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Contemporary art trends and news from Asia and beyond

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Posts Tagged ‘Indian art market’

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 »

Which 5 Indian artists would you dare to buy now?

Posted by artradar on May 26, 2009


CONTEMPORARY INDIAN ART

Which artists from the Indian subcontinent are most likely to have a market in 10 years time?  Think about it for a moment and then compare your results with those below:

Subodh Gupta

Subodh Gupta

 

Atul Dodiya, Fallen Leaves A Stroll

Atul Dodiya, Fallen Leaves A Stroll

 

 

Top 5 Ranking:

1. Subodh Gupta

2. Atul Dodiya

3. Rashid Rana (Pakistan)

4. N.S. Harsha

5. Jitish Kallat

(Each of the artist names above is linked to their wikipedia entry. Just google the artist name + images for a large selection of images and sources).

This list has just been published for the first time by ArtTactic using its Survival Rating Methodology. We have enormous respect for the well-researched reports produced by Anders Petterson. Here is more information from their website:

This Survey launches the Survival Rating methodology for the Indian art market, which was pioneered for the US & European art markets in December 2008. The measurement captures the long-term (10 years) belief whether the artists’ markets will be of High, Medium, Low importance. The Barometer is particularly useful in the current environment, where the market is trying to decipher which artists’ markets will survive the current downturn.

Artists Confidence Indicators and Survival Ratings included in the report:

F.N.Souza, M.F.Husain, Ram Kumar, S.H.Raza, Akbar Padamsee, Himmat Shah, Jogen Chowdhury,Arpita Singh, Krishen Khanna, Rameshwar Broota, KG Subramanyan, Vasudeo S. Gaitonde, Zarina Hashmi, Tyeb Mehta, Anju Dodiya, Atul Dodiya, Shibu Natesan, Sudarshan Shetty, Ravinder Reddy, Nataraj Sharma, Surendran Nair, Subodh Gupta, Bharti Kher, Jitish Kallat, Thukral & Tagra, Rashid Rana, N.S. Harsha, T.V. Santhosh, Justin Ponmany, Riyas Komu.

Jitish Kallat

Jitish Kallat

To buy, click the Indian Art Market Confidence Survey report May 2009

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Posted in Acquisitions, Atul Dodiya, Collectors, Indian, Jitish Kallat, Market watch, Pakistani, Rashid Rana, Research, Subodh Gupta | Tagged: , , , , , , , | 6 Comments »

Indian art market confidence falls in latest ArtTactic survey – Indian Art News

Posted by artradar on November 1, 2008


INDIAN ART MARKET CONFIDENCE

The financial markets around the world are gradually recovering from a cardiac arrest, the banking system is being rebooted with help of government intervention and nationalisation. Most Western economies are heading for a recession. Emerging markets such as India and China have not been spared either, and the short-term economic outlook is highly uncertain.

Sentiment shift began May 2008

Now, this is the context in which the art market must be analysed. ArtTactic’s India Confidence survey in May 2008 signaled a shift in the sentiment, as respondents turned negative on the economy – 6 months after, the negative mood has now hit the Indian art market.

Confidence falls 23% May to September 2008

The recent confidence survey conducted in September 2008, showed that the overall ArtTactic Indian Art Market Confidence Indicator fell a further 23% from the last reading in May, which has resulted in a combined fall in the Indian Art Market Confidence of 34% since October 2007.

The ArtTactic Indian Art Market Indicator has been hit by 38% drop in the confidence in the economy, which is a further deterioration from the 54% decrease experienced between October 2007 and May 2008. Hence the economic component of the indicator has fallen 71% since October last year. This has to be viewed in the light of The Bombay Stock exchange (SENSEX) having lost more than 50% of its value between October 2007 and October 2008. With inflation levels at close to 12% and weaker industrial production numbers for August 2008, the Indian economy is feeling the gravity of the global crisis – a sentiment that is now starting to find its way into the heated Indian art market.

Speculation cited as cause

ArtTactic’s recent survey shows a significant fall of 36% in the Indian Contemporary Art Market Confidence Indicator, which reached its height in May 2008. The loss in confidence has been largely caused by speculation (73% of respondents saying this the biggest risk to the contemporary Indian art market), and rapidly rising prices of younger, still unproven contemporary artists, combined with a much weaker and uncertain economic climate.

Future?

So what does this mean for the future of the Indian art market? The changes are likely to take place on different levels. The most immediate; art prices and value of Indian art works will come under scrutiny, which is evident by recent results from auctions in London, New York and Hong Kong.

In the medium term there needs to be a re-assessment of the Indian art market, and questions around artistic, historic and cultural importance need to be debated, discussed and contextualised. The Indian art market desperately needs a non-market/ non-commercial reference frame for which it can questions its validity. The market needs more long-term players, particularly art collectors.

On the positive side, the Indian art market boom has laid the foundation for a healthier, second Indian art market cycle. The emergence of institutions such as the Devi Foundation are necessary, but one needs many more – as a single institution runs the risk of becoming an instrument for another speculative boom. The market needs a wide range of ‘voices’ that can maintain the checks and balances, and ensure that the value of art has a foundation outside the commercial market.

However, one should remain positive. Whilst the market will go up and down, artists and art will not cease to exist. Contrary, a difficult environment is likely to be more conducive for art production and creativity. It is in this new cycle, where the real, long term value of Indian art will be established.

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Posted in Art Index, Collectors, Indian, Market watch | Tagged: , , , , , , , , , , , | 1 Comment »

India has the most speculative art market in the world says Philip Hoffman, The Fine Art Fund – Business Standard

Posted by artradar on September 11, 2008


INDIAN ART FOR FUND

“Hoffman is something of a poster boy for art funds, and for the entire “art as an alternative asset class” discourse, doing annual trade of $120-130 million every year through the five funds he manages” says Business Standard. Fine Art Fund I – the first of these that he announced in 2003 to invest in museum quality art – is the longest-running and most successful art fund globally, having announced last year an average annualised returns on assets sold of 44 per cent. 

Indian Fine Art Fund established 2008

Earlier this year he established a $25 million Indian Fine Art Fund which explains Hoffman’s presence at the India’s first art fair, The Indian Art Summit held August 2008 and “the buzz of excitement that follows his tall, brown-suited figure as he goes around the stalls, jotting down notes in his little notepad”. He made some investments, not very huge, but which artists and how much he does not reveal. “I was reviewing some of the works we bought six months ago,” he says, sipping his coffee in a very businesslike fashion. “They’re up 50 per cent and these are only mid-auction estimates. But then it is not unusual in these markets to make 100 per cent, 200 per cent, or even 300 per cent returns. But we are not buying emerging artists at $2,000 or $1,000. It’s a very risky game at that stage.”

The India fund has managed to attract around a hundred investors, mostly “cash-rich European individuals and a few London hedge funders managers”, Hoffman reveals, even though SEBI’s regulatory guidelines on investment in art funds did discourage some Indian banks from investing in the fund. “I think some of the Indian art is great. But you know my reputation is that quite often I’ll spend less than 30 seconds looking at a work of art on which we will spend $ 3 million.” The decision to buy or not to buy, Hoffman says, is made by 30 professionals – “who between them have 400 years of expertise”.

Indian market speculative

Hoffman marvels at the what he calls the “entrepreneurial” spirit of Indian consumers of art. “Of all the art markets in the world, this one is the most speculative. India has the most art funds in the world. If there is a market and money to be made, you guys are very fast at it, faster than the rest of the world.”  It might be wonderful but it also leads to instability, Hoffman seems to imply, because there are few serious collectors and more of those who “buy now only to sell on the way home”.

Lack of institutions a problem

The problem is also one of the lack of institutions to widen interest and cultivate tastes in art. “Unlike in New York, where curators have decided that Picasso is important or London where taste-makers have decided Rembrandt and Titian are going to be there until posterity, in India the names are constantly changing. Yes, five to seven names are constantly mentioned but there’s no unanimity,” he says draining the last of the coffee. “Look at the Middle East,” Hoffman says, “where Abu Dhabi is coming up with a cultural centre that’ll cost $30 billion. Imagine how much their curatorial direction will influence the market when that centre is up?” Indeed, more than China or India, Hoffman seems upbeat about the prospects of Middle East art, not the least because unlike the other art markets, “it is still mostly people from the Middle East who are investing in Middle Eastern art”.

But don’t lose heart says the Business Standard- “In the long term, India is a one-way horse,” Hoffman predicts. “It has a long way to go.”

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Posted in Acquisitions, Art Funds, Fairs, India, Indian, Market watch, Middle Eastern | Tagged: , , , , , , | Leave a Comment »

India Embraces the Contemporary: Financial Times

Posted by artradar on May 25, 2008



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.

 

 

Posted in Collectors, Indian, Market watch | Tagged: , , , , , , , , , , , , , , , , , , , , | Leave a Comment »