3rd Dec. 2002
Prices soar in art mart
Kishore Singh
Published : December 3, 2002
Recessionary trends in the market be
dammed, the art bazaar is doing very well, thank you, as paintings fetch record
prices that has sellers in a tizzy.
The recently auctioned triptych by Tyeb Mehta at a New York Christie's
auction had fetched Rs 1.5 crore, creating a new benchmark that M F Husain
toppled over the weekend with a privately retained panel that he sold to an
American NRI for Rs 2 crore. And prices, it seems, are going to continue
increasing as the auction mart in the country gets savvier.
That it's on to a good thing is apparent in volumes alone - contemporary art
has been on the block in three almost back-to-back auctions.
Bowring's, which had previously burned its fingers on a sale of film
memorablia, has bounced back confidently when it managed to set a new record for
a work sold at any auction in India.
A work by Ravi Varma, estimated to fetch Rs 30-40 lakh, went on the hammer at
Rs 56 lakh, setting a record for the artist. Another Ravi Varma canvas estimated
at Rs 20-35 lakh, fetched Rs 36 lakh.
A Nicholas Roerich also overshot its estimate and bagged Rs 15 lakh. Total
sale proceeds from the auction were Rs 4 crore. Predictably, deputy chairman
Patrick Bowring was ecstatic because quality and rarity were the determining
factors, often producing prices well above expectation.
Barely had the Bowring's buzz died down when Saffronart's online auction
(from December 1-4) has begun with a high sense of excitement.
Hoping to capitalise on Tyeb Mehta's new crowning, collector-founders Minan
and Dinesh Vazirani have put a canvas from Mehta's same series on the catalogue
jacket. Obviously, they're hoping buyer hysteria will repeat itself through the
online auction, and the estimate for the single panel (Rs 47.5-62.5 lakh) is
based on the same estimate.
Minan Vazirani points out other works in the 187-lot collection under the
hammer that she considers significant - two works by F N Souza from his period
in London, a few Sakti Burmans, two Jogen Choudhurys and a few Ram Kumars -
though they're fairly standard fare on the auctioneer's block, and unlikely to
steal the limelight from the Mehta.
But then, the serious (as opposed to the charity) auction market is still
"very nascent", says Vazirani. "The market has not matured sufficiently; buyers
are just learning about and getting used to the process of bidding in auctions,
and sellers are beginning to better understand how an auction can be
beneficial."
They'll have to prove fast learners if they hope to cash in on what may just
turn out to be the most significant auction of the year. Osian's hock, on
December 5, includes masterpieces and museum quality Indian modern and
contemporary paintings.
Don't sweat the small stuff because estimates on this 150-lot sale at NCPA,
Mumbai are deliberately high.
"There are probably more masterpieces in this auction than any other
previously held," says curator Neville Tuli who, like Vazirani, believes the
market in India is at a stage of complete infancy.
There are, of course, the usual suspects on sale - Tuli listing particular
works by Sailoz Mookherjea, D P Roychowdhury, Rabin Mondal, Sultan Ali, Devayani
Krishna, Ambadas, Biren De, Rameshwar Broota, Ranbir Kaleka, K H Ara, Sudhir
Patwardhan, Navjot, S H Raza, Ganesh Haloi and Laxman Shreshtha as personal
favourites.
His inventory is based on the fact that many of these works have not been
sold before, have been rarely shown, and are, often, from the artists' private
collections. As such, they are significant because they represent either a
turning point in an artist's work, or a rare representation.
"These artists have given old, key works for the auction which they would
only have parted with for serious international quality exhibitions." Estimates,
naturally, are on a high, but that Tuli says is because of the quality of a
curated auction.
"The pre-selection of the curator is today the premium which people are
willing to pay because they have come to realise that as the market matures, the
quality of the specific work of art will dominate all concerns, whether it is
regarding its inclusion in a major collection, or for re-sale considerations."
As collectors bid for these rare works, and prices spiral, it's time for
corporate India to debate the merits of entering the art market; not as
corporate buyers, but as a business opportunity that has just begun to open up
in India. Tuli is aware of this.
"The financial world and institutions will slowly get involved more deeply
once the economics of the whole infrastructure-building process is discussed in
detail, and the scale of wealth to be recycled understood in a clearer way."
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