Art market slow but should rebound

With a downturn in world economies this writer asked a Bangalore-based auctioneer, M. Maher Dadha, chairman and managing director of Bid & Hammer about prospects for the art industry.

Excerpts

RR: Following a slowing down of the economy do you also see a slowdown in the buying of contemporary art or higher-priced bronzes by collectors, dealers, galleries?

MMD: The slowdown in the economy is bound to affect the sale of high-priced art, but only if it does not intrinsically affect values. The rich or the super-rich who have not been personally affected by the downturn will continue to buy works of good quality.

RR: Over the past 5 to 6 years, creations by many Indian artists have sold exemplarily well -- some to the tune of US$ 1 million. Do you think soaring prices for contemporary Indian art will continue in spite of the depressed economic situation?

MMD: Prices of works by some contemporary Indian artists have been reaching astonishingly high levels and that too at a very quick pace which has been due to speculation fuelled by certain syndicated forces working in the market. Thus the ongoing correction is good for the market and in the short-to-medium term, the prices of works by some artists will go up but at realistic, sustainable levels. Indian artists are still under-valued, their potential is pretty high as they are increasingly being recognized on a global stage. Also, many Indians in India are buying expensive creations from artists such as Husain, Tyeb Mehta, Godbole and Subodh Gupta at auctions abroad in view of their universal appeal.

RR: Expensive bronzes seem to be bought more often by corporate outfits or galleries owned by non-Indian outfits. Your comments?

MMD: Corporate entities generally tend to buy bronzes or engage sculptors to thematically decorate their corporate offices, gardens, campuses, meeting rooms, etc. and because they have access to large funds it is easier for them to take a decision to buy a piece of bronze or sculpture. However, the domestic Indian market has also been picking up and in the next 2-3 years I foresee the buying of bronzes and sculptures increasing manifold.

(A New York-based trend writer, Raj Rangarajan reports on the art market and contributes to publications in the United States, Canada, Seoul and India.)

RAJ S RANGARAJAN
TALKTORETAILPLUS@YAHOO.COM