Mahishasura - Tyeb Mehta's work may fetch £1.2-1.8m (Update - Mahishsura fetched £1.38 on 11th June 2012)

Mahishasura - Tyeb Mehta

THE SEASON of auctions in contemporary Indian art starts in London in June and the three main auction houses, Christie’s Sotheby’s and Bonhams, have major sales coming up in the first half of the month.
The highlight of the Christie’s auction of South Asian modern and contemporary art on June 11 is Tyeb Mehta’s Mahishasura, 1996, the most important painting from this groundbreaking series, estimated to sell for between £1.2 million and £1.8 million. A painting, Untitled (Figure on Rickshaw), by Mehta, who passed away in 2009, was sold for record price of £1.973 million at the Christie’s auction in London in June in 2011.

Mehta’s Mahishasura was the first Indian contemporary painting to have crossed the million-dollar barrier in 2005 when it was sold for nearly $1.6 million.

The Indian modern and contemporary artists do not command high prices in auctions compared to European artists — Norwegian artist Edvard Munch’s iconic pastel drawing, The Scream, made history in May as it was auctioned for $119.9 million by Sotheby’s in New York.

The Christie’s auction is also offering Cinq Sens, 1958, a quintessential work by M.F. Husain, which was formerly in the collection of the world renowned Italian filmmaker Roberto Rossellini and his Indian wife Sonali Dasgupta. The painting, estimated to sell for £400,000 - 500,000, was a gift from Husain to his friend, Rossellini, who left India with newfound love, awareness and creative consciousness. “Christie’s is delighted to be offering the seminal painting, Mahishasura, by Tyeb Mehta; one of the artist’s best and most iconic works to come to auction,” Yamini Mehta, director of South Asian modern and contemporary art at Christie’s, said.

“Heavily inspired by ancient mythology and Hindu literature, Mahishasura recounts the legend whereby the Brahmin demon-king Rambha produces an invincible son through his union with a she-buffalo,” Christie’s said.

The auction house also compared the Tyeb Mehta painting with Picasso’s Guernica. “Mehta fuses ancient imagery with simplicity of form, colour and line, resulting in powerfully modern works full of fresh vitality. Stylistic devices evident in the present work — such as the simultaneity of perspective and figures, the juxtaposition of linear and volumed representation, and varying frontal and profiled angles of vision — conjure images of Pablo Picasso’s pivotal work, Guernica. Just as Mehta was inspired by the bull, Picasso also regularly depicted multiple forms of the bull and most often the mythological creature, the Minotaur,” the auction house explained.

(As printed in The Asian Age )

Read more about the Modern Masters of Indian art - on how they became the auction house favourites

Fall in art prices – artists follow the affordable art route

The market in 2011 has not been very favourable for Indian art. After the euphoria that existed in 2006, the prices of Indian artists have mellowed down. Both modern and contemporary artists have shown a falling trend. For instance, there has been a 20% drop in price of Raza’s paintings (source: Art trust).
Artists however have adopted a new strategy to make sure that their art is still affordable to the public. There is a noticeable two-fold strategy they are following:

Artist are creating smaller format works and reducing their per square feet prices a bit. The combination makes sure the works are affordable and does not hurt their overall market price (in terms of square feet).

The other strategy to provide the public with affordable art is to move to the use of pen / pencil mediums rather than acrylic or oil as they can justify the lower prices. Most of these are done on paper, which again is a relatively inexpensive material.

This is a win-win situation and a quite innovative one at that. Art lovers get to buy their favourite and/or renowned artists at lower rates than the usual canvases. This also makes art more affordable to a larger base and helps bring in new collectors wanting to possess an artwork. On the other hand, this strategy helps the artist increase their fan base and keep their tillers ringing. It also encourages innovation in their works in terms of subjects.

I think now is the time to make purchases of renowned artists, as they may not be this affordable a time later. It’s a good chance to possess some previously unaffordable signatures and names.