Summit brings affordable art to city

By Neelam Raj. Source : The Times of India
The curators have come, collectors stalk the aisles and there's loads and loads of art. Welcome to the India Art Summit which opened in the capital on Wednesday. Only in its second edition, the four-day event has put Delhi on the global art map. It's unlikely you will ever see such a wide sampling of work under one roof. So if you're heading to Pragati Maidan, here's a short guide that will make your art outing easier.
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Rural Art Gets Respect at Two Mumbai Exhibits

By Kavitha Rao. Source : The New York Times



Bhuri Baï, acrylic on paper, 2003, private collection, Paris.

Art lovers in Mumbai can get a glimpse of a rarely seen contemporary art form at two galleries this month: work from rural or tribal areas of the central Indian state of Madhya Pradesh. In addition to showcasing these artists, the exhibits raise an interesting debate: some resent the easy labeling of rural artists as” folk” or “tribal,” arguing that such categories pigeonhole artists and prevent them from getting the respect they deserve. “We have to look beyond the tribal label,” said Khorshed Pundole of the Pundole Art Gallery, who has been collecting these artists along with her husband and co-owner Dadiba Pundole over the last five years, said. “Their concerns are the same as ours: global warming, pollution, the destruction of ecosystems.” In recent years, contemporary non-metropolitan artists (the clumsy but preferred term for the artists formerly known as “folk”) have attracted interest at art fairs, though art critics say they are still immensely undervalued.
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The art of recovery in a slow market

By Arati Menon Carroll. Source : The Economic Times
You know times are hard when the usually circumspect representatives of the Indian art market speak out of their combined pains. Until recently, they struggled to accept the arrival of a slump in the market, ostrich-like even as world over bellwether auctions registered tepid bidding and pivotal art fairs saw poor attendance. However, at a recently held panel discussion in Mumbai on ‘Growth strategies for a recovering art market,’ two points were driven home: that the Indian art market is not out of the woods yet and that passiveness is unacceptable.
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The gods of art are here

By Kishore Singh. Source : Business Standard
India's largest art show will open next week on an unprecedented scale, amidst hope and optimism.
This, the ultimate outing for Indian art lovers, is a wet dream of possibilities and realities — the best that India has to offer, on an unprecedented scale, ranging from the pre-moderns to the very cutting-edge of contemporary art, wielding a swathe across geographies to include Afghan and Bangladeshi artists, European and Asian and India-born creators, from gigantic works to small formats, across a dizzying range of mediums, with the buzz but also the mayhem of a disturbed hornet’s nest. In the days leading up to the second edition of the Indian Art Summit, from August 19-22 at New Delhi’s Pragati Maidan, the ancillary industry has seen the kind of action it had become unused to — designers are being hired to style the galleries, framers are doing double shifts to complete assignments, customs officials are being harangued to clear artworks, catalogues are being prepared, printers are matching images with offset reproductions, price lists are being readied (with hope, cross those fingers!), even cranes hired…
…for what else can be used to shift the 890-kilo, gigantic Navjot sculpture that will be placed in the Sculpture Park by Delhi Art Gallery? Where, no doubt, it will keep company with another huge sculpture of a Dalmatian by who else but that irreverent humorist and sculptor Ved Gupta (courtesy Gallery Threshold). This is the first time India has seen such excitement with regard to sculpture, and who can blame us: Haven’t we, finally, got Britain’s Anish Kapoor (Lisson) to take a bow and send us his work, a nod to the country of his birth. Of course, you’ll find sculpture — plenty of it — in the stalls too, but in the Park, expect surprises, for this is the first time a range of artists and galleries are coming together to assemble and dissemble without barriers, so subjects can vary from the ludicrous to the intense — such as “ambitious sculptures by Shanti Swaroopini”, promises Threshold’s Tunty Chauhan, or Vibha Galotra’s “lovely installation of five buildings of fabric, wire, paper,” says Galerie Espace’s Renu Modi, “you go up and down, up and down…”.
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What's in a name ?

by Ranjit Hoskote. Source : LiveMint and The Wall Street Journal
Misname an art form and you consign its exponents to decades, sometimes centuries, of condescension and indifference. Two exhibitions opening in Mumbai this fortnight may help undo the damage deliberate acts of misnaming and misinterpretation have done to contemporary art that is produced by artists who happen to be of tribal or more broadly rural background.
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Down - but not available

By Kishore Singh. Source : Business Standard
Contemporary art prices have crashed steeply, so why aren't more works in the market?
- Values of contemporary art are down by as much as 60-70 per cent
- Enough contemporary artists have stood the test of time and their prices should turn robust soon enough
- There is very little contemporary art available in the market
Read those key points again and you will be hard put to reconcile them. If the contemporary Indian art market has crashed out, investors or collectors should be able to lay their hands on contemporary art at prices much cheaper than they were a few years, or even a year, ago. With less art selling, there should be more art available in the market. And those looking for a bargain should be spoilt for choice.
Or at least, that’s the theory. In a more practical world, however, this isn’t proving so.
Try looking for Jagannath Panda: Hmm, still tough to get. Ashim Purkayashta? Not right now. Atul Dodiya? Not at those discounted rates. At least a Riyas Komu? Sorry, there aren’t any in storage just now.
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Art Bankers Take Advantage of Falling Prices

Source : Art Market Blog
The interest in structured art investment programs has continued to remain relatively high considering the recent concerns voiced by some regarding the state of the art market. Since the beginning of the year there have been several new art investment programs launched which suggests that the categorisation of art as an asset class has not been damaged by the recent market jitters. In fact, with plenty of bargains up for grabs there is probably no better time for art investment funds to be buying works.
The most significant of the new programs is the so called “Collection of Modern Art Fund” which is a product of the UK based Castlestone Management, a privately owned independent fund manager. According to the fund website (http://www.collectionofmodernart.co.uk) “Collection of Modern’s Art’s investment philosophy is focused on building a diversified portfolio of artists to provide medium to long-term appreciation based on thorough research and the proven strength of the market for these artists. The portfolio composition is a key component to ensuring the returns of the fund are in line with the market. With this achieved, the fund can act as a real asset, increasing in value with money supply and inflation and thus providing an inflation hedge. In the initial selection process, the manager aims to identify works of art for the portfolio that broadly represent the Art Market Research 100 index”
The second major art investment program to be launched is a collaboration between the China Merchants Bank and the China Contemporary Art Foundation. China Merchants Bank (CMB) have taken what is a slightly different approach to art banking by offering their clients the opportunity to put down a deposit on a work of art chosen a group of experts and take possession of the work of art for a period of twelve months. If after the twelve month period the client decides that they want to purchase the work of art they can do so or if they do not want to purchase it they can return it and receive a full refund. According to one of the bank’s representatives who was interviewed by the People’s Daily Online Newspaper, “Some banks hire art investment consultant and bring clients’ money to auction house. We are not doing that, because it easily slips out of control. We offer free transportation and as long as the artwork is well preserved, our clients will at least break-even”
Adding to the options for keen art fund investors is Phillip Hoffman’s The Fine Art Fund Group Ltd (http://www.thefineartfund.com/) who have indicated at the beginning of the year that they would be starting a new fund to take advantage of the fall in price of many works of art. Since the beginning of the year Hoffman has further indicated his intentions to raise $100 million dollars of the next year to purchase works from private and institutional collections that are up for sale. According to a report from the Financial Times, the group is currently looking at purchasing two major art collections one of which is owned by a Spanish bank and the other by a manufacturer. After postponing their plans for a dedicated Indian art fund creatively titled the Indian Fine Art Fund due to the current instability of the market for Indian art, it is good to see this new initiative from Hoffman.

Osian's auction reports year's highest averages

Art fraternity turns optimistic after months of poor valuations, by Kishore Singh. Source : Business Standard
Osian’s auction of modern and contemporary masters on June 30 in Mumbai fetched the highest average lot per price of any auction of Indian works this summer. At Rs 59 lakh, it bested Christie’s Rs 39 lakh, Sotheby’s Rs 24 lakh and Saffronart’s Rs 17 lakh.
But the good news is that the consolidation of prices that began at this summer’s auction has just been reinforced with an Untitled work by V S Gaitonde selling for Rs 3.12 crore (just under Christie’s Rs 3.14 crore for an F N Souza work at Sotheby’s, but way above the almost Rs 1.5 crore that Gaitonde commanded at the Saffronart auction).
Though the number of lots sold (51 per cent) was the least among the auction houses this summer (70 per cent on average), the Rs 17.22 crore auction fetched some more high prices. Another Gaitonde was sold for Rs 1.8 crore, while a Manjit Bawa Untitled work fetched Rs 1.6 crore. Works by Souza and Atul Dodiya managed bids at Rs 96 lakh and Rs 86 lakh, respectively.
Issues of liquidity have concerned the art fraternity since August 2008, but the mood has turned optimistic since June 2009, and quality works have begun to realise better values.
Osian’s Neville Tuli estimates the market could take nine to 15 months to recover fully, but signs of a hastening of interest in works of masters has led to crisper prices than many punters expected.

Banque Mondiale: l’Inde retrouvera sa croissance de croisière en 2010

Par Yann Henaff. Source : Aujourd'hui l'Inde
Dans un rapport publié le 22 juin, la Banque mondiale révise à la hausse ses prévisions de croissance pour l’Inde, alors que les chiffres de la croissance mondiale sont revus à la baisse. La croissance indienne passerait de 5,1% en 2009-2010 à 8% en 2010-2011.
La croissance pourrait atteindre 8% en Inde en 2010-2011 La croissance indienne atteindrait 5,1% en 2009-2010, au lieu des 4% annoncés en mars dernier, prévoit la Banque mondiale dans son rapport Financement du développement dans le monde 2009 : Tracer la voie de la reprise mondiale, publié le 22 juin.
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Art market on recovery path?

Source : The Economic Times
There are faint indications that interest in art is once again on the rise. With the stock markets improving in the last few weeks, there is a perceptible change in the financial situation and buyers are now showing a renewed interest in art.
As the financial markets are invariably interlinked, it is not surprising that once again attention is shifting to art. Although, the change is marginal, yet it is a good sign compared to the past several months where conditions had worsened to the extent that footfalls and sales in galleries were close to negligible. Most auctions that took place in this interim phase too performed poorly.
At least now, there are enquiries about interesting shows and specific artists. Although it is still very early to predict if the market is on a revival path, there is a strong possibility that things could improve. It is still early days and how much of this interest translates into financial tractions one will have to wait and watch.
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Surprise success: Art Basel dispels credit crunch blues

Source : The Art Newspaper

Barbara Kruger, Untitled (I Shop Therefore I Am), 1987, sold for just under $1m from Thomas Ammann Fine Art (2.0/G4)

No return to the boom, but is the worst really over so soon?
Art Basel’s 40th edition continued to defy the worldwide financial slump yesterday, after the NetJets crowd had flitted off, leaving trails of cigar smoke, empty magnums of Cheval Blanc and throngs of prosperous European art lovers behind. Brad Pitt, Naomi Campbell, Roman Abramovich and music producer Pharrell Williams were among the celebrities who showed up. Major collectors including Eli and Edythe Broad, and Maria Bell, from Los Angeles; Don and Mera Rubell, from Miami; Stefan Edlis and Gael Neeson, from Chicago, turned up from the US; alongside a host of wealthy Europeans including Ulla Dreyfuss, Harald Falckenberg and Christian Boros.
Many of the 300 exhibitors came to the fair with low expectations and were surprised to find conditions less bleak than forecast. “I think the crisis is over in the art world,” said Basel-based dealer Miklos von Bartha (2.0/N5), who specialises in constructivist and non-figurative works. He sold ten pieces during the first two days of the fair, including French sculptor Bernar Venet’s wispy wood, 1982, One Indeterminate Line for 1160,000 to a Zurich collector. Venet’s work was also on view as part of the Venice Biennale, which helped prime sales all over the fair.
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Buyers' Market

Source : Time

Lekha and Anupam Poddar have opened their collection to all.

Anupam Poddar's new building looks like any other commercial edifice rising into the skyline of Gurgaon, a New Delhi suburb that has become synonymous with India's new economy. But inside, it's a different world. Instead of containing the cubicles, boardroom tables and ambitious young professionals that fill the neighboring high-rises, this one is crammed with contemporary Indian art.
All of it comes from the private collection of Poddar and his mother Lekha. The Poddars own a successful paper and construction business, but they are also patrons of the kind of art that doesn't hang neatly above a sofa — a pair of motorized mechanical cattle skeletons; a massive, gleaming cluster of stainless-steel utensils; a haunting video installation of a young artist pantomiming a bird's first flight. Their taste in art leans toward the "cheeky, ironic and witty," Poddar says. "If it will continue to excite, engage or challenge us in the long run, then we go with it."
The pair are part of a new breed of Indian art collectors whose fortunes have risen with India's economy — but who are not spending their riches on the established masters of India or the West. They seek out young artists, even those right out of art school, and collect their work with rigorous, passionate interest. The market has already boomed and bottomed but the serious collectors remain — and their sustained commitment is quietly transforming the Indian art world.
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Indian art defies downturn in the West

Source : The Economic Times
International auctions of Indian and Asian art seem to be turning out encouraging results even in midst of the downturn in the West.
The Christie’s sale of South Asian Modern and Contemporary Art in London has realised £2,430,275 ($3,973,450). The auction was sold 91% by value and 79% in terms of lots. While 96 lots were offered for sale, 76 were picked up by buyers.
The top lot of the sale is M.F. Husain’s oil on canvas work from the Ragamala Series which has gone for £397,250 ($649,504) to a private US collector. Following Husain, Rashid Rana’s Red Carpet - 4, a chromogenic print which is Diasec mounted, has sold for £175,250 ($286,534) to a private Asian buyer. Another private Asian buyer has acquired Ram Kumar’s Untitled (Benares) oil on canvas for £133,250 ($217,864).
Led by these top three lots, some other highlights include a Jamini Roy Untitled (Mother and Child) which went in the region of £12,500 ($20,200). On Jamini Roy’s heels, an F.N. Souza Untitled (The Church) has seen a price realisation of £85,250 ($137,764).
Keeping these names company, S.H. Raza’s La Terre has sold for £87,650 ($141,642), while Akbar Padamsee’s Village aux Quatre Maisons Oranges has found an auction price £70,850. In the same breath, another S.H. Raza, Germination, has gone under the hammer for £109,250 ($176,548) and a Jagannath Panda Untitled has been bought out for £22,500 ($36,360).
Christie’s international director of Asian Art, Hugo Weihe, told ET in an email from London, "In a packed saleroom with bidders in the room, on the telephone and on the internet, there was a tremendous sense of energy and spirited bidding in response to this carefully curated sale.
The breadth of interest spanned the modern and contemporary works, with discerning private collectors and trade responding consistently throughout to the attractive estimates. We are thrilled with these results, reflecting renewed vigour in the field. We look forward to our September sale in New York."

Indian art goes cheap at Christie's

Source : Business Standard
For now, the punters have been proved right. The sluggish art market for Indian modern and contemporary saw little hopes of a revival at the Christie’s auction of South Asian art in London on Wednesday, with most of the 76 (of 96 lots) sold well within their estimated value.
The star of the show was a 1960 M F Husain oil on canvas (Ragamala Series) that fetched a price of $649,504 (Rs 3.1 crore), on the lower end of its estimate. Rashid Rana’s Red Carpet 4 chromogenic print found a buyer, again within its estimate, at $286,534 (Rs 1.3 crore), while only Ram Kumar (Untitled, oil on canvas) surpassed his estimated value by approximately three times to sell at $217,864 (Rs 1 crore).
Not much was anticipated from the auction, and to that extent it did not disappoint. The more important forthcoming auction in terms of quality of works is now the Sotheby’s sale on June 16, also in London. Bidders anticipate it might generate livelier interest since the quality of works is marginally better, though they say some of the works on offer have been in previous auctions last year.
An interesting pointer at both sales is works consigned by European collectors – clearly a case of poor picks, or an economy going bust.

Le boom du mécénat d’entreprise

Source : Télérama
Longtemps négligé, voire suspecté, le mécénat d'entreprise connaît désormais en France un envol spectaculaire. 30 000 mécènes, de toutes tailles, ont apporté l'an dernier 2,5 milliards d'euros. Environnement, humanitaire, recherche, sport... Aucun secteur n'échappe à la « bienveillance » des entreprises, mais le premier de tous reste la culture, il est vrai portée par la loi Aillagon de 2003, qui défiscalise les dons à hauteur de 60 %. La crise pourrait-elle remettre en cause ces engagements ? Les plus ostentatoires, peut-être. Car les entreprises, à commencer par celles du secteur financier, cherchent désormais à gagner en respectabilité sociale.
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Une expo d’art contemporain indien dans 16 mois à Beaubourg

Par Juliette Tissot Source : L'Inde Aujourd'hui
Le centre Pompidou prépare une grande exposition intitulée pour l’instant "Paris Delhi Bombay, l’harmonie des contraires". Des œuvres d’artistes indiens et français vont se répondre en guise de dialogue entre la France et l’Inde. À découvrir à Paris à partir de mai 2010 et fin 2010 à New Delhi. EXPOSITION REPORTEE A MAI 2011.
"Ce sera la plus grande exposition en Europe jamais consacrée à l'art contemporain indien. Et c'est un nouveau concept d'exposition !", Alain Seban, le président du Centre Pompidou a exprimé tout son enthousiasme et son soutien au projet Paris Delhi Bombay lors de son passage à New Delhi, au mois de novembre.
Cette exposition n'ouvrira ses portes à Beaubourg qu'en mai 2010, mais les commissaires de l'exposition la préparent déjà depuis plusieurs mois. Fabrice Bousteau et Sophie Duplaix ont déjà fait plusieurs voyages en Inde à la rencontre d'artistes reconnus et à la recherche de ceux en passe de le devenir.
Paris Delhi Bombay ne va pas être une exposition comme les autres. Les commissaires ne vont pas se contenter de sélectionner des œuvres d'artistes indiens pour les amener en France. Non, Fabrice Bousteau et Sophie Duplaix veulent instaurer un dialogue entre deux pays reconnus pour leurs héritages et leurs vies culturels. Un dialogue d'art, de design, de mode, de film… Toutes les formes d'expressions artistiques auront leur place.

"Nous nous intéressons beaucoup à l'Inde, depuis longtemps, a expliqué Fabrice Bousteau. Nous y avons fait de nombreux voyages. Cette exposition est le fruit d'un désir. C'est une exposition sur l'art et la société qui évoquera la violence, le bonheur, la sexualité, le chômage, les choses bonnes et mauvaises, les œuvres seront des points de vues d'artistes sur nos sociétés".

Autre originalité, des artistes indiens vont venir en résidence en France travailler aux côtés d'un artiste français et vice-versa. Les œuvres se répondront. Les artistes vont donc correspondre à travers leur art. "C'est une exposition expérimentale où l'on ne cherche pas des noms connus. Pour l'instant, on rencontre des artistes, on cherche des idées. On interroge des gens de la société civile, des économistes, des anthropologues. L'art parle de la vie. Dans ces œuvres, Subodh Gupta évoque la nourriture avec ses installations réalisées à partir d'assiettes, de tasses".

Certaines œuvres vont donc être réalisées spécialement pour l'exposition. D'autres seront décrochées des ateliers et des galeries pour se rendre à Paris. Les commissaires de l'exposition n'ont pas encore révélé de noms d'artistes même si, dans la brochure de présentation de l'expo, ils ont mis en parallèle des artistes indiens et français comme Baba Anand et Pierre et Gilles qui ont en commun le sens du kitsh et qui pourraient être ensemble à Beaubourg en 2010.

Depuis une quinzaine d'année, l'art contemporain indien est d'une vitalité extraordinaire. Ce marché est d'ailleurs en plein boom. Par les temps qui courent, mieux vaut d'ailleurs investir dans l'art indien qu'à la Bourse de Bombay…

Sunil Gawde, la touche indienne de la Biennale de Venise

par Sarah Collin. Source : Aujourd'hui l'Inde
Sunil Gawde, artiste contemporain né en 1960, exposera son œuvre "Allitérations" à la Biennale de Venise à partir du 7 juin 2009, avant de s’envoler pour une résidence au Centre Pompidou à Paris. Rencontre avant son départ, dans son atelier de Bombay.
Son oeuvre Allitérations sera exposée à Venise à partir du 7 juin D'où vient son inspiration ? Lui ne se pose pas la question. "Je crée comme je respire. Je suis un artiste !", dit Sunil Gawde. Son atelier immaculé du Sud de Bombay, au cœur du quartier du Fort, généralement plus prisé par les compagnies d'assurance que par les artistes, est baigné de lumière. Au centre de la pièce, une poutre en métal noir retient un gros paquet suspendu dans les airs, enroulé dans un drap blanc. À l'intérieur, mystère.
Pour nous, l'artiste lève le voile : il s'agit d'une ampoule noire géante, intitulée Blind bulb (ampoule aveugle). L'œuvre évoque à la fois l'absurdité d'un objet inutile, l'introversion et le repli sur l'esprit qui s'opère lorsque l'on ferme les yeux, mais aussi peut-être, la mort d'un espace où la lumière ne parvient pas… Sunil Gawde se montre intarissable sur son travail. Pourtant ce n'est pas cette sculpture qu'il présentera à la 53ème édition de la Biennale de Venise, du 7 juin au 22 novembre 2009. La pièce concernée, elle, voyage déjà vers l'Europe.
Son invitation à la plus ancienne manifestation d'art contemporain, Sunil Gawde la considère avant tout comme une formidable opportunité. "C'est extraordinaire de pouvoir exposer sur une telle plateforme, là où se trouvent les véritables amateurs d'art", confie-t-il. Il ne sera pas le seul représentant de l'Inde à Venise. Nikhil Chopra et Anju Dodiya, deux artistes de Bombay, y participeront aussi aux côtés de Sheela Gowda, une plasticienne de Bangalore.
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The going’s still good

Auction houses strike an optimistic note ahead of the summer art auction season, by Himanshu Bhagat. Source Livemint.com The Wall Street Journal
Come summer and those who can, head for Europe’s cooler climes. This annual migration of the well-heeled Indian hasn’t escaped the notice of international auction houses; major London auctions of Indian art are held in June. This year, despite the economic downturn and crash in art prices, is no exception. “No doubt we are living in a different world,” admits Maithili Parekh, India representative of Sotheby’s, referring to the vastly altered market scenario since last summer. “But the positive thing is that it is becoming a buyer’s market.”
An auction house’s fundamental approach to selling art, she says, never changes—selecting and selling the best works by the best artists, which are priced well and have proven provenance (previous ownership and authenticity of a work). She accepts, though, that the downturn tends to make auctions “smaller and more focused”. Sotheby’s 16 June auction will feature 84 works—miniatures, modern and contemporary art, among them a work by Jogen Chowdhury, an early Paritosh Sen from his Paris days, and a work by Manjit Bawa (who died in December) that used to be part of the famous Herwitz collection.
Hugo Weihe, international director of Asia art at Christie’s auction house, agrees that auctions are more tightly curated in the wake of the downturn. “Now, selectivity is more important than ever,” he says. Ninety-seven works will go under the hammer at Christie’s in a 10 June auction, among them an F.N. Souza, an M.F. Husain, an early Tyeb Mehta and two works by Bawa.
Since buyers tend to be conservative during a slowdown, Weihe says masters from the modern period of Indian art, such as Husain and Souza, are in greater demand because they are “less of a risk”. As are “blue chip” contemporary artists such as Subodh Gupta and Jitish Kallat. “Their works have become more affordable,” he points out. “(And) these artists are here to stay.”
Parekh says well-priced, top-quality art is always of interest to buyers regardless of the economic scenario—works such as Women in Red, painted by Husain in 1964, are a highlight of Sotheby’s June auction. “The 1960s were a prolific and stellar time in his career,” she adds. “So this work is bound to get noticed and receive a lot of interest.”
The two major auction houses are very old—Christie’s was established in 1766 and Sotheby’s in 1744—and are likely to take business cycles in their stride. Mirroring the larger world outside, Parekh views weaker cycles as a corrective—strong artists and works emerge stronger, weaker ones suffer. “Good art will do well; mediocre art will fall slightly,” she says.
Around 2000, Indian art achieved a new level of prominence internationally and this higher profile was buoyed in the boom years that followed. The recognition was overdue, says Weihe. He points out that museums around the world are catching up—the Mori museum in Japan recently hosted Chalo! India, a show of Indian contemporary art, and the Guggenheim museum in New York is planning one in two years.
But, for all the hype, Weihe stresses that masters of the modern period such as Mehta, Souza and Husain still haven’t received the critical attention that is their due. “We need catalogue raisonne, monographs, retrospective exhibitions,” he says, adding that their early works are both under-appreciated and underpriced.

Hard times haven’t hit art that hard

By Georgina Maddox. Source : ExpressIndia
“In the times of recession, it becomes clear who is collecting art for the sake of it and who looks at it as a pure investment,” says Dr Hugo Weihe, International Director, Asian Art at Christie’s, the UK-based auction house. While the price of art may have fallen by 30 to 40 per cent, Weihe assured collectors that the high quality art will still get its price at the auctions. “We have come a long way. Since 2000 when Tyeb Mehta’s Celebration sold at 1 crore, we have not fallen back in our prices alarmingly. Admittedly, it has become difficult for us to get our hands on these rare pieces because most collectors are holding on to their art now,” Weihe adds. “We must remember that compared to China and the Middle East, the Indian art market is still a young one and has a lot of potential to grow,” said Weihe.
The auction house, with offices world over, held a talk and discussion about the value of art in these troubled times. On the panel were artist Jitish Kallat, Gallery owner and collector Abhay Maskara and collector Dillip De. De reiterated that he bought art since the 80s and was pushing up the prices of art for a good cause. “At a charity auction for Help Age India, I bid for a Laxman Shreshtha painting, priced at Rs 22, 000, to Rs 90,000. This was for a cause. It is important to put money into art to make it grow and for talent to prosper,” says De, who recalled days when artists used to travel by public transport and wear tattered clothes.
Maskara puts the artist at the top of the pyramid, and says: “The risk an artist takes is paramount to the making of art. Gallery owners may nurture it and collectors put their money where there mouth is, but the artist must take the biggest risk in making art that may not sell.” De countered this by pointing out that if no one bought art, it would sound the death knell for the art industry. “People were surprised when a painting by Gustuv Klimpt sold for 600 crore. The value of art can be pushed up by determined collectors.”
While both Maskara and Kallat agreed that collectors are a very important section of the art industry. “Art has navigated brutal times. The Klimpt or the any other work of that time was created in difficult times. In fact art can thrive in the absence of affluence,” says Kallat, sealing off the argument and bringing us back to the point that the value of art is more than the zeros attached to the price tag.

Art syndicate hopes to snare £40m bargain

By Phillip Inman. Source : The Observer
A slump in the value of major artworks has encouraged a group of investors to form a bargain-hunting syndicate that yesterday said it was bidding to buy two corporate art collections worth more than £40m.
The Fine Art Fund Group, led by long-time art investor Philip Hoffman, is leading talks with a major manufacturer and a Spanish bank which are both keen to generate cash to shore up their finances. Works including a Picasso and a series of photographs by US artist Cindy Sherman are part of the collections on offer.
Recent auctions by Christie's and Sotheby's have catalogued a dramatic slide in prices of contemporary art after a high last September when a sale of Damien Hirst works fetched £111m. From 2003 to 2007, worldwide auction sales of contemporary art grew more than eightfold, according to the French-based database Artprice. However, the Hirst sale coincided with the collapse of Lehman Brothers Holdings Inc and the rise in auction prices then came to a halt, said dealers.
Auctioneers insisted a "flight to quality" would maintain the multi-million pound price tags of old masters, but were less confident that 20th century works maintained their value.
Hoffman is confident that deals can be struck away from the auction rooms with corporations keen to turn paintings and sculptures into cash. He is understood to be building a syndicate of wealthy individuals to invest in the Indian art market after similar falls in art prices. "We believe that excellent works of modern and contemporary Indian art will come up for sale, both privately and at auctions," he said.

Drop in prices may fuel art market revival

By Ashoke Nag, source : Economic Times
KOLKATA: Lower prices attract buyers. Although the art mart is not absolutely similar to the stockmarket, it may be true that correcting price tags of artworks could trigger acquisitions of art pieces. In fact, after a total lull in art purchases in galleries, silent signals seem to be emanating where a quality art work is being picked up by a buyer at lower levels. Veterans in the scene are of the view that the art market could revive if prices are dropped by an increasing number of galleries and artists.
"One seems to be sensing some stirrings where buying interest, albeit in a very limited way, is coming into a few galleries. Prices of artworks, especially paintings, in some cases, have dropped by around 40-50%. Auction prices have already gone to these levels. But, somehow, galleries had failed to reduce prices to that extent, perhaps because their acquisition prices were higher. Besides, most artists have a tendency not to reduce their prices," an art specialist and collector told ET.
It is no secret that, over 3-4 years till end-2007, prices were driven to astronomical levels in the Harshad Mehta-like boom in the art market. The Indian market had never seen anything like that before. But, even in the midst of this frenzy, it’s only a few modern and contemporary artists who really rode the boom. The rest experienced the ‘me-too’ phenomenon.
"Now, the reverse is happening. The taller the rise, the steeper the fall. This has saved, to an extent, artists who had hovered within a steady price range. Of course, from the sales standpoint, business is down for artists across the board. It may well transpire that despite the low prices at the moment, high-end artists could see an improvement in their tags once the recessionary blues pass," the specialist said.
According to him, art lovers are on the lookout for their favourite works at bargain levels because prices have become attractive. In fact, this is how the art market was established in India. At the outset, even the masters were available for only a few thousand. They were bought because of their affordability. "Art did not enjoy an investment value in those days. But, those who made acquisitions then, minted gold when the market was established much later," the collector-specialist said.
"Today’s art market situation is somewhat similar only at a higher level. It appears that today’s buyers may reap a like windfall when the overall financial markets and, in turn, the art market recover. Therefore, one can’t overemphasise the benefits of reducing art prices to fuel a decent revival," he summed up.

India Art-Sales Confidence Drops 63% Since October

By Scott Reyburn. Source : Bloomerg.com
May 7 (Bloomberg) -- Confidence levels in the once-booming market for Indian art have dropped 63 percent since October as prices slide, according to a report published today by the London-based research company ArtTactic.
ArtTactic’s confidence index for Indian contemporary art alone declined even more, by 90 percent, during the same period. The indexes reflect the balance between optimistic and pessimistic art-market professionals. About a third of respondents believed the market for modern Indian art would rebound within two years. More than half thought demand for contemporary works would take between three and 10 years to recover, said the report.
“Problems first appeared in September 2008, around the time of the Damien Hirst sale,” Anders Petterson, founder of ArtTactic, said in an interview, referring to the U.K. artist’s auction at Sotheby’s that raised 111.5 million pounds ($199 million at the time) and coincided with the collapse of Lehman Brothers Holdings Inc. “The market has had six months to digest events. There has been a lot of art speculation in India and people see there’s nothing to hold these prices up any more.”
Art-investment funds have proliferated in India since 2006. In March 2008, some estimates valued the country’s art fund industry at $65 million to $75 million, though it could be as large as $250 million, said ArtTactic.
Demand for Indian art at auction has slumped as the country’s economy is battered by the deepest financial crisis the world has experienced since the Great Depression. The International Monetary Fund said on April 22 that it expected India’s economy to grow 4.5 percent in 2009, compared with the 7.3 percent achieved last year.

Auction Prices
India’s average auction prices for modern works have fallen 31.5 percent to $54,385 since March 2008, said ArtTactic. The average price of contemporary Indian art has dropped 72.7 percent to $13,827. During the period March 2006 to March 2008, when names such as Subodh Gupta, Rashid Rana and Bharti Kher were included in international sales at Sotheby’s and Christie’s International, the average auction price of Indian contemporary works had almost doubled, said ArtTactic.
Indian artists marketed by western contemporary dealers have suffered some of the biggest price declines at auction. At last October’s Frieze Art Fair in London, Gupta’s painting “Still Steal Steel #9” sold for 450,000 euros ($607,590). During the March auctions of Indian art in New York, the highest price achieved for a Gupta painting was $176,500.

Price Points
“Western galleries got involved with Indian art at a high price-point and now they’re stuck with it. They’re going to find it difficult to discount,” said Petterson. “A lot of collectors thought it was an unstoppable trajectory. In fact, it’s going to be some time before we reach the bottom.”
Launched in May 2007, the biannual ArtTactic Indian Art Market Confidence Survey was based on responses from a sample of 82 Indian and international collectors, auction house specialists, dealers and art advisers.
“The Indian art market went up so high so quickly, particularly at auction, that the repercussions were bound to be felt,” Conor Macklin, director of the London-based Grosvenor Gallery, said in an interview. “Younger artists who try to sell their works at 2008 prices are going to have a tough time.”
The Grosvenor Gallery, in collaboration with the New Delhi dealership Vadhera, is today previewing a selling exhibition of more than 40 works by Indian modern and contemporary artists.
Prices for modern Indian art have proved more resilient in the crisis, Macklin said, echoing the findings of ArtTactic. The Grosvenor show includes a 1962 painting of a woman’s head by the still-living “Bombay Progressive” artist Akbar Padamsee. The 4-foot-high oil work is priced at $500,000.
“This contraction is actually good for the market,” said Macklin. “It means new collectors can now afford to buy works that were just too expensive 12 months ago. And people will now look at the works as art, not just an asset.”
“Progressive to Altermodern: 62 Years of Indian Art 1947- 2009” runs at the Grosvenor Gallery, 21 Ryder Street, London, SW1Y 6PX through May 29.
The ArtTactic report is at http://www.arttactic.com.

Top 10 most influential contemporary art collectors

LEKHA & ANUPAM PODDAR
Lekha Poddar, from Delhi, began collecting in the late 1970s and her son Anupam in 2000. Together they recently set up the Devi Art Foundation. They now have 7,000 works of Indian art, ranging from tribal to contemporary (with some from neighbouring countries).
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Hype and hysteria

Source : Business Standard Kishore Singh.
There’s decreasing demand, few transactions and no money anyway left over for art.
Typically, in the corporate world, when you buy goods such as computers, or furniture, or office cars, the secondary prices plummet while companies, or individuals, enjoy the tax breaks offered on account of depreciation.
Usually, though, when you buy art, the secondary prices tend to shoot way higher than primary prices, which is what had made investment in art so attractive, especially in the last decade when prices were shooting insanely upwards.
But a recent Saffronart auction seems to have shown a mirror to the art fraternity that has had a more sobering effect than a cup of coffee on a hung-over man. Not only were estimates for many of the consigned artworks in the sub-Rs 2 lakh category for established artists like Rekha Rodwittiya, Anjolie Ela Menon, Jogen Chowdhury & Co, several masters (F N Souza, M F Husain, Ram Kumar and others) too found their comeuppance with drawings or small works so attractively priced, even hacks like me considered cashing in our mutual funds for a shout ahead of the crashing gavel.
For the record, Anjolie Ela Menon’s oil on masonite work sold for Rs 2.6 lakh, Rodwittiya for Rs 1.8 lakh, a few Souza drawings barely scraped past the Rs 2 lakh mark, and if I hadn’t been let down by my mutual funds, I’d have outbid the collector who took home Jogen Chowdhury for Rs 1.2 lakh.
Which, logically, seems to be the problem in the art world. When people’s economic empires have crashed around them, when they’ve been slipped pink slips, but kids still have to be schooled and mortgage payments made, it’s logical they’ll sell anything that will convert into liquidity. And so a steady flow of art is making its way into galleries and auctions. But here’s the rub: Auction prices are public, gallery prices are not.
So artists are seething at the public erosion in their value, gallerists are upset over the outing of that information, collectors are heartbroken over the loss in their investments, and there’s an explosive pointing of fingers at each other. Bad times bring out the worst in people, and the art world is proving no different.
What’s laughable is that everyone loves transparency when the prices are going up and up and up — the auctioneers’ estimates then are bellwether references on which everyone benchmarks their prices — but hates it in a down-market. But accusing auction houses of dirty tricks is hardly creditable: After all, an auctioneer is merely an agent between a seller (who must be satisfied with the price at which the work is both estimated and sold) and the buyer (who must be comfortable about the price of his purchase), and would surely be happier with higher prices (and therefore higher commissions).
So, to my very good friend and gallerist, who asked, last week, whether her fraternity was overreacting: Alas, yes. And to my collector friends who want to know if it’s a good time to buy: If you have the liquidity, now’s the best.