Affordable Art Market Picks UP



Untitled, R.B.Murari, 2010 -
coutresty Monsoon Canvas


The art market has had a spate of activities in the recent past with a lot more slated to happen in the next few months. Despite the increase in the number of events and exhibitions, sales in the primary market are yet to reach the levels seen prior to 2009.
However, there are indications that there is a rise in sales of art which can probably be categorised as 'affordable' and is in the range of Rs 20,000 to Rs 75,000. This segment is probably expanding and benefiting the most. Artworks by young contemporary artists, especially those who have created a niche for themselves in the last few years and have also sustained themselves through the period of recession, continues to find buyers.
This segment, although priced higher, is sustaining itself thanks to a loyal buyer base, and it is clear that the artists benefiting the most are those who have continued to focus on quality and have been less prolific than others. A recent survey of confidence levels in the art market which based its analysis on results from secondary sales and auction reports indicates that the strength shown earlier in the year was unable to sustain in the recent months.
According to the report, 'The Indian auction sales season failed to meet market expectations. The total auction value for modern and contemporary Indian art at Sotheby's, Christie's and Saffronart came in 20 percent below the low presale estimate'.
However, it goes on to clarify that a probable cause for this could be 'over-ambitious valuations' and 'lack of quality works' which may have put off buyers. But, the overall prognosis suggests that the market is levelling out after a period of recovery. Interestingly, although there is a marginal dip in the positive sentiment in the market, the report suggests a promising short-term outlook in the next six months, although the pace is likely to be slow.
 
Economic Times online 15 November 2010

Auction House Favourites of Indian Art

The Indian art market is predicted to touch the $1 Billion mark this year (2010). This is not much for the world art market but this is about a 10 fold growth for the Indian art market from the mid 90s. Read the profiles of the artists that is responsbile for this growth.


India, being slated as the next world power with a growth market has had its effects on the Indian art market too. In the recent years Indian Modern art has found favour with international collectors and investors. The increase in domestic affluence and in international interest in Indian art has given a substantial impetus to the Indian art market. The Indian Modern masters have evinced interest of the international art market and the growth has been quite phenomenal.

Of the $1 billion Indian art market, the modern artists contributed approximately 50-60 percent last year (2009). S.H.Raza, Tyeb Mehta, V.S.Gaitonde, M.F Husain, Amrita Shergil are the current auction house favourites of the Indian Modern art market. The paintings of these 5 artists form the top 10 most expensive Indian paintings sold.

S.H Raza’s Saurashtra has been the most expensive Indian painting auctioned. The painting was auctioned for $3.5 million by Christie’s in 2010. This is followed by F.N Souza’s ‘Birth’ sold for $2.5 million in 2006.

Here is a popular list of the top 5 most expensive Indian paintings ever sold. You will see that S.H Raza and F.N Souza dominate the list followed by Tyeb Mehta. (To see the top 10 images click here)

Saurashtra S.H Raza, $3.5m




Birth F.N Souza, $2.5m



La Terre, 73 S.H Raza, $2.45m

La Terre, 85 S.H.Raza $2m

Untitled Tyeb Mehta, $1.84

S.H.Raza sets another record in Indian Art

"Bharatiya Samaroh", S.H.Raza, 1998

S.H.Raza is currently the reigning king of the Indian Modern Art. His paintings seem to be a darling of investors in Indian and Asian art. His latest painting fetched an amount which is still unheard of for Indian art. Although his most expensvie painting was sold at $3 million.

Syed Haidar Raza, modern Indian painter, has fetched Rs 4.07 crore ($879,897)  for one of his earliest works "Bharatiya Samaroh" which topped the recent Saffronart's 2010 autumn online auction.


Held on September 9-10, the auction which offered a collection of 90 works by 43 modern and contemporary Indian artists, registered 70 percent sales grossing Rs 29 crores ($6,269,582), a tad short of the lowest total pre-sale estimate of Rs 29.5 crores ($6,377,687).

Influenced by European painters such as Cezanne, Van Gogh, Picasso and Gaugain, Raza had over the years created a style of his own. The "Bharatiya Samaroh", is one of his earliest and largest fractured geometric paintings which highlights distinct symbols in differently patterned squares coming together to form a whole construct.

His 1998 canvas fetched Rs 4.07 crore ($879,897) more than the expected higher estimate of Rs 3.72 crore ($8,042,373). Raza had previously in June this year set a world auction record for modern Indian art when his 1983 painting "Saurashtra" was sold at Christie's London for Rs 16,2387474.7 ($3,486,965).

It broke the previous record held by the master artist for "La Terre" which sold for Rs Rs 8.56 crore on June 30, 2008.