Invest in Art

RAJ S. RANGARAJAN
Despite the lull and uncertain market conditions, the art market is seeing action, albeit muted.

Healthy trends

While there is a reported lull in art buying - a kind of coasting effect - following uncertain economic conditions in India and abroad, certain artists' works continue to sell specially if their provenance is sound. Gallery highfliers and art dealers who professionally invest for their businesses are watching the market with cautious optimism.

On the world scene, last month while Arab and Iranian art sold in London at decent prices, similar Middle Eastern art in Dubai had a lesser number of takers. Auctioneers Sotheby's and Christie's reported a sharp drop in dollar volumes compared to previous year's figures. Also, at Chinese contemporary art auctions in Hong Kong four Chinese and Indonesian artists had million-dollar successes with their work, thanks to dominant provenances.

When it comes to art provenance refers to the history of ownership of a valued painting or antique or literature. Kent Charagundla, owner of Tamarind Art Gallery in New York echoes the sentiment that "provenances matter and good art will always attract buyers whatever the state of the economy."

Indian artist Subodh Gupta's work dominated headlines at contemporary Indian art auctions held by Sotheby's, London in October. Also creating a buzz was the news that Gupta has now secured representation from the prestigious art gallery, Hauser & Wirth with offices in London and Zurich. In New York, Gupta is represented by Jack Shainman gallery.

Having made a name with seemingly plain but pricey "stainless steel" art installations, Gupta's art is much sought after by non-Indians as well. Three of his creations sold at more-than-estimated prices. His nondescript bicycle installation - titled "Cow" with milk cans - sold for GBP313,250. One wonders if this piece is a photograph or an actual painting. Two other creations of his sold for GBP385,250 and GBP241,250.

Not to be outdone, another Indian artist, Anish Kapoor's "Untitled" piece sold at GBP385,250 against an estimate of GBP250,000-GBP350,000. Kapoor - artist and sculptor - born in 1954, has won the Turner Prize (named after painter J.M.W. Turner), an annual prize presented to a British visual artist under 50.

Earlier in October as well, at Sotheby's Hong Kong, Zara Porter Hill, head of their Indian and Southeast Asian Art department "was encouraged by the level of bidding from a completely new group of buyers" specially since younger artists of Indian origin achieved record prices for their work. An acrylic-on-canvas with cloth applique titled, "I Like My Man Covered Too" by Jiten Thukral (born 1976) and Sumir Tagra (born 1979) was bought for US$234,252 (excluding buyer's premium) while the estimate was merely US$155,000.

Also, 1972-born Chintan Upadhyay's oil-on-acrylic, "Together With Life Whether We Like It or Not" achieved a high price, selling at US$141,581 when the estimate was merely US$100,000.

Some observers of the art scene suggest a cooling effect in the art market after many years of phenomenal growth with many artists - young and old - showing more than promise: they also achieved record-breaking results. Others however suggest that despite greater selectivity and cerebral decision making by art collectors, demand and competition for contemporary art is still healthy.

(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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