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.

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