By Noelle Julian and Nigel Howard
Just a few years ago relatively few people in the West recognized India's economic and technological potential. Today India has proven itself a major economic force with the capabilities to grow yet stronger. Parallels exist in the market for contemporary Indian art. The quality and potential of Indian art has been recognized but the full extent of its position in the market has yet to be realized. This article looks at the main reasons for this growth and why it is likely to continue.
Indian contemporary art shows the influences of both the major art movements in the West and India’s own vast array of cultures, traditions and artistic expression. Many newer works make statements about the impact of the changes wrought by the country’s economic growth and the influx of modern Western influences. Much of the work is uniquely Indian but also exhibits universal statements about change, life, love and faith. The country’s belief systems include all the World’s major religions.
Important auctions in New York and London have bolstered the Indian art market and helped it gain recognition (for instance, a Sotheby’s auction in March this year raised over $13.6 million). Online auctions of contemporary Indian art have been particularly successful and arguably have a vibrancy and selection of work that even surpasses the traditional auction houses. For example, Saffronart‘s March 2006 online auction raised $4.5 million and included some stunning works. The Internet and the availability of wider access to information from India have opened up and accelerated the market.
Economic liberalization and India’s technology boom have contributed to the trend. The number and type of collectors has grown as more people within India gain the means to buy. Art has become fashionable. The domestic middle classes are active consumers and are using their increased purchasing power to invest in Indian painting and sculpture. Two decades ago there were very few art galleries in large Indian cities. Now many Indian cities have popular venues for showcasing and selling Indian art. These galleries sell to both local buyers and art dealers working out of the U.S. and Europe.
The most significant growth in the market has come from outside of India. Educated and wealthy Indians living abroad have been the most active collectors of contemporary Indian art. Indian culture thrives in these ex-pat communities and these buyers have seen art from their home country as a good investment and a way to preserve their heritage in a foreign land. Non-Indians have also become interested in purchasing Indian art. Increased commerce with India has meant more visitors and more first hand experiences of Indian culture. Many people who visit India are captivated by its imagery and colors. The art market has noted and catered to these trends.
With this growing base of collectors contemporary Indian art is likely to continue to rise in value. Indian contemporary works have not yet risen to the average market prices of works from other Asian countries. For example the average selling price for Indian works in Western auction houses remains under a $100,000, while contemporary works from China and Indonesia have grown in value to average around $400,000 at auction. So by comparison there is still room for further appreciation in prices for good work from India. Some works have already broken out of these prices ranges. In 2005, Tyeb Mehta took Indian art to a new level when his work “Mahisasura” sold for nearly $1.6 million dollars at Christie’s auction house in New York. His work was the first by a contemporary Indian artist to break the million-dollar barrier. Mehta is a member of the group known as the Progressives, which were at the forefront of India’s postcolonial art scene at the end of British rule in 1947. Mehta is not their only success story. Other acclaimed members of this group include Francis Newton Souza, Sayed Haider Raza, M.F. Husain and Maqbool Fida. Husain’s works have sold for hundreds of thousands of dollars, and Raza’s painting “Tapovan“ recently sold at Sotheby’s for nearly $1.5 million dollars. The Progressives have helped to skyrocket the value of Indian art.
Just as India’s economy and World position continues to evolve, so should the relevance and importance of its artists. There are many new and exciting works coming from India’s contemporary artists so the interest and valuations should continue to rise. Recent successes should be just a beginning.
Editorial from Collect World Art:
We believe Indian contemporary art is compelling in its statements and imagery – that is what inspired us begin our collections from India. Collect World Art selects works that it believes are high quality and that will bring meaning to its collectors, irrespective of price or appreciation. Our online promotion of the artists and early collector pricing means that incredible fine art is made available to a wider audience, leading to greater recognition and appreciation of these artists and Indian art.
For more information on the Indian art market we highly recommend the following sites: www.Indianartnews.com and http://thisishowitshouldbe.blogspot.com |
