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)

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