RAJ S. RANGARAJAN
Uncertain economy does not deter contemporary Indian art sales
NEW YORK: If it’s September it’s art season in the western hemisphere and world leaders congregate in New York to attend United Nations sessions. It is also the time when auctioneers kick off cheese-wine receptions and sell expensive art.This season folks had more than art on their minds: many – whether interested in art or in bread-and-butter issues or the forthcoming elections issues in the U.S. – were worried about uncertainty on the economic front. Interestingly, though there was unease in the financial markets sales of contemporary Indian art at auctioneers – Sotheby’s and Christie’s were upbeat.
Art dealers, gallery owners and investors in art were happy that Indian artists have come into their own with three of them surpassing the one million dollar milestone effortlessly. Interestingly, most of the art by Indian artists is being picked up by American private bidders who are eager to pay top dollar for quality creations. New York gallery owner Deepak Talwar says, “These are informed acquisitions by seasoned collectors and museums who know quality.” Institutions of Indian origin in the U.S. have yet to invest in huge sums on art.
At recent art auctions, Bihar-born 44-year-old Subodh Gupta had four paintings in the top twenty at Sotheby’s and Christie’s. His Steal 2 (oil-on-canvas) that he painted just last year sold for $1.16 million. His unusual installation, Miter, also created in 2007, comprising stainless steel utensils was a major sensation and was sold for $1.02 million.
Gupta’s ‘Untitled’ oil-on-canvas that he painted in 2005 sold for $962,500 when the high estimate for the piece was only $800,000. It is part of a series titled Saat Samundar Paar (Across the Seven Seas) which portrays migration as a theme and the return home particularly of migrants who return with huge “ghatris” and gifts for all back home. His One Cow, 2003 sold for $866,500 against an estimated price of $800,000.Falling Figure with Bird by Tyeb Mehta (born in 1925 in Kapadvanj, Gujarat) sold for 1.53 million. His Mahisasura created in 1997 was the first painting that beat the $1.6 million mark few years ago. Enduring artist M.F. Husain, at 93, continues to be popular. His oil-on-canvas, Ritual sold for $1.02 million.
To a question if he would defer buying expensive art in an uncertain economy such as now, Talwar said, “You could be uncertain about the economy, which is cyclical, but what is definitely continuing is a wider awareness of art from India. This will lead to larger interest and demand for works not just from within India but from outside too. I see that happening at our gallery.” Also noticed is a trend of non-Indians buying works by Indian artists in view of their investment value. Art collector Umesh Gaur says, “Art buying has become more selective and buyers are looking for great works with strong provenance and published exhibition history.”
Yamini Mehta, Director of Modern & Contemporary Indian Art of Christie’s, based in London agrees, “Our clients are becoming more discerning which is a good sign of a maturing market. While there has been an ascent in value for works by younger contemporary artists such as Riyas Komu (born ’72), Rashid Rana (born ’68), N.S. Harsha (born ’69) who won the £40,000 Artes Mundi Prize in Cardiff, Wales in April and Chitra Ganesh (born ’75), our clients are well informed to buy the quality works.”
(A New York-based trend writer, Raj Rangarajan reports on the art market and has contributed to publications in the United States, Canada, Australia and India.)
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