Artist Horace Van Ruith’s Untitled (A Brahmin Household) “Courtesy Sotheby’s"
South Asian Art Market Is Upbeat
By Raj S. Rangarajan
Collecting art has been an interesting hobby and investment among South Asians here in North America and in India, and currently, with a revived interested in art collection, as evidenced at recent successful art auctions in New York and London, it’s a cinch that this interest is here to stay.
At the Asia Week auction of South Asian art held in March at Sotheby’s and Christie’s in New York, several paintings sold at prices much higher than the indicated bid prices. At Sotheby’s. a Raja Ravi Varma (1848-1906) painting of Untitled (Damayanti), ca. 1890-1900 – an oil on canvas – was bought by an European private collector for USD 1.69 million (see picture).
British artist Horace van Ruith (1839-1923) who specialized in landscapes and portraits was known for focusing on Indian themes as well. His untitled oil on canvas – A Brahmin Household – set a record last month at USD 384,500 at more than six times the high estimate. (see picture.)
Modern masters such as Francis Newton Souza, Sayed Haider Raza and Maqbool Fida Husain continue to draw attention. Six years after his demise in London, Husain continues to be a major
draw.
Artist Raja Ravi Varma’s Untitled (Damayanti) “Courtesy Sotheby’s"
To a question, "With promising sales last month in the South Asian art categories, would you say, the art market is getting bullish now?" Anuradha Ghosh-Mazumdar, Senior Vice President and Head of Department, Indian & Southeast Asian Art, New York at Sotheby’s Inc. responded: “based on our results over the past 5 years, this market remains steady and strong with works of quality and provenance being keenly contested by a global audience of South Asian and diaspora collectors.”
Ghosh-Mazumdar added: “The most exciting statistic was that 69 percent of the recent sale by value was sold to collectors based in India, and that the country accounted for 41 percent of bidders followed by 38 percent bidders from the U.S. This is important in light of the demonetization in India last November with currency circulation constraints not dampening the enthusiasm of bidders."
To another question, "Do you see optimism among art collectors and dealers in regard to these categories,” the Art Specialist clarified, “many collectors view South Asian art as an undervalued market” and added that every year both our sales – Classical and Modern Indian art – attract 15-20 percent new buyers, which is indeed a sign of optimism and interest in the collection category.”
Yamini Mehta, International Head of Indian and South Asian Art, Sotheby’s noted: "We were delighted to see today’s auction – the only sale of Modern & Contemporary South Asian Art taking place during Asia Week New York – comfortably exceed the high estimate. Vigorous bidding for Raja Ravi Varma, Sayed Haider Raza, and other modern masters, translated to a 91.4 percent sell-through rate with 67.9 percent of lots exceeding their high estimates, including a series of strong prices for signature works by Maqbool Fida Husain."
At the Indian, Himalayan & Southeast Asian Works of Art auction at Sotheby’s, in the top ten, five Husains sold at prices higher than estimates. Also, several bronzes with provenances from as early as the 10th century Chola period and some from the Vijayanagar period (14th century) of South India were bought by American and British collectors.
At Christie’s across Manhattan, New York a large Black Stone figure of Lokanatha Avalokiteshvara (58 inches or 147.4 cm high) from the Pala period (12th century) in Northeastern India sold for USD 24.7 million.
Interestingly, the art market’s fortunes do not seem to be necessarily tied to a country’s or region’s economic cycle. Which, mercifully, is good for the connoisseur and the investor.
* Raj S. Rangarajan is a New York based independent writer. He covers trend stories on art, reviews films and books for media based in New York, Toronto, Canada and India. He could be reached at raj.rangarajan@gmail.com
