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Posts Tagged ‘indian modern art’

Indian art market hits peak 2008 figures – modern art favoured

Posted by artradar on July 27, 2010


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. Portrait of a woman.

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. Rajasthan.

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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Posted in Auctions, Business of art, Classic/Contemporary, Collectors, Indian, London, Market watch, Painting, Progressive Artists' Group | Tagged: , , , , , , , , , , , , , , , , , , , , , | 6 Comments »

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 »

Peabody Essex Museum loaned 3 giants of contemporary and modern Indian art: Anish Kapoor, Francis Newton Souza, Paritosh Sen

Posted by artradar on June 9, 2010


INDIAN ART AMERICAN ART MUSEUM COLLECTIONS

This year, the Peabody Essex Museum (PEM) has acquired three major works on loan from the Harmony Art Foundation: Anish Kapoor’s Halo (2006), Francis Newton Souza’s Birth (1955)and Paritosh Sen’s Amhedabad scene (1984).

“We are thrilled to have these three key works from the Ambani Collection,” says Lynda Roscoe Hartigan, the James B. and Mary Lou Hawkes Chief Curator at PEM. “Their extended loan is just one of the many ways in which we are bringing global contemporary art to PEM.”

Halo by Anish Kapoor. 2006.

Anish Kapoor, Halo, 2006

Anish Kapoor is one of the most celebrated contemporary Indian artists. Earlier this year, Kapoor received a commission to construct the ArcelorMittal Orbit in London’s Olympic Park, continuing his successes in London following a 2003 Unilever installation in the Tate Modern and a 2009 show at the Royal Academy. In the United States, he is best known for his 110‐ton stainless steel public sculpture Cloud Gate (2004), installed in Millennium Park, in Chicago.

Halo consists of a shallow circular cone of stainless steel, 10 feet in diameter. Its surface is pleated in a radial pattern, a manipulation more commonly associated with pliable fabric than unyielding steel. It will hang in the PEM atrium, on long‐term loan from the Tina and Anil Ambani Collection.

“Anish Kapoor is one of the most important artists working in the world today,” says Trevor Smith, PEM Curator of Contemporary Art. “The extraordinary technical achievement of his sculpture depends on contemporary technology while invoking a sense of wonder that is timeless.”

Souza and Sen are often pronounced fathers of Indian modern art. Breaking away from colonial training institutions in post independent India, they founded the Bombay Progressive Artists’ Group and the Calcutta Group respectively. Both groups pioneered the modern art movement in India in the 1950s.

Birth by Francis Newton Souza

Francis Newton Souza, Birth, 1955

The Peabody Essex Museum has had a long history of collecting Indian art. In the year 2000, renowned Indian art collectors Chester and Davida Herwitz donated their collection to the PEM, fortifying its status as one of the best places to go for Indian art in the United States. Today the PEM has three galleries dedicated to Indian art.

“There is a tremendous synergy between the Peabody Essex Museum and Harmony Art Foundation based on our belief in Indian art, and our genuine commitment to bring it to the global stage,” says Tina Ambani, a former Bollywood star and founder of the Harmony Art Foundation, an institution which supports emerging and established Indian artists. “It’s time that the art world looks beyond current fads and market trends to establish an abiding interest in the incredible power and potential of Indian art.”

AM/KN

Related Topics: Indian artists, collectors, events – museum shows

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Posted in Acquisitions, Collectors, Corporate collectors, Indian, Museum collectors, Museum shows, Museums, Painting, Progressive Artists' Group, Promoting art | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »