Art Tactic - Art Market Report June 2008

Rawfacts - June 2008 Issue
The contemporary art market seems to defy gravity, and the May auctions performed generally in line with expectations. One thing is clear, the art market has polarised around the top-end, which largely appeals to recession proof buyers. But what is happening to the art further down the value chain? Anders Petterson takes a closer look at the situation.


Below is a short summary of the June issue:
Indian art market hit by econonomic woes: The overall ArtTactic Indian Art Market Confidence Indicator fell 13% from the last reading in October 2007. However, despite the fall in the overall ArtTactic Indian Art Market Confidence, the confidence in both the Modern, and Contemporary Indian art markets increased significantly, up 17% and 6% respectively.

Source: http://www.arttactic.com/

Visual tales by a master storyteller

This week I would like to talk about my meeting with artist Badri Narayan and his forthcoming exhibition. After living in Mumbai for several years, the artist shifted to Bangalore a couple of years ago and although he has been suffering from ill health he continues to paint. His zest for life and his spirit remains indomitable and in fact the several paintings that graced his walls, have been painted by him in the last couple of years.

Born in 1929 in Secunderabad, Badri Narayan is a self-taught artist and has been painting for about six decades. He has worked with several mediums such as paintings, ceramics, tiles, woodcuts and engravings. He was honoured with the Padma Shri in the year 1987.

A master storyteller, Badri Narayan weaves tales that are inspired by Indian myth and folklore - the Jatakas, Puranas and other stories. But, the interpretation of these is completely unique and centres round everyday life.
From an early age he was interested in literature, folk tales and visual arts and probably that explains a strong influence of these elements in his repertoire. Compassion, wisdom, kindness are just some of the emotional foci that form an integral part of his narrative. The characters in his visuals may belong to another age and period but the events and episodes portrayed are contemporary in narration and relevance. Relationships and other human traits fascinate the artist and are brought out through detailed depictions. As Badri Narayan’s art draws heavily from the folk arts, the images are stylised and may even appear child-like at the first instance. But there is a rich simplicity that evokes an instant emotional connect. In his colourful watercolour paintings too there is a strong use of the pen and ink with motifs that are repeated for an ornamental purpose. He acknowledges the fact and is happy to promote and present Indian cultural and traditional elements through his art. For instance, there is extensive cross-hatching (tiny criss-crossed lines) done in some of his works. Symbols and metaphors are also often used to emphasize the significance. Despite their illustrative quality the paintings and drawings are fluid and eloquent in their narration. In his new series, a number of drawings are inspired by Hamsa - the mythical swan. The drawings are sparse yet compelling as they spin a new tale.

Badri Narayan’s series of pen and ink drawings titled Hamsa, Jataka and Other Drawings will be showcased at Renaissance Gallerie from June 12 to 18.

(Published in Bangalore Mirror)

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)

The week that was - Bangalore

Surprisingly, just when I thought nothing happens in summer, there was a lot of creative activity in the city. Remember the sculpture workshop I had talked about a couple of weeks ago? Well it ended recently with all the artists having created at least 1 sculptural piece. The good thing about a workshop such as this is that it offers a fantastic opportunity to watch artists at work. To see the changing shape of the clay over the days was an exciting process. The inimitable Laxma Goud finished with three pieces – complete with ornate designs and elaborate detailing. Talk about energy! Alex Mathew created a fascinating clay model of Francisco Goya’s etching ‘The Sleep of Reason Produces Monsters’. I look forward to seeing that in bronze. Jyotsna Bhatt from Baroda worked and conditioned the clay diligently over and over again just as she does with her ceramic pieces, to finally make a delightful cat. Some of you will remember the Ahmedabad based sculptor Karl Antao who had an exhibition of his sculptures in the city last year. Working along similar lines, he made busts of a man and woman joined together at the base. I have to say his works are quite intense and cerebral. I enjoyed Manjunath Kamath’s self-portrait with a quizzical and satirical touch. Reghu and his take on rural men and women are quite well known in Bangalore, he made a similar model here too. All the clay models will be cast in bronze later on and will hopefully be put up for public viewing.

The Kala Utsav was organised by the Department of Kannada and Culture at the newly renovated Venkatappa Art Gallery. Artist SG Vasudev’s catalogue - the Kannada version of his last show ‘Past Forward’ was released during the festival. There seemed to be quite a few artists (50, I’m told) participating in the 5-day event, but unfortunately most of the works that were put up were quite mediocre. However, there were some interesting paintings from Ken School of Art and a few sculptures from CAVA, Mysore.

Finally, last Friday, Ravikumar Kashi held a daylong informal preview of his paper installations that are going to be a part of an international art fair to be held later in the year in Santa Fe. The books have been made out of paper pulp and I had seen some of them before at his studio, but the other works titled ‘What if’ have been made recently. These are similar to an earlier series ‘Armour’ that he had done a couple of years ago.

(Published in Bangalore Mirror)

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)