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Posts Tagged ‘art auction’

Rising confidence in Indian art as market recovers

Posted by artradar on June 9, 2010


INDIAN ART MARKET CONFIDENCE

Francis Newton Souza's Imbecile Girl in a Green Blouse (1957) will be on sale in Saffronart's summer auction 2010. Its estimated price is USD275,000-350,000.

A recent article published on livemint.com by the Wall Street Journal reported a rising trend of speculators’ confidence in the Indian art market, possibly as a result of a rebound in valuations of Indian artworks.

The article used the data in the latest report by London-based art market research firm ArtTactic to show that speculators’ confidence in the Indian art market is on the rise, after its significant drop in May last year as a result of the global art market downturn.

“The ArtTactic Speculation Barometer for Modern Indian Art shows a 28% increase since October 2009, and is now at 6.3, up from 4.9. This is the highest reading since ArtTactic started its survey in May 2007,” the article reported.

“In my reading of the Indian context, most collectors who entered the market over the last five-seven years were keen speculators.” Arvind Vijaymohan, Head of Indian arts advisory Japa Arts Pvt. Ltd (as quoted on livemint.com)

“…Vijaymohan says that in the current situation, there exists a section of speculators who consider this the perfect time to enter the market, and acquire works of modern Indian art at low values.” http://www.livemint.com

“For Anders Petterson, managing director of ArtTactic, the most revealing aspect of the report is the speed of the recovery in the modern art market even though it raises the threat of speculative buying.” http://www.livemint.com

The article reported that “the combined auction sales for Indian art in March 2010 raised a total of $15.2 million (Rs69.3 crore)”.

The article also noted the widening gap in confidence between the modern and contemporary Indian art market.

“The Modern Indian Confidence Indicator is 51% higher than the equivalent confidence indicator for contemporary art. The report reasons that the established nature of the modern Indian market has created a sense of “safe haven” for many art buyers, a fact that is leading to its expansion.” http://www.livemint.com

Read the full article here.

CBKM/KN

Related Topics: Indian artists, collectors, business of art, market watch

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Posted in Artist Nationality, Business of art, Classic/Contemporary, Collectors, India, Indian, Market watch, Research, Surveys, Trends, Venues | Tagged: , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Hong Kong hailed as art’s Promised Land by Art+Auction Magazine

Posted by artradar on April 2, 2010


HONG KONG ART MARKET

Sanyu, Lotus et poissons rouges, 1955

The state of the arts in Hong Kong are strong and flourishing, earning Hong Kong the high praise of being touted as Asia’s arts ‘promised land’ by Art +Auction Magazine in the March 2010 issue.

The article entitled ‘Promised Land’ describes the active art market in the city, which has recently expanded financially and creatively.

David Spalding writes for Art +Auction that:

‘Hong Kong is rising as a major art center, thanks to its thriving auction market and rapidly growing contemporary-art scene.’

‘The Hong Kong art scene has evolved rapidly, overcoming its regional myopia to become a key continentwide player and gaining prominence within the local cultural landscape.’

Auction Market

Hong Kong achieved the distinction as the 3rd largest auction market in the world in 2007, after the U.S. and U.K, and has maintained this positioning through 2009. A March 2010 article in The Economist titled How China Bucked the Trend: What Really Happened in 2009, states:

In 2009, when the global art market shrunk by more than a third to $43.5 billion, compared with $63.9 billion at its peak two years earlier, the Chinese art market bucked the trend. Sales in mainland China and Hong Kong reached a record high of $5.5 billion, up from $5 billion in 2008, boosting China’s share of the world art market that year to 14%, its highest share ever.

Indeed money freely flowed at Hong Kong’s various art auctions in late 2009, which set records and continually surpassed expectations. The following Fall 2009 Hong Kong auctions caught the attention of art world:

Zeng Fanzhi’s Untitled (Hospital Series), 1994

Sotheby’s

Sotheby’s October 6th sale of 20th-Century Chinese Art was estimated to generate $10.4 million USD in sales, but instead produced an impressive $14 million USD. This successful sale included Sanyu’s Lotus et poissons rouges, 1955,  which sold for $4.7 million, 31% higher than its greatest estimated price.  This is the artist’s 2nd highest auction price to date, and solely accounted for a third of the show’s total revenue.

The Modern and Contemporary Southeast Asian Paintings sale yielded $6.4 million, more than double its estimated yield and 76% more than the spring sale in this category.

The sale’s standout work was Indonesian painter Lee Man Fong’s Magnificent Horses, 1966, which was estimated to sell for approximately $200,000–$320,000 USD, but raked in an artist-record of $1 million USD.

Christie’s

Christie’s also experienced successful sales in November that produced $213 million USD over 5 days. A reported 47% of the buyers of contemporary Asian works were from mainland China, and favored pieces by more-established artists.

In the November 29th sale of Asian Contemporary Art and Chinese 20th-Century Art, Zeng Fanzhi’s Untitled (Hospital Series), 1994, surpassed its expected high of $1.5 million to attain $2.5 million. The November 30th Southeast Asian Modern and Contemporary sale featured Indonesian painter I Nyoman Masriadi’s Master Yoga, 2009, which also exceeded its high estimate of $130,000 to realize $467,102.

Socially active gallery scene, international flavor

Hong Kong has also earned the designation as Asia’s visual contemporary arts ‘promised land’ due to its vibrant and growing gallery scene, which features fine art not only from Asia, but the entire world. In addition, many of these socially responsible Hong Kong galleries have taken it as their mission to connect to and nurture the larger creative community. Hong Kong’s 10th annual ArtWalk, which was held on March 17th,  included 62 participating galleries that opened their doors to the public for this charity event that supported Hong Kong’s Society for Community Organization (SoCo).

Notable galleries featuring Asian artworks include:

Hanart TZ, founded in 1983 by the local critic and curator Johnson Chang Tsong-zung, has helped bring international exposure to mainland Chinese artists throughout the 1990s. This work has continued most recently with a solo exhibition of new paintings and mixed-media work by the young Fo Tan artist Lam Tung-pang (who is also represented in a concurrent group show at the Hong Kong Museum of Art through April 25).

The Osage Gallery focuses on East and Southeast Asian art, while 10 Chancery Lane Gallery holds exhibitions of Vietnamese and Cambodian contemporary art. The Thai gallery Tang Contemporary Art — which has become significant here since opening a space on Hollywood Road in 2008 — offers an eclectic mix. The artists represented in its booth at last year’s Hong Kong art fair included the Thai-Indian Navin Rawanchaikul, the Beijing-based Yan Lei and longtime Paris resident Wang Du.

Western art represented in Asia

There is also a growing local Hong Kong market for Western art, and numerous galleries have risen to meet this need.

The London gallery Ben Brown Fine Arts opened a Hong Kong space last November showing works by leading Western artists Gerhard RichterThomas Ruff and Jeff Wall, alongside those of established Asian artists like the Japanese Yayoi Kusama and the Calcutta-born, Brooklyn-based Rina Banerjee.

The Schoeni Art Gallery, which opened in 1993 with an exhibition of works by Chinese, Russian and Swiss artists, is boldly mixing things up, with the 2008 launch of Adapta, a collaboration with the U.K.-based Web magazine UKAdapta on projects involving urban and  graffiti artists like Banksy.

Additional galleries facilitating the introduction of Western art to Asia include: the Cat Street Gallery, Art Statements, and the Fabrik Gallery.

EW/KCE

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Posted in Art spaces, Auctions, Business of art, Galleries, Gallerists/dealers, Globalisation, Hong Kong, Market watch, Uncategorised | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Liquidity propels prices, Chinese Political Pop is back – Sothebys Contemporary Asian Art Auction 2009 Hong Kong

Posted by artradar on October 16, 2009


SOTHEBY’S AUCTIONS HONG KONG CONTEMPORARY ASIAN ART

Although called a Contemporary Asian Art auction, this sale was dominated by Chinese artists which was a canny move by Sotheby’s given that mainland liquidity is driving prices of property in Hong Kong to record high prices of US$1,000 per square foot and sending Chinese stock markets soaring. According to Bloomberg, Chinese money supply has grown by 55% since the beginning of 2007 compared with 20% in the UK and US.

Some of this liquidity has found its way into the art market at this auction. Mainland buyers were active and revealed some surprising preferences.

Hong Kong artists back in a second showcase

Sotheby’s followed up its inaugural and successful showcase of 8 Hong Kong artists in the ‘Spring auction earlier this year with an expanded selection of works by 10 artists. Affordable prices meant that all but two of the works found buyers with successful bids mostly coming in around estimates.

Simon Go, Hong Kong Old Shops, Inkjet on Bamboo Paper

Simon Go, Hong Kong Old Shops, Inkjet on Bamboo Paper

Works by two artists, sculptor Danny Lee and photographer Simon Go who were both new to the auction this year, did better than estimates. Danny Lee produces stainless steel sculptures which are reminiscent  – though in a more organic liquid form –  of the stainless steel scholar rocks made by the world-renowned sculptor Zhan Wang  whose works have been collected by institutions such as the British Museum . Danny Lee’s Mountain and Stream IV sold for HK$170,000 against a top estimate of HK$160,000 (before premium). (US$1 = HK$7.7)

Danny Lee, Mountain and Stream IV, Steel wood

Danny Lee, Mountain and Stream IV, Steel wood

Simon Go’s set of 2 photographic works called Hong Kong Old Shops: Wing Wo Grocery and Keng Ming Mirror Shop achieved a price of HK$80,000 against an estimate of HK$30-50,000 (before premium). This lot points to several collector trends. According to Larry Warsh, a New York-based dealer, there is a growing interest in Chinese photography and Wing Wo Grocery ( an image of a family clan in an old-style grocery shop from the colonial era recently shut down in preparation for urban renewal) embodies trends identified at an ArtInsight seminar last month called ‘Trends and Opportunities in Photography” . The panelists identified documentary photography and ‘slice of lif’e’ photography as hot areas for collectors now.

Zhan WangThe biggest story of the Hong Kong part of the sale was Tsang Tsou Choi’s calligraphy which saw excited bidding between several bidders in the room and on the phone resulting in a price (before premium) of HK$400,000 which was 8 times the lower estimate of HK$50,000. Work by this artist now deceased was also a surprising success in the Spring 2009 auction perhaps because of local media and public interest in the eccentric behaviour he displayed in his long art career.

Tsang Tsou Choi, Calligraphy, Acrylic on Canvas

Tsang Tsou Choi, Calligraphy, Acrylic on Canvas

In our Sotheby’s Spring 2009 auction post we wrote:

Tsang, Tsou Chin aka The Kowloon Emperor is a Hong Kong legend, famous for his calligraphy graffiti which he painted on public furniture. Undeterred by numerous warnings he roamed the streets for 50 years laying down his family genealogy and his personal history as an emperor in exile in blatant defiance of the Queen and English colonial rule. Deemed a lunatic by some, he was nevertheless recognised when in 2003 he became the very first Hong Kong artist to exhibit at the Venice Biennale.

Cynical Realist artists are back

In the next section of the sale a series of Chinese sixties-born artists, many from the Cynical Realist and Political Pop movements (Yue Minjun Feng Zhenghjie Zeng Fanzhi, Fang Lijun, Zhang Xiaogang) came under the hammer with hefty estimates of several hundred thousand and up to around $5 million per lot.

Yue Minjun, Hats Series - The Lovers, Oil on Canvas

Yue Minjun, Hats Series - The Lovers, Oil on Canvas

On a visit to London last month Art Radar heard several Western commentators describing Chinese art as ‘old’, ‘tired’ and ‘done’. This auction showed clearly that there are keen buyers for Chinese artists of this era who are willing to pay robust prices. Room bidders were mainly middle-aged Chinese men, who are perhaps collectors or more likely dealers for a growing middle class market in the mainland. Most lots in this section sold at estimate and some well above. Yue Minjun’s ‘Hats Series – The Lovers’ attracted several room bidders and a phone bidder eventually selling for HK$5.3m against a top estimate of HK$3.5m.

Institution-endorsed Chinese artists of the  fifties and sixties meet price resistance

Wang Keping, Untitled, Wood

Wang Keping, Untitled, Wood

It is no secret that Western critics regard some of the Cynical Realist artists as lightweight and lacking in intellectual rigour.  Instead major institutions such as the Royal Academy and British Museum in London have favoured and endorsed other mid-century born artists such as gunpowder artist Cai Guo-Qiang and Xu Bing, famous for his invented calligraphy . These artists sold well at lower price levels but lots with high estimates met resistance and failed. Cai Guo-Qiang’s Money Net No 2, part of Royal Academy of Art Project (estimate HK$4.7m – 5.5m) and Xu Bing’s Silkwom Series – The Foolish Old Man Who Tried to Remove the Mountain (estimate HK$5m – 5.5m) were bought in.

Frowns for part-increment bids

What we did see at this auction was a much stronger resistance by the two auctioneers in this marathon four-and-a-half  hour sale to partial bids. In recent auctions we have seen bidders make counter-offer bids at increments lower than standard. In the recent past these were accepted with alacrity by genial auctioneers. At this auction bidders were left waiting, frowned at and as often as not turned down.

Zhang Huan upset

Zhang Huan, My New York, Chromogenic Print

Zhang Huan, My New York, Chromogenic Print

Zhang Huan

, formerly a performance artist and more recently a sculptor and installation artist known for his works in ash and animal skins had 5 lots in the sale. Despite  backing by big-boy galleries in London and New York (Zhang Huan currently has an installation at White Cube in Picadilly London) four of his works including two sculptures and two chromogenic prints were bought in. The only work which was successful was a chromogenic print (numbered 3/8) recording his early endurance performance art which sees him running barefoot along the streets covered in raw meat. This work exemplifies another trend identified at the Artinsight photography seminar: growing interest in photographic documentation of performance art.

Sculpture mixed

Sculpture had a mixed performance. Apart from Zhang Huan’s two failed lots and one by Hong Kong artist Kum Chi Keung, there was a surprise pass on Japanese artist Yayoi Kusama’s pink polyester mannequin Self-Obliteration (estimate $550-650,000). Most of the rest of the ten or so sculptures including Wang Keping’s wooden female forms, Zhang Wan’s scholar rocks, kitsch sculptures by the Luo Brothers and Huang Yan and a run of five works featuring sculpted heads  and figures (by various artists) sold at or above estimate.

Li Hui, Amber Dragon, Neon and steel

Li Hui, Amber Dragon, Neon and steel

Two lots by neon and steel sculptor Li Hui (1977) were highly sought after and attracted across-the-room bidding. Both pieces were purchased by an Asian family who were active bidders in the preceding sale of South East Asian art. The family also acquired an acrylic on canvas by Japanese artist Hiroyuki Matsuura and another by Ryuki Yamamoto. Traditionally collectors’ interests cluster geographically and more often than not collectors prefer to buy their national artists though there have been signs of changes. Despite the recession there is still momentum  behind this trend of pan-Asia buying.

Chinese photography fluid bidding

A handful of photographs were scattered through the sale but the bulk was found in an eleven lot run in the middle.  This run featured sixties-born Chinese photographers such as Hai Bo, Hong Hao, Wang Qingsong, Huang Yan, Cang Xin and Sheng Qi who were active in the nineties and many of whom came to international prominence in 2004 with Christopher Phillips’ seminal exhibition Between Past and Future at the International Center of Photography in New York. Since then major US institutions have been collecting the work of this group as we reported in April 2009:

Hai Bo, Red Guard, Chromogenic Print and Gelatin Silver Print

Hai Bo, Red Guard, Chromogenic Print and Gelatin Silver Print

The J. Paul Getty Museum is the latest institution to add works by Chinese contemporary artists to its holdings. Others include New York’s Museum of Modern Art, which recently acquired 28 works for its photography collection, the Museum of Contemporary Art in Los Angeles, and the Brooklyn Museum, as well as global institutions such as the Tate and the Pompidou Center.

“The acquisition of these works (Wang Qingsong, Hai Bo) affirms an important new direction for the Getty,” says noted photography dealer and collector Daniel Wolf, who helped establish the museum’s collection in the 1980s. “It reflects an interest in expanding the collection in this category.”

Prices were affordable and bidding was fluid. While editions were limited to the 8-20 range and many of the lots were made up of multiple images, sales were made at estimates which were surprisingly affordable. Most lots sold for between HK$40-75,000. Wang Qingsong’s triptych photograph Past Present, Future which sold at estimate for HK$260,000 was the exception.  One buyer snapped up several lots.

One upset was lot 765 by Cao Fei which was passed in. Her works are inspired by the internet, video games, role-playing and the virtual world and she has received wide coverage in London and beyond after a recent show at Battersea Power Station organised in conjunction with the Serpentine Gallery.

Japanese and Korean art

The sale was dominated by Chinese artists but there was a run of cartoon-style art, many by young Japanese artists, a third of the way through the sale which sold at prices HK$50-150,000. Heavyweight Japanese artists were priced much higher but did not always sell or meet the estimate.  Yoshimoto Nara’s It’s Everything sold at HK$3.3m compared with an estimate of HK$3.8-HK$5m. Work by Yoshitaka Amano (described by Time Out as ”the Japanese anime legend behind the Final Fantasy video game” and who attracted spirited phone bidding in the spring sale 2009) was passed in. Takashi Murakami was the exception achieving HK$520,000 for an untitled 1/50 edition screenprint carrying an estimate of just HK$50-70,000. Korean works also achieved mixed results.

Long long auction

The final run of 11 lots saw 6 passes despite affordable prices. This result is probably not worth analysing in depth as it likely had more to do with the numbing length of the 4-5 hour 2 auctioneer sale which saw a packed room of 200 or so dwindle away to 30 or 40 tired stalwarts at what felt like the dog-end of the sale. Perhaps Sotheby’s who charged for coffee and catalogues again this year is still in cost-slashing mode. Let’s hope that by next year there will be enough new money supply for a return to more coffee breaks and free coffee.

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Posted in Auctions, Business of art, Cai Guoqiang, Cao Fei, Cartoon, China, Chinese, Hong Kong, Hong Kong Artists, Japanese, Korean, Li Hui, Market watch, Photography, Sculpture, Takashi Murakami, Xu Bing, Yayoi Kusama, Yoshitaka Amano, Yue Minjun, Zeng Fanzhi, Zhang Huan, Zhang Xiaogang | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Top price for Oliver Stone’s Zhang Xiaogang, half lots unsold at Christies Hong Kong sale – Bloomberg

Posted by artradar on December 1, 2008


Zhang Xiaogang

Zhang Xiaogang

ASIAN ART AUCTIONS

A painting by Chinese contemporary artist Zhang Xiaogang offered by Hollywood director Oliver Stone fetched HK$26.4 million ($3.4 million) at a Hong Kong art sale where half the lots were unsold, reflecting the prevailing gloom.

Zhang’s “Bloodline: Big Family, No. 2,” from 1995, was the most-expensive lot sold at Christie’s International’s evening sale yesterday. There was less enthusiasm for most other lots: buyers shunned 44 percent of Asian contemporary works and more than half of 20th-century Chinese paintings for a sale that tallied HK$140.6 million.

“You could sense the caution; no one wants to make a rash move,” said Tian Kai, a Beijing-based art dealer who flew in to attend the sale. “It’s a sign of the times.”

Hong Kong’s art market remains in the throes of a slump it heralded in October when Sotheby’s auction in the city missed its target by half. Subsequent major auctions in New York, London and Dubai fell short of estimates, spelling an art-world rout sparked by the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. and the ensuing global credit and stock-market crisis.

Zhang’s 1.8 meter-by-2.3 meter work shows a pursed-lipped couple with a tuft-haired toddler painted yellow. It went to an anonymous buyer after a 2-minute tussle between phone and salesroom bidders.

Last night’s sale was the most-glamorous part of Christie’s five-day Hong Kong auction (Nov. 29-Dec. 3) of 2,500 antiques, gems and art that the company expects to raise HK$1.75 billion. At least 500 people, some decked in their evening best of chiffon, silks and gems, packed the standing-room-only auction- hall at the Exhibition Center which overlooks the harbor.

‘Price Readjustment’

“Overall, there’s clearly been a price readjustment,” said Jonathan Stone, Christie’s Hong Kong-based international business director, in an interview after the sale. Stone, not related to Oliver, said the company is pleased that it set several artist records at the sale, “economic circumstances notwithstanding.”

Artist record for Zao Wou-ki

“Hommage a Tou-Fou,” a painting by China-born, Paris-based Zao Wou-ki sold for an artist record of HK$45.5 million. Chinese artist Sanyu’s “Potted Chrysanthemums” fetched HK$8.4 million, against the presale top forecast of HK$5 million.

Biggest upset Zeng Fanzhi’s Mao

Last evening’s biggest upset was a 1993 painting of Mao Zedong by China’s most-expensive contemporary artist Zeng Fanzhi, which failed to sell against a presale estimate of HK$30 million.

Bidding on Zeng’s oil-on-canvas “Mao I: From the Masses, to the Masses” was labored, even with auctioneer Andrea Fiuczynskic’s effort at coaxing more bids. The last offer of HK$28 million wasn’t good enough for Fiuczynskic, who rapped the gavel and called in the lot.

“Mao I,” is the twin of a like-sized painting “Chairman Mao II,” also dated 1993, that fetched 2.17 million pounds ($3.3 million) at Phillips de Pury & Co.’s London auction on June 29.

Other Oliver Stone owned works sold at near low estimates

Oliver Stone had consigned five Chinese contemporary paintings at this sale, three of which featured at last night’s event. The other two, both Liu Weis, sold for a combined HK$7.5 million, near the low end of estimates. Two last paintings will be offered at Christie’s day sale this afternoon.

“These are challenging times,” said Tian. “Both sellers and buyers are trying to make the best of a difficult situation.”

Southeast Asian art prices eased

Demand for Southeast Asian art, whose prices defied the demand weakness at Sotheby’s October auction, eased at this sale.

A mixed-media painting by the region’s most-expensive painter I Nyoman Masriadi fetched HK$2.1 million, against the work’s top estimate of HK$1.6 million. The priciest lot sold at the Southeast Asian auction was Filipina Juan Luna’s “Roman Maidens,” which fetched HK$4.7 million, against the painting’s low estimate of HK$8 million.

Except for wines, Christie’s charges buyers 25 percent on the first HK$400,000 of the hammer price, 20 percent of the amount above that, up to and including HK$8 million, and 12 percent of subsequent sums.

Posted in Auctions, China, Chinese, Hong Kong, I Nyoman Masriadi, Indonesian, Market watch, Pop Art, Zeng Fanzhi | Tagged: , , , , , , , , , , , , | Leave a Comment »

Chinese, Indian leading artists fail to sell at Sotheby’s Asian Art evening sale October 2008

Posted by artradar on October 5, 2008


Kang Hyung-Koo

Kang Hyung-Koo

 

 

 

REPORT FROM THE AUCTION ROOM

Big name Chinese and Indian artists and several premium lot artworks failed to sell at Sotheby’s October 2008 evening sale of contemporary and modern Asian art but the sale pointed to a new trend of enthusiastic collecting interest in South East Asian art.

Sotheby’s presented its first evening sale of Asian art in Hong Kong 4 October 2008 following Christie’s lead in the Spring auctions. Although Sotheby’s was more aggressive in the number of lots offered (Sotheby’s 47, Christie’s 32), Sotheby’s sale was generally a more diverse cautious offering compared with Christie’s. Sotheby’s presented:

  • artworks covering more time periods (Sotheby’s contemporary and modern, Christie’s contemporary only)
  • artworks from more geographical markets ( Both: Chinese, Indian, Korean, Japanese, Sotheby’s added Filipino and Indonesian)
  • a greater price range at Sothebys with given estimates ranging from US$13,000 to more than US$3.85 million (Christie’s lowest given estimate was US$64,100 and ranged up to US$3.2m).

The results however could not have been more different. While Christie’s sale was a resounding success Sotheby’s sold only 28 of the 47 lots on offer.

The auction room was packed with all of the 200 or so seats taken and though more seats were brought in 30-40 people had to remain standing at the back. There were two rows of Sothebys staff (30-40 people) taking telephone bids. The auction room hummed with anticipation and got off to a roaring start with the first two lots. Filipino artist Ronald Ventura’s ‘Pinamumugaran’ attracted furious bidding and achieved a price of US$230,000 ex premium compared with estimates in the range US$13,000 to US$23,000. The next lot Indonesian artist Handiwirman Saputra’s ‘Mental Series No 8’ estimated at US$25,000- US$40,000 was also successful and eventually sold for US$140,000 ex premium.

Enthusiasm quickly waned during the next two lots of Indian art: lot 3 by  Thukral and Tagra just exceeded the estimate and lot 4 by Jagannath Panda missed its estimate.

The first big upset was lot 5 Subodh Gupta’s ‘Untitled’ estimated at US$1.5 – 2million. Known as the leading Indian contemporary artist Gupta was the first Indian contemporary artist to be included in international auction sales. Sotheby’s had high hopes for this lot but it failed to meet the reserve and went unsold. This set the tone for the next 7 lots; although the works were by  big name Indian and Chinese contemporary artists only 2 (Zhang Xiaogang and Feng Zhengjie) sold just scraping the bottom end of the estimates.

I Nyoman Masriadi

I Nyoman Masriadi

The remainder of the sale was slow and bidding was sticky apart from a couple of bright spots. Indonesian artist I Nyoman Masriadi’s ‘Sorry Hero, Saya Lupa’ estimated at US$48 – 75,000 attracted wide bidding from the room and phones and was finally sold for over US$500,000. Other artists who attracted several bidders and sold above estimates included Korean artists Lee Bul and Kang Hyung-Koo and Indonesian artists Agus Suwage and Affandi.

Contemporary Chinese artists who failed to sell any works in the sale included Liu Wei, Wang Guangyi, Tang Zhigang, Zeng Fanzhi, Yan Pei-ming, Feng Lijun. Chinese Moderns were not spared and lots by Liao Jichun, Chang Yu, Zhu Dequn were not sold. Other Asian artists who were not successful included Indians Subodh Gupta, Justin Ponmany, Japanese artist Takashi Murakami and founder of new media art Nam June Paik.

Some commentators suggest that this sale has been less successful because it coincides with a structural turning point in buyers’ tastes which are speculative and fad-led by nature and that interest in Chinese contemporary art has been replaced with a new enthusiasm for Korean and South East Asian art.

Fads aside, the correlation between prices of works and demand is certainly striking demonstrating a new price sensitivity by buyers of Asian art. September’s financial meltdown is no doubt the leading cause of the many failures in this sale but other factors may also be involved. The number of auctions and fairs has exploded in the last two years providing excess supply of art just when demand is reducing. This Sotheby’s auction competes with the concurrent Hong Kong International Art and Antiques Fair in which art is shown by over 80 galleries in 5000 sq metres of space on the floor above Sotheby’s sale at the Hong Kong Convention and Exhibition Centre. The Sotheby’s sale also overlaps with Korea’s leading auction house Seoul Auction’s first auction in Hong Kong which is offering high quality Korean Japanese Chinese and Western modern and contemporary works.

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Posted in Auctions, China, Chinese, Filipino, Globalisation, Hong Kong, Indian, Indonesian, Japanese, Korean, Market watch, Painting, Recession, Southeast Asian | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 2 Comments »

Emerging Pakistani artists getting noticed in India and abroad

Posted by artradar on July 11, 2008


CONTEMPORARY ART PAKISTAN  Rashid Rana occupies a unique position among Pakistan’s contemporary artists and has been a hit internationally. Rashid Rana is a star, whether it’s in Lahore, Mumbai or Hong Kong. The Pakistani artist wowed the crowds who flocked to his Mumbai show in November 2007. And he received an equally rapturous response last month at HK 08, the inaugural Hong Kong Art Fair.

The overwhelming response to Rana’s eye-catching work didn’t come as the slightest surprise to two Mumbai art galleries. Chatterjee & Lal and Chemould Prescott Road jointly organised the show of Rana’s digital photo-montages at HK 08 and they were absolutely certain that it would receive critical acclaim. “It was all sold out,” says Mortimer Chatterjee, partner, Chatterjee & Lal.

 

Artist names attracting attention

Rana occupies a unique position among contemporary Pakistani artists and he has made a huge name for himself internationally. But he isn’t the only artist from across the border who’s attracting the attention of connoisseurs in India. In the last two months, three shows by Pakistani artists like Bani Abidi, Ali Kazim and Muhmmad Zeeshan have been held across Bangalore, Delhi and Mumbai. And many more are planned in the coming 12 months.

 

Collector Anupam Poddar buying Pakistani art with plans for show

Or take a look at art collector Anupam Poddar, who has built a sizeable collection of contemporary Pakistani art. His Devi Art Foundation is doing the groundwork for a show in March 2009, which will be curated by Rana.

 

Indian interest in Pakistani art

“Interest in Pakistani art is increasing in India,” says Peter Nagy of Delhi’s Nature Morte, who held the first solo show of Rana’s work in India and then helped take his work overseas.So, is Pakistani art the next Big Thing in India? Many art experts believe the interest in Pakistani art is only natural. Says Chatterjee: “There are so many lines of inter-connection between the concerns of Pakistani artists and the lives of normal Indians that often the subject matter is entirely relevant to an Indian audience.”There’s also, as Rana says, “a kind of mutual obsession on both sides of the border, fostered by shared histories, the trauma of Partition and the years of hostility and inaccessibility.”

 

Pakistani art more visible in auctions and fairs

Certainly Pakistani art, like Indian art, is suddenly becoming more visible at international art fairs and auctions. For instance, works by Talha Rathore and Nusra Ali Qureishi sold at auctions held by Christie’s and Saffronart recently.

 

Bani Abidi – female video artist

For Bangalore-based GALLERYSKE‘s founder, Sunitha Kumar Emmart who had been following Pakistani video artist Bani Abidi’s work, then, art fairs provided an opportunity to view the work of the Pakistani artist at first-hand. That led to a show by Abidi recently. “Regardless of nationality or gender, we have been interested in Bani’s work primarily for the strength of her practice and the clarity of her artistic vocabulary,” says Emmart. Abidi’s themes went down well with Bangalore art lovers. In the video piece, Reserved, she shows a city coming to a halt for a political bigwig. It has images of schoolchildren waiting to wave crumpled paper flags at a motorcade that never arrives – it was a theme, obviously, that Indian viewers could relate to.

“I’m interested in talking about a more complex identity formation along linguistic and cultural lines, rather than religious ones,” says Abidi, who was surprised by the response to her show. “This is the first time I’ve had a solo show in India. So, it was a first for me that this kind of attention was given to my work here and I value that,” she adds.

 

Ali Kazim – watercolours

Meanwhile, Ali Kazim’s mastery over watercolours drew a huge response at Delhi’s Gallery Espace. The show was held in collaboration with Green Cardamom, a UK-based institution that promotes South Asian artists.

 

Mohammad Zeeshan – contemporary miniatures

And in Mumbai, art lovers got to see Muhammad Zeeshan’s contemporary miniatures in his show, What Lies Beneath, organised by Delhi’s Anant Art Gallery.

“There’s a certain understanding regarding art that I find in Indians. And it feels good to be a foreigner only 40 minutes across the border and be identified with my imagery as an international artist,” says Zeeshan, who has shown in Delhi, Agra and Calcutta since 2005. Miniature artist Muhammad Zeeshan wants his images to tease the imagination as in Let’s Make A Great Pattern I and Untitled II.

 

2005 show in Mumbai was turning point

Pakistani artists are addressing issues like gender, politics and ethnicity in a language that’s contemporary and international, says art critic Quddus Mirza.

India’s interest in Pakistani art has been building gradually. The canvas was prepared by curators like Pooja Sood in India and Salima Hashmi in Pakistan, and institutions like Khoj International Artists’ Association and VASL Artists Residency in Delhi and Karachi, respectively. Khoj and VASL have held artists’ residencies since the late 1980s. Early shows like “Mappings: Shared Histories” curated by Sood too helped.

But till 2004, when Nature Morte held Rana’s first show here, public interest was low. Recalls Nagy: “There was good response from the art community but not from collectors.” That has changed now. One catalyst was the large show, Beyond Borders: Art from Pakistan, at Mumbai’s National Gallery of Modern Art (NGMA) in 2005. It was co-curated by Pakistani artist and art critic Quddus Mirza and NGMA’s then director Saryu Doshi.

“I didn’t realise it would create such a stir. It was the first time that we were recognised as contemporary to India in art,” says Mirza.

 

Pakistan’s art described as contemporary, international, cutting-edge

Since then, the momentum has picked up, spurred by galleries and artists. Says Muhammad Umer Butt, artist and creative director, Grey Noise, a new virtual art gallery based in Pakistan: “Rashid [Rana] has played an instrumental role in introducing us Pakistanis to India.”

Mirza believes that apart from the “newness” factor, the similarities and differences between the two nations have attracted Indians. Shows like Beyond Borders also revealed that Pakistani artists aren’t “making Islamic calligraphy or veiled women”. “We’re painting nudes, addressing issues of gender, politics and ethnicity in a language that is contemporary and international. So perhaps that shattering of pre-conceived ideas was one source for the Indian attraction,” he says.

But it isn’t just cultural affinity that’s attracting Indian art lovers to the work from across the border. The fact is that cutting-edge work is coming out of Pakistan. Says Saffronart co-director Dinesh Vazirani: “Wherever collectors are looking at art from outside, they’re looking for innovation.” Hammad Nasar, co-founder, Green Cardamom, believes this is partly because, “for most of its 60-year existence, Pakistan has remained a cauldron of political and social upheaval.” He adds: “This has proved to be a fertile ground for artists to mine.”

Two broad categories: new media and contemporary miniatures

Certainly, it has thrown up a diverse palette. The Pakistani art scene can be broadly divided into two: there are artists working in new media, and there are those that have given a contemporary twist to the miniature tradition.

Indians, says gallerists, are interested in both types of works. The big draw, of course, is Rana with his multi-layered images and messages. Take his Red Carpetphoto-montage series – Red Carpet-1 incidentally sold for a record $623,400 at Sotheby’s recent Spring Sale of Contemporary Art. At first glance, the work appears to be a large Persian carpet. But when you look closer, there’s a series of tiny photographs of scenes from a slaughterhouse. The work reflects, in a sense, Rana’s formal and conceptual concerns. He says in his artist’s statement, “In today’s environment of uncertainty, we cannot have the privilege of a single world-view. Every image or idea already contains its opposite within itself.”

 

Other artists names

Other contemporary Pakistani artists are also being noticed around the world. There are prominent names like Naiza Khan, sculptor-photographer Huma Mulji, Hamra Abbas, Faiza Butt, Mohammad Ali Talpur, and sculptor Khalil Chishtee, whose recent work includes sculptures with garbage bags. Mulji’s Arabian Delight, for instance, was reportedly picked up by British collector Charles Saatchi for $8,000 at the recent Dubai Art Fair.

At a different level, there are the neo-miniaturists – Indian collectors who are familiar with miniatures are quite enthusiastic about this type of work. Miniature art is a strong discipline at Lahore’s National College of Art (NCA), and it has turned out stars like Zahoor-ul-Akhlaq and Shahzia Sikander, who made a name for herself internationally in the ’90s.Now there are newer miniaturists like Imran Qureshi, Aisha Khalid, Nusra Latif Qureshi, Hasnat Mehmood, Talha Rathore and Zeeshan. “These artists have taken the South Asian tradition of miniature to new heights, and then moved beyond the page to invent a new visual language, rooted in tradition but of the here and now,” says Nasar.

Take Zeeshan, who began painting porn cinema posters before studying miniature work at NCA, and who combines the beauty of miniature with edgier themes of gender, dominance and violence. Zeeshan says he enjoys “teasing” the viewer. “And I think my images tease a lot. The oddity of the composition leads the viewer to dialogue and maybe, just for a second, ask, ‘What is this?” he says.

 

Pakistan’s art educational system strong…

Pakistan’s rich artistic output owes largely to its strong art educational system, especially since, unlike India, most practicing artists there also teach. “This has honed the critical edge of art here,” adds Rana.

 

But market infrastructure underdeveloped

For Pakistani artists too, India is an attractive destination, especially since the gallery infrastructure in Pakistan is still very underdeveloped. Grey Noise’s Butt says, apart from a few spaces like Rohtas 2 in Lahore: “We have showrooms but not galleries unfortunately.” Abidi too says, “The art market (in Pakistan) is almost non-existent and the small one that does exist is very conservative.” That’s why Butt felt compelled to found Grey Noise. “We’re the first virtual gallery to represent cutting-edge artists based in Pakistan,” he says.

 

International buyers showing interest

Already, Butt is “overwhelmed” by the response from India on his site. “I get a decent amount of taps from around the world and India takes the lead,” he says. Artists like Ayaz Jokhio, Mehreen Murtaza, Fahd Burki and Amna Hashmi are getting the most queries.

Even Indians living abroad are showing an interest in Pakistani art, according to Prajit Dutta, partner, Aicon Gallery, which is present in New York, Palo Alto and London. Last year, Aicon held two shows with Pakistani artists in London and New York. This year, it has done solos with Zeeshan and Talha Rathore in New York. Coming up in July is a show with installation and video artists Adeela Suleman, Jokhio and Fareeda Batool. And there’s a possible Naiza Khan show in New York next year. Dutta is also planning to show these artists in India. “We’ve got a great response from Western and Indian collectors,” he says.

 

Pakistani art attractive proposition

The boom in the international art market and growing interest in South Asia have made Pakistani art an attractive proposition, feels Rana, especially since art from South Asia is expected to emulate the global success of Chinese art. “Pakistani art benefits from a kind of trickle-down effect from this tremendous energy in the Indian art market,” he says.

 

Shows planned

The Pakistanis are obviously eager to make their mark in the booming Indian art mart. Green Cardamom, for instance, is planning two exhibitions in India next year, one by the acclaimed Hamra Abbas, who works in everything from video to animation, miniature painting and sculpture. In her Lessons on Love series, she transposed the romantic figures of Indian miniatures into sculpture. Says Green Cardamom’s Nasar: “India is a place where almost all our artists are keen to show. So we’ll figure out ways to do this to their best advantage.”

Nature Morte too will host a solo with Abbas in 2009 in Delhi and Calcutta. Besides, Abbas and Rana are part of a large canvas project Nagy’s working on with auction house Phillips de Pury in London in November, which will then travel to New York in January.

Meanwhile, GALLERYSKE‘s Emmart too plans to mount curated shows by Indian and Pakistani artists. Even Vazirani intends to increase the Pakistan section of Saffronart’s auctions. And he will hold a two-city show with Pakistani artists in Mumbai and New York in 2009.

 

Prices still low

To be sure, prices are one reason why Pakistani art is suddenly becoming popular here. As Indian art prices soar, there are better bargains to be had across the border. One art critic says that emerging artists from Pakistan offer “much better value than most Indian art now”. Vazirani too says: “There are opportunities to discover new artists.”

According to one gallerist, high-quality miniatures from Pakistan are typically priced between $10,000 and $20,000 though the masters are more expensive.Autumn II, a miniature by Zahoor-Ul-Akhlaq, for instance, sold at Christie’s’ auction of South Asian Modern and Contemporary Art this month for over $39,000.

The artists, though, are sceptical of the commercialisation in the Indian art market. “What we have now is everyone trying to cash in, exploit the artist, and in some cases, the artist exploiting the buyer,” says Abidi.

Yet the artistic exchange seems set to continue – barring the arbitrariness of officialdom. And as Chatterjee says: “This is just the beginning.”

Image details: Rashid Rana

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