning over global audiences.


Coming up next is the ‘Celebration of South Asian Modern and Contemporary Art at the Christie’s auction next month. This auction in fact will also see the Ambanis put up 12 works from the Harmony Art Foundation in association with Barclays Wealth. The proceeds will go to the Harmony Foundation, which was established by Tina Ambani in 1995. The artworks are estimated to raise more than Rs 81 crores. Christie’s will also be exhibiting 32 works from Tina and Anil Ambani’s private collection, which includes artists such as M F Husain, Tyeb Mehta and S H Raza along with leading names in contemporary art such as Atul Dodiya, Jitish Kallat, TV Santhosh and Riyas Komu.

Indian Art at a Crucial Juncture

Indian art is now poised at a crucial stage and in the near future the results from the upcoming auctions will help in indicating the growth rate of the art market. Dinesh Vazirani, Director of Saffron Art auction house, who was recently in Bangalore for a talk on the Indian modern and contemporary art and how it has grown dramatically in the last few years, also pointed out that the next 12 months or so will determine the course of Indian art in the international arena.

The soon to be held Sotheby’s auction of Indian art comprises of 123 lots by a variety of Indian artists – both modern and contemporary. On May 2, London is expected to be abuzz with the colours of Indian art. The Sotheby’s auction is expected to bring in around 24,00,000 GBP. The auction will feature works by artists such as Jamini Roy, S H Raza, Ramkumar, Shakti Burman, Badri Narayan, Laxma Goud, Krishen Khanna amongst others.

FN Souza’s ‘The Red Road’ has the highest estimated price between 250,000 – 350,000 GBP, followed by Akbar Padamsee’s two works that are estimated between 150,000 – 250,000 GBP each. Incidentally, 11 works by Souza ranging from a lower estimate of 3,000 GBP (for the lowest priced work) onwards will be placed for bidding. Whereas, ‘The Thief of Baghdad’, a diptych painted by MF Husain is estimated to fetch between 100,000 – 150,000 GBP. There are 7 works by Husain too where the lowest priced work begins at a lower estimate of 30,000 GBP.

There are two works by Rabindranath Tagore as well, titled ‘Bird’ (pen and coloured inks on paper) and ‘The Death Scene’ (gouache and coloured inks on paper) which will also be coming up for bidding. Then there are works by Subodh Gupta, Atul Dodiya, Jitish Kallat, T V Santosh, Sudhir Patwardhan, Chintan Upadhay and Shilpa Gupta amongst a bevy of others.

All eyes are now on this auction and the results will be of special significance for collectors and investors of Indian art.

Affordable art with investment value

How the definition of affordable art has changed over the years! Having grown at a furious pace in the last few years, the Indian art market is currently estimated to be valued at around Rs 1,500 crores. And, market sources predict that Indian art is likely to continue its impressive performance, but what is unclear or has an element of ambiguity is the growth rate. Whether the market grows at the same spectacular rate it has seen in the past remains to be seen. Despite this most experts feel that Indian art is one of the safest investment options, provided one invests after a thorough research and looks at it as a long term asset.

Affordability is surely a relative term. Earlier where one looked at investing Rs 10,000 to 50,000 on a painting; prices have now climbed substantially higher and now involve more than five digits. A few years ago one could buy an average sized work of art with associated investment value for less than a lakh, whereas now one would have to spend at least Rs 2 lakhs and above to pick up an artist with some investment potential. In fact, those contemporary artists who are considered to be ‘safe’ in terms of their investment potential are available only above Rs 5 lakhs. Unfortunately, these high figures can be a major deterrent to those looking at buying an affordable range of art that goes beyond decorative purposes.

Galleries and dealers are therefore introducing new artists with attractive pricing to plug the resultant gap in the market. This also helps in broadening the buyer base. At the same time this bodes well for young artists and promising talent. Students, fresh graduates and artists with 2 to 3 years experience are in a better position than ever before to sell their artworks. The demand for affordable art ensures that gallery representatives scout actively for reasonably priced artists and these are then marketed aggressively to create a clientele.

(Published in Financial Times)

Buying at an Auction - a few tips

Auctions of Indian modern and contemporary art are gaining in popularity with new auction houses coming up and with an overall increase in demand for Indian art.
The biggest advantage with buying at an auction is that an artwork that is rare or rates high on a collector’s wish list is likely to come up only at such events. And, therefore when a collector or an investor picks up such an artwork, prices are only going to appreciate in the future. This is not to say that auctions are only for the seasoned collector or investor. New buyers looking to add value to their investment portfolio may also consider picking up a few good pieces at an auction. When buying at an auction the credentials and the reputation of the auction house is a very important factor that needs to be considered.

Here are a few pointers for prospective buyers looking to bid at an auction:
Prospective buyers need to register themselves, either at an official website for an online auction or with the auction house at a physical auction prior to the event. Usually there is a detailed form that needs to be filled up.
The catalogue listing all details pertinent to the artworks (lots) and other sale details are available through the auction house.
One must carefully go through the catalogue and check the information regarding the artists, size, medium, provenance and the estimated prices.
Once you have short-listed the artworks you are interested in, you should validate them at the viewing, which is organized before the actual auction date. Generally the viewing is organised at one or more venues (it could even be different cities) and offers an opportunity for the prospective buyer to get a feel for the artwork (check its condition, etc).
Go though the fine print regarding service charges, taxes, commissions and other charges, if any.
Find out about the bidding procedure – it can be usually done in person, through a representative or over the phone, and on the Internet, in case of an online auction.

It is always advisable that you consider your budget and define your upper limit before you actually start bidding.

(Published in Financial Times)

Is decorative art an investment?

With so much being written and discussed on art, it is no surprise that most people would like to own a few works of art. But, unfortunately with rising prises the gap between art lovers and artworks has significantly increased. Therefore, even if one covets a Subodh Gupta or a TV Santosh, very few may actually be able to afford them. It is no surprise then that people look for suitable alternatives or substitutes. And, this is where decorative art finds its niche. Paintings and assemblages are growing in popularity. Often these are made by hobby painters and other small time artists and although they may be aesthetically pleasing and coordinating well with the décor, these are unlikely to be a sound investment from a financial angle.

In fact, thanks to the interest in everything related to art, the decorative art industry is growing and thriving. They are quick to produce artworks that have a mass appeal - brightly coloured landscapes, so called abstracts and reproductions of famous paintings form some of the popular choices. Ornate, elaborate and ‘fancy’ frames help in enhancing the visual factor. One has to admit these fit well into the interior décor scheme and add an element of ‘art’ on the walls. Costing anywhere from Rs 5000 to up to even a lakh or more these have become an integral part of home and office décor and no one can deny their ‘trendy’ look.
The biggest advantage with such artwork is that it can be customized specifically to the client’s needs. Furnishings, wall colours, and other accents can be coordinated with the artwork to give a unique feel. The disadvantage, if it can be called that is that these can hardly ever be a financial investment and will therefore lack in resale value. But then as most buyers who opt for such works will be looking at it from a different perspective, it is a win-win situation for all.

(Published in Financial Times)

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)