Indian art market hits peak 2008 figures – modern art favoured

ART MARKET INDIAN ART MODERN ART AUCTIONS

For some time now, the Indian art market has been reviving after the post-2008 buying slump. New Delhi-based journalist John Elliott, who runs the current affairs blog Riding the Elephant, reports in a recent post that now it may well be on the first step towards similar pre-2008 peak figures. However, the artists raking in money this time around are not contemporary but modern Indian artists.

In June this year, Sotheby’s raised USD7.9m in a mostly Indian art sales. In the same month, Saffronart sold art worth USD6.7m, and together with a Christie’s two day sale of USD18.1m, Indian art sales for the month of June totaled a substantial USD32.7m.

Rabindranath Tagore's 'Portrait of a Woman' sold for over USD461,000 at Sotheby's.

Elliott reports that ArtTactic, a London based art market analysis firm believes that average auction prices and volumes for modern Indian art are now back to levels seen at the market’s peak in June 2008. Anders Peterson, who runs the firm, adds that,

The return in the confidence for the Indian art market is at the high end of the market.

A significant change from the trends of 2008 is the consistent sales of established veteran artists of Indian modern art rather than contemporary artists. However, given the overall push in the performance of the market, contemporary sales have also picked up. ArtTactic reports that previously popular contemporary artists such as Subodh Gupta and Jitish Kallat are still lagging far below 2007-2008 prices.

Saffronart founder and owner Dinesh Vazirani agrees with ArtTactic’s line on modern art. He says,

Auction prices are reasonably close to their 2008 peak. Serious collectors are there and this is backed with confidence in the Indian economy and with people investing as a hedge against inflation.

But how much do these results tell us about trends in buying Indian art? Anders Peterson from ArtTactic believes that,

Auctions are now a filtered version of the reality in the art market. Lots that are likely to sell are works of high quality, rarity and outstanding provenance. Works that do not demonstrate these qualities are still selling at lower prices or not at all. Therefore the return in confidence is at the high end of the market.

SH Raza's 'Rajasthan'.

The highlight of the Sotheby‘s sale were the works of Indian modernist painter, poet, philosopher and Nobel Prize winner Rabindranath Tagore, while Saffronart relied on modern art veterans like S.H. Raza, who was part of the Bombay Progressive Artists’ Group and now lives in Paris. His wife, Janine Mongillat, died in April 2002.

AM/KN/KCE

Related Topics: Indian art, Bombay Progressive Artists’ Group, market watch- auctions

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Ai Weiwei and Vito Acconci wrap up major collaboration at Hong Kong’s Para/Site art space

AI WEIWEI CHINESE ART HONG KONG ART SPACES ARTIST COLLABORATIONS

With a new project, Chinese art all-rounder Ai Weiwei, in cooperation with American artist Vito Acconci, has brought fresh dialogues between the East and West to Hong Kong, a monumental event in Ai Weiwei’s career and for the Hong Kong and the Asian art scenes.

A view of "Acconci Studio + Ai Weiwei: A Collaborative Project", an installation work recently shown at Para/Site art space in Hong Kong.

“Acconci Studio + Ai Weiwei: A Collaborative Project“, held at Hong Kong’s Para/Site art space, has provided the opportunity for Ai Weiwei to meet and work for the first time with Vito Acconci, an American artist whom he admires.

Vito Acconci

Like Ai Weiwei, Acconci shifts between performance art and architecture, and has gained a global reputation for his bold art stunts.

In his 1971 performance entitled Seedbed, Acconci engaged his visitors in restrained sexual intimacy by masturbating continuously under a wooden platform in a gallery.

A recent article published on Time Out Hong Kong describes the artist as someone who “works not as a singular artist but as an architect and ‘collaborator’ for Acconci Studios. The controversial questioning of his earlier career has been replaced with an intellegent whimsy in design. Structures roam, twist and fold within their sites. Each edifice constantly contemplating the function of space and the understanding of linear time and form.”

Ai Weiwei

Having been involved in design, architecture, curating, writing and publishing, Ai Weiwei is one of the most controversial contemporary artists of his generation. Asked to describe his art by the Financial Times, Ai Weiwei gave the following reply:

“That question makes me almost speechless, because I wonder how much do I know about it, even though it was me that did it? What part is conscious and is that consciousness important? And what part has come out only because of the public’s sentiment? And is that important?”

An article recently published in the Guardian noted that Ai Weiwei’s work “has become overtly political, blurring the boundary between art and activism”, referring to the artist’s Remembering installation. This artwork was comprised of 9,000 children’s backpacks, in reminiscence of the 2008 Sichuan earthquake casualties.

In recollection of Ai Weiwei’s past performances, an article published in the Financial Times discussed both Dropping a Han Dynasty Urn (1995), “a triptych of photographs in which he is seen casually dropping a 2,000-year-old vase to shatter on the ground”, and an exhibition of 46 avant-garde artists including himself called Fuck Off (2000), which was closed down by authorities. The artwork’s Chinese title was the milder Uncooperative Approach. Despite his strong defiance against the Beijing government, Ai Weiwei was the designer of the Bird’s Nest at the 2008 Beijing Olympic Games.

Vito Acconci and Ai Weiwei in discussion regarding "Acconti Studio + Ai Weiwei: A Collaborative Project", an installation work recently shown at Para/Site art space in Hong Kong.

Acconci Studio + Ai Weiwei: A Collaborative Project

For “Acconci Studio + Ai Weiwei: A Collaborative Project”, Para/Site was transformed into a three-dimensional grid where Ai and Acconci developed their work “in constant mutation and accumulation during the two months that it [was] open to the public.” The end product was an unorthodox, multilayered installation with an accumulated collection of new works, models, drawings and various materials that were accumulated as a result of ongoing discussions between Ai Weiwei, Vito Acconci and their studios.

“The collaboration with Vito Acconci at Para/Site art space is an effort in figuring out ways to collaborate, ways [of] defining the actual process of working together. Through the development of a gallery project we are to think [of] the formation of a city.” Ai Weiwei (as quoted on the Para/Site website)

“I would never have imagined that today I could become active in art and have a chance to meet Vito…I was a young man just come from China. I was trying to be part of art history, but then it was impossible…Neither of us have any nostalgia towards the past, but we are both ready to think about today. That is our common ground.” Ai Weiwei (as quoted by the Financial Times)

The project is not just an interesting addition to Ai’s collection of stunning works. As Alvaro Rodriguez Fominaya, the Executive Director and Curator of Para/Site, told Art Radar Asia, it has also created a platform for dialogues about the arts in Hong Kong and, on a larger scale, throughout Asia.

“This project reflects the complex production system that surrounds the creation of new works of art/projects in the 21st century. Dialogue is an important element of this project, which is as much about exchange of ideas as it is about production. Until now most exhibitions in this part of Asia focused on exhibiting a relevant Western artist or showcasing a leading artist from Asia. But the dialogue between what is happening in different parts of the world is lacking. This conversation is conducive to new ideas and it opens new paths of research. Then, there is also the challenge to put together practitioners from different generations, that also operate within different studio cultures. It proves Hong Kong can be a platform for leading international projects, and positions this city as a destination for art lovers, and not just a stopover. It is also a picture of what Hong Kong could be in the international scene if we had some rigorous planning and more opportunities to engage with current discourses around the world. This project is about taking curatorial risks, to start a journey without knowing the final destination.”

According to the art space’s website, Para/Site was chosen as the base for the project because of its autonomy from large organisations, enabling it to accommodate the innovativeness of the project.

CBKM/KN

Related topics: Ai Weiwei, collaborative art, venues – Hong Kong, Chinese artists

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• London’s Michael Hoppen pioneers photography at ART HK 10, plans Hong Kong gallery – interview – June 2010
• Ai Weiwei is next artist in Unilever Series at Tate Modern – March 2010
• Surprising sell-through rates for Chinese art recorded in London’s February auctions – March 2010
• Picasso of China or voice of dissent: Who is Ai Wei Wei? Profile – September 2009

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India Embraces the Contemporary: Financial Times

INDIA The Indian art market is going through a major transformation, where the market’s focus has shifted from modern Indian art to contemporary Indian art.

According to a report this month by ArtTactic, an art market research service which provides analysis and advice for art collectors, art professionals, art institutions and art funds, its contemporary art market Confidence Indicator now stands 20 per cent higher than the indicator for the modern art market. However, recent auction results show that there is still strong demand for the right period works by a selected number of modern Indian artists such as FN Souza, MF Husain, VS Gaitonde, Ram Kumar and SH Raza.

Western museums and private collectors have started to take a strong interest in what is happening in India at the moment. This will continue in 2008, with exhibitions planned at the Serpentine Gallery, the Saatchi gallery, the Mori Art Museum, as well as the current exhibition “Passage to India” at Initial Access, the space recently opened by UK collector Frank Cohen.

According to the ArtTactic Indian Art Market Confidence Survey, the overall Indian art market confidence indicator fell 13 per cent from the last reading in October 2007.

The indicator has been hit by a 54 per cent drop in both the current and future confidence in the economy. With India’s inflation surging to a more than three-year high, with global financial markets in decline and with crude oil prices rising, the economic prospect looks less promising than six months ago. And as the economic component of the confidence indicator carries a 33 per cent weighting in the overall Indian Art Market Confidence Indicator, the significant loss in confidence weighs heavily on the overall results.

However, despite the fall in overall ArtTactic Indian art market confidence, both the confidence levels in the modern and contemporary market increased significantly: up 17 per cent and 6 per cent respectively.

After the slowdown that started at the beginning of 2007, where the modern Indian art market experienced a 38 per cent drop in annual auction volume compared with the record year of 2006, the modern Indian art market is now regaining some of the lost confidence.

The ArtTactic Indian Modern Art Market Confidence Indicator is up 27 per cent from the last reading in October 2007, and while the survey respondents are less positive about the near future of the Indian contemporary market, the “expectation indicator” for the modern art market stands 23 per cent higher than the “present indicator”, showing the modern art market could be about to regain some of the ground that it recently lost.

www.arttactic.com

The ArtTactic Indian Market Confidence Indicator was launched in May 2007. It is derived from polling 81 respondents, including curators, collectors, dealers, galleries and auction houses operating in the Indian art market.