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18-Sep-09
FTN: Husain in exile; artists need to be protected
Source: CNN-IBN
Artist MF Husain, who has been living in self exile for the past 13 years due to threats from Hindu fundamentalists for his works, turned 94 on Thursday. But the doyen of modern Indian art still cannot come back to his homeland because of the threat to his life.
The Government has so far done nothing to bring back the artist.
CNN-IBN show Face the Nation debated: MF Husain turns 94 – should the Government bring Husain home?
On the panel of experts to debate the issue were MF Husain’s counsel Akhil Sibal, MP and Congress Spokesperson Jayanthi Natarajan, artist Anjolie Ela Menon, and BJP member Sheshadri Chari.
Is the future for artists and the democratic expression of freedom bleak in India?
Noted artist Anjolie Ela Menon began the debate by saying, "I don’t think so because we have protested every time there is this self-appointed moral police. I remember when the incident took place I was in a television interview which had a large audience and I asked some 200 people that which of them had seen his painting. And not one hand went up. So what were they offended by? The propaganda by the VHP and Bajrang Dal?"
Not agreeing with Menon, BJP member Sheshadri Chari said, "It is not the question of propaganda. We all wish him well and many more years of painting. He is out of India on a self-imposed exile. There is nothing that the Government of India or BJP or RSS can do."
However, VHP and Bajrang Dal have reportedly said that Husain "has vilified our objects of worship"
To which Chari said, "Forget what the VHP and Bajrang Dal have said. What is the general perception? The perception is that he has painted certain Hindu Gods and Goddesses in the nude. So now it is for MF Husain to come and explain it. When he was asked why did he paint Hitler in the nude he had said those whom he hates and those whom he wants to humiliate he paints them in the nude. This is what he had said in an interview which was even publicised."
When an artist paints a God or Goddess in the nude does it convey disrespect or humiliation?
"Of course not. If you look back in the history of Indian art it was Ravi Varma who started dressing Gods in clothes of his own times. But there were times which preceded the advent of cloth," Menon explained.
So then why doesn’t the Government give police protection to Husain? When he wanted to come for the India Art Summit, the Government reportedly did not do anything.
"I don’t speak for the Government. I am not aware what the Maharashtra government has done. But as far as my party is concerned we are of the view that if Mr Husain would like to come back to the country of his birth then he should certainly do so. And if there is any threat to his life then the Government will provide him with protection," Congress Spokesperson Jayanthi Natarajan said.
But the Government didn’t do that. During the recently-held India Art Summit the organisers went from pillar to post within the Home Ministry trying for police protection so that they could get Husain for the summit. But it is believed that protection was never given.
"As far as I am aware any citizen who is entitled for protection can ask for it," Natarajan said.
Regarding the Home Ministry taking up the issue, Natarajan said, "I don’t think it is the highest on our list of priorities at the moment given the acts of terror against the country. We have considerable respect for Mr Husain’s artistic oeuvre, as you put it. He has put contemporary Indian art on the world map. But it is simply not the job of the Government in my view."
Politicians vs the society
The Delhi High Court has dismissed the obscenity case. The court also said that nudity is part of contemporary art and plays a significant role in India’s cultural heritage.
In the light of this judgment why doesn’t Husain come back and face the charges?
To which Husain’s counsel Akhil Sibal said, "I want to clarify that he is facing the charges. He represented in court, he filed a petition saying these cases are frivolous and legally unstable and he succeeded. So he is not running away. There is no legal impediment preventing him from returning. The more important question is not whether the Government should bring him back but whether the society should bring him back. There is a fringe element which has a very shrill voice but they are not representative of the majority."
"What Ms Natarajan said is absolutely shocking. This gives out a very strong message," Sibal added.
Strongly disagreeing with Sibal’s charges, Natarajan said, "No, my words have been taken out of context. I said terrorism is high on the Government’s priority and not an art summit. I did not say that the Government will not provide protection."
"I am sorry to say but even the clarification is shocking," said Sibal.
"You have to be careful about the messaging that you are sending out. What you said cannot be the view of the Government surely and if it is then that’s absolutely shocking," he added.
Freedom of expression
There has been a tradition of nudity and cultural expression in our heritage. Then how can the Hindu groups call Husain’s paintings an insult to Indian heritage?
"I wouldn’t say it is just a Hindu group. I would go back to an interview of Husain which was conducted by a very senior journalist. He was asked why did he paint Hindu Gods in the nude. Husain had replied saying ‘nudity is a metaphor for purity and strength.’ Then the next question that was asked was that would he paint all women characters like Mother Teresa and Fatima also in the nude? Husain had then said that he doesn’t want to answer that question," Chari said.
Unperturbed by the argument, Menon said, "Husain is today 94 and we really don’t care whether he is on this soil or not. We all go to meet him and I have had a nice ride in his red Ferrari. The world has shrunk so it doesn’t really matter whether he is here or there. If you think he is unhappy then you all are sadly mistaken. Husain is a true karmayogi. His life and his religion is his work. I think everyone is just whipping up an old dead controversy. As long as he is able to work it doesn’t matter where he is."
"The entire thing against Husain was politically motivated because some of his paintings were very old. They were taken out and made into a pamphlet by DP Sinha and party. It was done just to whip up sentiments amongst people who had never even seen his paintings," Menon added.
However, the panelists agreed that the issue here is that it is the artists’ freedom that needs to be protected.
Taking about the root of the controversy Chari said, "His painting of Bharat Mata was put up for sale and was going to be inaugurated by then Governor of Maharashtra SM Krishna. But he had then refused to go when he heard that it was a nude painting of Bharat Mata. So it was not about Bajrang Dal or VHP."
Sibal concluded the debate by saying, "This is completely misconceived argument for the simple reason that Hindu art has a tradition of eroticism mixed with religion and that is exactly what the High Court has also said."
Final results of the SMS/web poll:
Yes – 43 per cent
No – 57 per cent
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16-Sep-09
I Bought Andy Warhol” Author Richard Polsky Publishes a Sequel
Six years ago, Pop art dealer Richard Polsky caused a stir in the art world with his gossipy memoir about the art business, “I Bought Andy Warhol.” Yesterday, he published a follow-up, “I Sold Andy Warhol (too soon),” which chronicles his days of chasing art deals during the height of the buying boom.
Speakeasy called Mr. Polsky at his home in Sausalito, Calif., to see how he and the gallery crowd are holding up during the recession. Here is the edited excerpt.
Speakeasy: In your book, your say the business of buying and selling art is a lot like “high school with money.” How’s the mood in the cafeteria these days?
RP: It’s like grade school with money now. I feel like we’ve all digressed. People become art dealers because they can afford to become art dealers, but it’s not a business so much as a lifestyle. You’re attracted to the life of going to art fairs, hanging out at artists’ studios and taking collectors out to eat. The whole trip of it. And it’s very hard to treat it like a business because you’re dealing with crazy behavior.
A dealer once told me he paid $150,000 for a painting and sold it five years later for $175,000. He was bragging to me about his profit, but I had to wonder what the carrying costs of owning that painting were all those years and what the interest might have been on his line of credit for paying it off. You do the math and he lost money on that deal. People in this field don’t understand Business 101.
During the boom era, you said your role evolved from selling artworks to working as a “financial art advisor” for collectors. How’s that line of work holding up?
I’m helping a collector put a painting up for auction this fall, and what I’m noticing is that Sotheby’s and Christie’s are becoming more detail-oriented. You no longer get this sweeping “Yes” to whatever you want to sell. The vibe is, “We’ve got to really pay attention here.” Every deal counts now, and every million dollars matters to these auction houses. In 2007, they wanted the $10 million paintings, but now they’re willing to talk. The bottom line has shifted.
Your first book revolves around your quest to buy a silkscreen self-portrait of Andy Warhol wearing his spiky silver wig, a portrait often called his “Fright Wig” series. You paid $47,500 for a green version in 1998, which you auctioned off three years ago for $375,000. The profit looked good until you watched a similar “Fright Wig” sell for $2.6 million in 2007 during the market’s height. What’s the going rate for a “Fright Wig” these days?
I hate to say it, but it’s probably back down to about $400,000. There were a group of three “Fright Wigs” that were sold as one lot for $1.2 million this February at Sotheby’s, so I can base it on that.
Heading into the fall art season, which artists seem to be faring well?
In general, prices are off by about a third. Certain artists are holding up better that others, like Roy Lichtenstein and Alexander Calder. Warhol’s market is solidifying.
Who’s becoming a tougher sell?
Anyone whose market saw a lot of speculation, like Ed Ruscha. Richard Prince’s “Nurse” paintings also peaked a little over $8 million and they’re under $3 million now. Damien Hirst is also taking a hit.
Have you checked out the galleries in Chelsea lately?
There’s a lot less foot traffic. If you don’t have a street-level space, you’re screwed. People don’t want to climb stairs or wait for the elevator –- they have too many other options. So it’s about high visibility, showing fewer artists and leaving your shows up longer to keep your overhead down.
Is there any good news?
The upside is that if you’re a great artist, you might be getting treated better because the dealers are realizing they only have a few long-term prospects, so they want to really give their best artists the promotion they need.
The White House wants to reform Wall Street –- how would you fix the art market?
This may sound radical, but I wouldn’t mind if the art market was regulated. My colleagues would kill me for saying it, but it wouldn’t be such a bad thing if dealers had to pass an exam to sell art, a test on art history, on the history of the profession and how to price art.
People trade million-dollar paintings with a handshake, and it’s all built on trust. When anyone betrays that trust, there’s little recourse and no SEC to come charging in and checking licenses.
In the art world, values are set when I say a painting is good and you say a painting is great and whoever is right makes the most money. You can’t teach that easily, but I do think we can ask for more due diligence.
What’s the best thing a collector can do this season?
Go to New York, see as many shows at the galleries and museums that you have the patience for, and have a conversation about what you like. Insist on meeting the gallery director and sit down for 10 minutes and listen to their pitch. Don’t just look at the art -– hear about it and try to discern the difference between the propaganda and the truth.
What’s the worst thing a collector could do now?
Ignore things.
Looking back through the annals of art-world power, you say that collectors called the shots in the 1950s, artists ruled the 1960s, and dealers owned the 1980s. The auction houses took over during the past few years, but who’s on top now?
Collectors. When there’s a real shake-up, we always go back to connoisseurship, to the ones who decide which art will stand the test of time. Most art that I see is a one-liner -– you see it, you nod, you get it, you move on and forget it. The good stuff that will be worth money makes you go back a second time. Collectors are going after art that’s well-executed and seems to have a soul. The rest? Forget it. It’s not getting sold now.
Which art sales or fairs are you hitting or skipping this fall?
I will go to auctions in New York in November and Basel Miami in December, just to see what changes are afoot. But the art fairs are becoming less important. Their model is all about cash and carry. The auction houses are also getting less important, and the galleries are getting more important. It’s not a party atmosphere, and that’s what art fairs are all about.
Everyone is a lot more sober –- they still want to buy art, but they want to be thoughtful about what they’re doing. No one is frantic because they haven’t bought any paintings yet today. I wish they were, but that feeling is over.
When prices started freefalling last fall, did you ever reconsider the title of your book to something like “I sold Andy Warhol (I swear)?”
I’ve had a few friends tell me I ought to just drop the “(too soon)” part of it, and but that’s how I felt in the moment a couple years when that other “Fright Wig” sold for $2.6 million. That was my brief moment when I could’ve sold my painting and become a millionaire, but it was like watching someone else win the lottery. There’s no use beating myself up over it now. No one can time a market perfectly every time.
Source - WSJ.com
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16-Sep-09
Asian Art Draws Some Collectors But at Pared-Down New York Auctions, Buyers Seek the Rare and Discounted
The week of Asian art auctions that ended Thursday afternoon in New York offered early signs that some collectors, largely from China and India, are returning to the market in search of rare or discounted artworks.
New York’s chief auction houses -- Christie’s International PLC and Sotheby’s -- brought in about $55.7 million combined from their Asia Week sales of Chinese vases, jade carvings and Indian miniature paintings. The sales total exceeded their top forecasts of $41.3 million but fell below last year’s $157.2 million total.
The global recession has battered the art market, and the auction houses have responded by scaling back their sales. Christie’s won this pared-down round by selling $36.5 million, besting Sotheby’s $19.2 million. Last week, smaller auctioneer Saffronart brought in $3.7 million from a fall sale of Indian modern and contemporary art, just over its $3.4 million forecast.
Before the recession, auction houses worked overtime to attract new global buyers by emphasizing new works by contemporary Chinese and Indian artists like Zeng Fanzhi and Subodh Gupta. But the Asian collectors shopping for art now are seeking safer bets, preferring traditional pieces from respected collections.
This week, Chinese buyers dominated the bidding, but they competed with collectors in Indonesia, Korea and the United Arab Emirates. Western collectors, credited with pushing up prices for contemporary Asian art five years ago, largely stayed home.
Sotheby’s and Christie’s both offered pieces owned by the late psychiatrist Arthur M. Sackler, who founded a namesake museum at Harvard. At Sotheby’s, an anonymous Asian collector paid $1 million -- nearly six times the high estimate with fees -- for a pair of Huanghuali-style cabinets from the 17th century. Monday, a private Asian collector spent $362,500 at Christie’s for Mr. Sackler’s bronze ritual food vessel dating to the 12th century B.C., 10 times its high estimate. The total combined take from Mr. Sackler’s Asian holdings was $7.8 million.
Chinese ceramics had the strongest showing of the week. Sotheby’s sold a milky celadon jade vase with floral carvings from the Qing dynasty for $926,500, tripling its high estimate. At least four bidders also fought over a fuschia vase owned by collector Gordon Getty, which went to an anonymous bidder in the salesroom for $902,500, exceeding its $350,000 high estimate.
Over at Christie’s, several bidders fought over a 1778 wooden inkpaste box carved with poems. An Asian buyer got it for $1.4 million, four times the high estimate.
By comparison, contemporary art was scarce this time around. This year, Sotheby’s and Christie’s have shifted their stand-alone sales of Chinese contemporary art to Hong Kong, which has eclipsed New York as the top sales hub for Asian art. The New York offerings from India were weighted more heavily toward gilt-bronze Buddhas, Mughal miniatures and modern masters.
Tyeb Mehta, who died in July at the age of 83, still fared well. On Wednesday, Christie’s sold the artist’s powder-blue portrait, "Two Figures," for $926,500, above expectations. And over at Sotheby’s, Mehta’s 1976 double portrait, "And Behind Me Desolation," sold Thursday for $350,500, reaching its high estimate.
Subodh Gupta, the most recognizable and highly paid Indian artist to emerge in recent years, was in short supply this week.
At the height of the art boom, his photo-realistic paintings of aluminum pots were selling at auction for more than $1 million each. But Christie’s specialist Hugo Weihe said Gupta’s collectors don’t want to part with his pieces for less than $300,000, a more realistic value for his works now. Saffronart sold an untitled pot painting by Gupta last week for around $209,875.
By KELLY CROW www,WSJ.com
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16-Sep-09
ShContemporary on Solid Footing, Despite Setbacks
SHANGHAI—Even ShContemporary’s new director, Colin Chinnery, says he was surprised at how well this year’s fair went off. After all, there were plenty of factors working against the Sept. 10–13 show, such as the economy, the recent departure of founding director Lorenzo Rudolf, competition from the sprightly and young Hong Kong fair Art HK, and the specter of last year’s rather moribund edition still giving dealers and buyers pause.
One of the major objectives for this year’s edition, Chinnery says, was simply adjusting people’s expectations, which were overblown by the exploding Chinese art market before being squashed by the recession. “The expectations are different now than before,” he said, “but they are based on solid reality. The hyper-commercial or expensive work is nowhere to be seen. There are a lot more experimental works, lots of younger work. People are going to realize that art doesn’t appreciate 100 times in five years.”
To give ShContemporary new energy, Chinnery, formerly of Beijing’s Ullens Center for Contemporary Art, reorganized the show with a revamped collector’s program, along with a curated portion put together by Anton Vidokle, Mami Kotaoka, and Wang Jianwei. While last year’s curated section focused on undiscovered artists from Asia, this year’s, titled “Discoveries,” had no regional boundaries and pulled in works from Anri Sala, Martha Rosler, and Marina Abramovic from such high-profile international galleries as Marian Goodman (New York and Paris), Christian Nagel (Cologne and Berlin), Sean Kelly (New York), and PMK (Seoul and Beijing). For the conference program, the curators were able to draw such speakers as critic Hal Foster, artist Martha Rosler, and curator Hans Ulrich Obrist, who all lent the fair some much-needed critical heft.
One notable absence was that of Shanghai gallerist and social doyenne Pearl Lam, who in past years has almost single-handedly shepherded the fair’s collectors program. Her nightly dinners during the event — including one extravagant, 250-person affair each year — were always the most coveted invitations. This year, her absence — and the lack of openings at any of her four Contrasts galleries in the city — was strongly felt.
To make up for that loss, the fair mounted an ambitious Collectors Development Program, which hosted a major dinner at the Swissôtel in addition to organizing talks and programs that were geared toward attracting visitors. Some notable events outside of the fair included a show of Chinese and Belgian art, “Fantastic Illusions,” at the Museum of Contemporary Art and another show, “Stolen Treasures From Modern China,” which featured work by Zhou Tiehai, at ShangART’s new space in the Dunhill Villas, a pair of gorgeous 1930s mansions that the Richemont Group renovated as homes for two its brands, Dunhill and Constantin Vacheron. Still, there was a slight reduction in the number of events overall, although some people enjoyed the more relaxed tone.
In terms of the sales, ShContemporary seemed to have found a healthy lifeline this year, with firm if not spectacular activity reported, thanks to a strong showing of collectors from such countries as the Philippines, Taiwan, and South Korea. (The U.S. and Europe, meanwhile, had fewer to show for themselves.)
On fair floor, artworks and prices seemed to be more on the moderate side, with few galleries trotting out really expensive work. A few notable exceptions included Ota Fine Arts of Tokyo, which presented a solo offering of Yayoi Kusama, with works in the $200,000–$320,000 range, and sold on the third day one of her pumpkin sculptures. “We took the opportunity to understand the market for Kusama,” said Yoshiko Kogi, assistant curator at Ota. “We see potential in China.” Curiously, the gallery had sold mostly to female collectors from the Philippines and Taiwan.
The Long March Space of Beijing brought along a wide range of pieces, with prices ranging from $10,000 to $300,000, according to director David Tung. “I think people are looking for things that are a bit different in terms of medium this year,” he said, noting that Long March’s main draw continues to be work from the Chinese artist Zhang Wang, which sells in the $200,000–$300,000 range. Tung told ARTINFO the gallery had sold “close to 10 pieces” for a total of almost $1 million.
“One reason we came is that Colin has emphasized the community that’s here,” said Tung. “This fair not only serves Shanghai but is also a platform for southern China. Beijing is the major art destination, but in terms of art-buying the mentality is different. Here, in Shanghai, it’s a lot about meeting new clientele.”
While a majority of the 50-some galleries participating in the fair’s main section were China-based, there was a smattering from Asian neighbors South Korea, Hong Kong, and Taiwan and a few representatives from the U.S. and Europe.
“We participated in the Beijing fair last year, and it was very successful,” said Kerimcan Güleryüz, director of Istanbul’s X-IST, who had clearly chosen to come to ShContemporary over the contemporaneous Istanbul Biennale opening. “After my observations of the show, we realized that big painting and monumentality seemed to be what the collectors were looking for, and that’s why we’re in Shanghai.” Among the works Güleryüz had brought were large portraits by Serkan Adin and Mehmet Güleryüz, on offer for €6,000 to €85,000.
“Shanghai is a very good position in Asia,” said Berlin dealer Michael Schultz, who has been in the show all three years. “This year there was a very good mix here. There was not so much big business, but enough.” One of Schultz’s main draws was a Berlin-based Korean artist named SEO, who had a work sell for $110,000.
Perhaps the most unusual selection of work was over at the James Cohan Gallery, of New York and Shanghai, which had brought a range of tapestries from such artists as Gary Hume, Kara Walker, Fred Tomaselli, and Gavin Turk, priced between 50,000 and $100,000. The choice was unorthodox to say the least — most gallerists agreed that paintings and sculptures seemed to be the most sellable media, but “there was a great response to the tapestry from the locals,” said Cohan Shanghai director Arthur Solway. “I’ve learned something this year,” he added. “We should always be doing things that keep people off-kilter. Tapestry is a lost art form, but merged with the contemporary way, it makes people wake up and take notice.” When he spoke with ARTINFO, the Turk had already sold, and several others were on reserve.
Overall, galleries seemed to be relieved that the fair wasn’t a total bust and, in fact, reported that business was pretty satisfactory overall, at least good enough to keep marching forward. However, there were certainly detractors. “The end result of the fair was more middle of the road,” said Marcello Bardi, a collector and managing director of the Ferrari Group, a fine-arts logistics company in New York. “But there were a few great surprises that you didn’t expect.”
Bardi was seen giving a visitor a tour of the entire presentation from the OV Gallery of Shanghai, which he said had the most covet-worthy works at the fair, including several by Shi Jing, a painter who creates monochromatic landscapes using a subtle mix of glossy, matte, and raised textures. Also on view was an arresting series from Jiang Guozhe that showed symbols of childhood — a carousel or playground, for example — gradually sinking into water.
For his part, Chinnery was upbeat. “Next year we will be braver and bolder,” he said. “I want to build a solid foundation step by step. I think we are getting there.”
By Andrew Yang Published: September 16, 2009 www.artinfo.com
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13-Sep-09
Hanging Fire
Source: timeoutmumbai
Bodhi Art led the Indian art world to unimaginable heights but the economic slowdown has cast a shadow on the gallery’s future, writes Girish Shahane.
Four down, two to go. Bodhi Art has closed its galleries in Delhi, Singapore, New York and Berlin. Its Kala Ghoda flagship appears on the verge of going under. The lease will not be renewed after it runs out in September, say people in the art world. That will leave only Bodhi Space in downmarket Wadibunder, which is likely to function as a warehouse for the considerable collection the gallery has amassed over its five-year existence.
Bodhi, the most prominent emblem of the art market’s dizzying climb, is the highest-profile victim of the market crash. When its owner Amit Judge, a serial entrepreneur who founded, among other businesses, the coffee chain Barista, turned his attention to dealing in art, he brought not just knowledge of how to run a large operation professionally, but funding of a level beyond the dreams of established galleries. “We were operating like a cottage industry,” recalled Shireen Gandhy, the proprietor of Chemould Prescott Road. “Amit upped the standards when he came in.”
It isn’t clear whether Judge poured personal wealth into his new preoccupation, raised funds from sleeping partners or borrowed from financial institutions. Judge and the gallery’s director, Sharmistha Ray, declined to be interviewed for this article. Bodhi Art opened in 2004 in Singapore, a canny move to circumvent arrangements artists had with dealers in Mumbai and Delhi. By the time its two-level Kala Ghoda space opened in early 2006, Judge had built connections with top names and decided to focus largely on blue-chip mid-career artists.
I first met him a few months before Bodhi Bombay was inaugurated. Having heard of his ruthless competitive streak, I was surprised to find a man with kindly eyes and an avuncular manner, who dressed casually, shunned the media spotlight, and possessed a talent for making people he spoke with feel important. This talent must have come in handy while interacting with artists. What also helped was massive money power, which he used not just to pamper those he courted, but to enable new directions in their careers. His first coup was arranging a residency for Atul Dodiya at the Singapore Tyler Print Institute. The resulting show, The Wet Sleeves of My Paper Robe (Sabari In Her Youth: After Nandalal Bose), opened the Kala Ghoda space, previously occupied by the Bombay outlet of the restaurant chain TGIFriday’s. Bodhi’s ousting of the cash-rich multinational signalled the strength of the art market, as also Judge’s determination to be where the action was, or, better still, to be the action.
Despite the name of his gallery, he had no interest in the Middle Path. A planeload of artists was flown down from Delhi and Bangalore for the inauguration, the first of many over-the-top celebrations for which Bodhi became renowned. Instead of hiring Rampart Row, the room above Joss that had become the standard partying ground for the art set, Judge regularly took over Indigo, the hippest restaurant in town, and laid out some astonishing spreads. The bar offered high-end brands of every kind of alcohol, and the liquor kept flowing well past midnight. The buffet included grilled prawns the size of fists, steak medallions that shaded perfectly from brown exterior to juicy pink core, and a chocolate cake richer than any dessert on the restaurant’s daily menu.
All this was being paid for by the art, of course, and murmurs began about the extortionate prices Bodhi charged. Though those paintings, prints and sculptures are worth considerably less today, making for louder grumbling, Judge is not short of defenders. Sadiq Bashey, a businessman who acquired works by Anju Dodiya, Atul Dodiya, Jitish Kallat, Subodh Gupta and Shilpa Gupta, pointed out that every industry is vulnerable to business cycles. “I bought a sculpture by Subodh when his market was at a particular level,” Bashey said. “To those who say Bodhi jacked up prices, my question is, was anybody offering a Subodh cheaper at that time? If you checked the prices at auctions, they were higher than what Amit was charging. Besides, he didn’t put a gun to anybody’s head and force them to purchase art. I went into each deal with open eyes, and there was a queue behind me of people eager to buy if I didn’t.”
Serious collectors were being priced out of the market by a global frenzy rather than the machinations of one man. But gallerists had specific cause for complaint against Bodhi. Previously, inter-gallery competition had broadly honoured informal agreements between artists and dealers based on friendship and trust. Judge blew the system apart in his single-minded pursuit of top talent. “Relationships built over years were shaken up because of him,” Gandhy said, adding quickly, “but if artists were demanding more, they probably deserved it.” She had been seeking an alternative to Chemould’s tiny space above Jehangir Art Gallery. While her search had begun before Bodhi emerged as a serious player, it gained urgency as she witnessed artists on her roster being tempted with offers they couldn’t refuse.
Anju Dodiya’s Throne of Frost was a case in point. In 2005, Gandhy took a show to Baroda that included a tribute to the painter Bhupen Khakhar by Atul Dodiya. Atul and his wife Anju travelled there for the opening, as did Amit Judge, who had already collaborated with Atul Dodiya on the Wet Sleeves project. Until that point, all of Anju Dodiya’s solos in Mumbai, starting with her 1991 debut, had been with Chemould. As she walked with Atul Dodiya and Judge around Baroda’s Lukshmi Villas Palace, she remarked that in Europe such a space would have been put to use as a showcase for contemporary art. Seizing the moment, Judge suggested that Anju Dodiya’s paintings would fit well within the palace’s mix of local and European styles. She was intrigued, but doubtful. “I’m not very ambitious,” she said. “It was Amit who pushed me into a larger dream.” Within days a proposal was made to the palace trustees; the architect Rahul Mehrotra, who had devised Bodhi’s Kala Ghoda gallery, brought in as consultant; and a designer hired to take care of technical problems. The show would travel straight to Mumbai after its Baroda opening, dispensing with the Singapore alibi.
As Anju Dodiya immersed herself in a series of double panels, charcoal and watercolour on one side and embroidered fabric on the reverse, she felt the pressure to create something that would stand out within the opulent Durbar Hall. Judge was on hand to assist with every detail. He noticed, for example, that the massive room’s chandeliers were too dim to provide adequate illumination. Bulbs with higher wattage were put in, though it meant rewiring the entire hall because the antiquated fixtures couldn’t take any additional load.
The opening of Throne of Frost in March 2007 was conceived on the scale of a tycoon’s wedding: business class tickets to Baroda, rooms in luxury hotels, chauffeur-driven cars and a lavish banquet on the grounds of the palace, which was specially lit up for the occasion.
It was possibly the most expensive solo show in India’s history. It demonstrated how seemingly bottomless coffers could aid the production of memorable work, as had its predecessor in the Kala Ghoda space, Subodh Gupta’s Start.Stop. Gupta had, by 2007, become the first Indian artist to achieve name recognition across the globe. As part of Start.Stop he produced a museum-quality piece titled Faith Matters, a hypnotic assemblage of multi-tiered tiffins placed on a sushi belt moving endlessly up and down a metal table. Since nothing like it had been made in India, the work was fabricated in Singapore and shipped to Mumbai.
Bodhi had begun functioning in Manhattan’s Chelsea art district in the autumn of 2006 and, as prices across asset classes peaked a little over a year later, Judge decided to test the European market by opening a branch in Berlin. As artistic director, he appointed the British curator Shaheen Merali, formerly head of the department of exhibition, film and new media at Berlin’s House of World Cultures. In New York, he hired Arshiya Lokhandwala as associate curatorial director. She had run Lakeeren gallery in Mumbai in the 1990s, shifted to London to study curatorial practice, and then moved to Cornell for a doctorate. Merali and Lokhandwala were typically bold choices, both interested in politically engaged media art.
In India, meanwhile, Judge was expanding the profile of Bodhi to include older artists with whom he was familiar from his days as a collector. He gained commitments for solo exhibitions from Nalini Malani and Sudhir Patwardhan, both of whom had shown with Sakshi gallery for years. The arrangement with Patwardhan was a quid pro quo. The Thane-based artist, who had always been interested in a viewership beyond the SoBo crowd, dreamt of putting together a survey of Indian modern and contemporary art that would travel to towns across Maharashtra. As soon as he heard the idea, Amit Judge agreed to underwrite the entirely non-commercial project.
In October 2008, Vistarnari Kshitije (Expanding Horizons), two years in the making, began the journey from Mumbai to Amravati, Nagpur, Aurangabad, Solapur, Kolhapur, Pune and Nasik. By that time, the wheels had come off the world economy. Prices of stocks, commodities and real estate nosedived, as did art sales. Bodhi, the most overstretched Indian gallery, felt the pinch more than others. The whole big-spending enterprise had been predicated on the boom continuing for years to come. When that proved a false hope, everything crumbled.
A few people in the art world are now gloating over Bodhi’s failure, off the record. Our business is not like selling shirts or coffee, they say; it requires a passion that sees you through bad times. Artists, meanwhile, are completely convinced about Judge’s deep commitment to art, and hope that the gallery will survive and flourish. Patwardhan alluded to the Vistarnari Kshitije experience in an email, “Though the exhibition period coincided with the economic downturn, the show continued to receive unstinting support from Amit, who saw it through to its fruitful conclusion,” he wrote. “ I am truly grateful to him for helping me realise the project.”
Mercenary, visionary or a combination of both? I’m tempted to say the jury is still out on Judge, but the line’s too predictable to be clever. Bodhi reflected the excesses of the era gone by, but did so with panache, settling for nothing but the best, and offering Mumbai’s art lovers some of the best exhibitions mounted in the past decade.
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05-Sep-09
A Major Indian Artist Offends Hindus, and Galleries Turn Fearful
By Rama Lakshmi Washington Post Foreign Service
NEW DELHI -- In the heady celebration of the boom in India’s contemporary art market in recent years, an iconic artist has been conspicuous by his absence. Maqbool Fida Husain is hailed by many as India’s Picasso, and the 94-year-old artist’s paintings are coveted at international auctions, but galleries back home are afraid to show his works.
His paintings have drawn the wrath of hard-line Hindus who are incensed that some depict Hindu goddesses in the nude.
Angry protests, hundreds of court cases and arrest warrants drove the Muslim artist to exile in Dubai three years ago. And for the second year in a row, Husain’s paintings were not displayed at India’s biggest art extravaganza, which closed Saturday in New Delhi, triggering a renewed debate about creative freedom and religious sensitivities in this fractious Hindu-majority secular nation.
"M.F. Husain has become the symbol of freedom of expression in India today. Intolerance is on the rise, and displaying Husain in India is seen to be unsafe," said K. Bikram Singh, author of an illustrated biography of Husain. "We say we are a multi-religious, multi-cultural society. But our secular values are hollow."
The organizers of the India Art Summit said it was too risky to display Husain’s works without police protection against Hindu groups that have vowed to destroy them.
"We are not censoring Husain. The problem with displaying his works has been around for some time. We are victims, too," said Neha Kirpal, associate director of the art fair.
The religious outrage over the nude paintings of Hindu goddesses, which came to light in the 1990s, is not unlike the anger in the United States that followed the 1989 exhibition of a photo of a urine-soaked crucifix by Andres Serrano. Since then, some Hindu groups have carried on a sustained campaign to attack auctions and exhibitions of his works and even of his reprints. His effigies have been burned on the streets and art galleries now tuck his works away from the public eye. Hundreds of police complaints and court cases are pending against Husain. ad_icon
In 2007, a southern Indian state announced an award for Husain, but quickly canceled the ceremony when Hindu activists threatened not to allow Husain to step on Indian soil. Instead, a state official flew to Dubai to hand Husain the award.
This month, members of the Hindu Public Awakening Organization in the western beach resort of Goa sent a memorandum to the state museum directing them to take down his art.
The flamboyant, Ferrari-driving artist, who liked to show up at elite Indian clubs barefoot, divides his time between Dubai and London now. His large body of work runs into several thousand pieces and includes a series on the British colonial Raj, Hindu epics, Mother Teresa, Bollywood cinema and horses. His bold brushstrokes and vibrant colors hark back to his very early days of struggle when he lived on the pavements and painted cinema billboards, known as hoardings, for a living.
Last year, his painting "Battle of Ganga and Jamuna" sold for $1,609,000 at a Christie’s auction.
"It is shameful that the art dealers and galleries that became rich on M.F. Husain for years are so cowardly today," said Sadanand Menon, an independent cultural critic. "The so-called ’friends of Husain’ hold tributes occasionally. But the art community, students, writers and the academia are largely silent on this issue."
Husain recently said in London that he was "dreaming all the time to return to India," reported the Press Trust of India. But his return looks increasingly difficult.
"M.F. Husain is an absconder under Indian law. If he believes he has not sinned, he should come back and face the anger of the Hindus," said Surendra Jain, spokesperson of Vishwa Hindu Parishad (World Hindu Council). "He repeatedly insults our faith. We have a right to be angry. He paints his own mother fully clothed, but paints Hindu goddesses naked? It cannot be tolerated in the name of artistic freedom."
An ongoing exhibition of paintings by Pranava Prakash in New Delhi shows Husain in the nude, with the provocative title "Your Turn."
A new exhibition by contemporary artist Ravi Gossain opened Thursday as a tribute to his "art guru" Husain. He said Husain may have committed a few mistakes when he named the nudes after Hindu goddesses but his place in the Indian art canon is unquestionable.
"Husain is the engine that drives Indian art globally. You can box him for painting nude goddesses. But his life, his art is too big," said Gossain. "The hate will not survive, and a few paintings will not bring down our great Hindu culture.
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13-Jun-08
Tina Ambani pays record $2.5m at Christie’s Indian art auction
Anil Ambani hasn’t been seen in public much since his Mumbai-based Reliance Communications started negotiating to merge with MTN, the South African telecoms company las t month. However, both he and Amitabh Jhunjhunwala, his group managing director and close adviser, have put in brief appearances at Christie’s art auction rooms in London during the past few days, where Tina Ambani, Anil’s wife, has been exhibiting.
Wednesday a selection of paintings collected by Tina Ambani’s Harmony Art Foundation formed part of a Christie’s auction of modern and contemporary South Asian art that netted $10.6 million (including auctioneer’s premium).
Harmony stole the show by paying a record $2.5 million for a work by F.N.Souza – 56% higher than the previous record price for any modern Indian work- in addition to selling six paintings.
A film star before her marriage, Tin Ambani is modest about her background in Indian art, even though her annual Harmony shows in Mumbai of younger as well as established artists have become well known over the past 12 years. “I am not academically well-versed in art but I go with instinct,” she told me.
Proceeds from the works Harmony sold yesterday will go to help young artists. The objective of the Harmony foundation and its exhibitions, says Ambani, is to “provide centre stage for emerging artists.” Two projects include reviving old Warli tribal art in the Indian state of Maharashtra and fine Pichwai paintings in Rajasthan.
Souza, who died in 2002, was one of India’s greatest modern artists, along with others that include M.F.Husain and Tyeb Mehta. The work bought by Ambani’s Harmony is a monumenta l (8ft by 4ft) painting called “Birth” that embraces many of Souza’s main themes of extravagant female nudes, gaunt male faces, still life, religion and townscapes. Christie’s put an estimate of $1.2-$1.6 million on the work, but Yamini Mehta, a specialist in Indian art at the auction house, refused to guess in advance what it might go for. “Putting a value on it is rather like trying to value the Mona Lisa” she said.
The buyer is listed by Christie’s as “anonymous”, but at the auction yesterday I saw Preeti Ambani, a cousin of Anil Ambani and president of the Harmony Art Foundation, make the successful bid.
Two other records were also set at the auction. A Tyeb Mehta painting, part of a dramatic series he has done to mark the miseries of rickshaw pullers, went for $1.9 million, beating his previous record price of nearly $1.6 million paid in a New York auction in 2005. India’s leading contemporary artist, Subodh Gupta, hit a personal record of $1.2 million for a large installation of stainless steel kitchen pots and pans. Last month, his painting of a man pulling an airport luggage trolley was auctioned by Christie’s for almost $1.2 million in Hong Kong, which set a new record for India’s younger contemporary artists.
M.F.Husain, now aged 92 and the doyen of the Indian “progressive” painting group that started in the 1950s, also hit a record price recently for a monumental work, “Battle of Ganga and Jamuna.” This was sold for $1.6 million in New York in March, beating Mehta’s 2005 figure and holding the India world record till yesterday.
These sales underline claims by Christie’s and other auction houses that Asian art is bucking the current economic gloom and recovering after some leveling off in prices last year. ArtTactic, which surveys the art market, said last month that, after a 38% drop in auction volume last year, the modern Indian art market was regaining some of the confidence it had lost.
Several other Husain and Souza paintings however did not do well in yesterday’s auction, along with those of another prominent “progressive”, Syed Haidar Raza. More than 15 of their works failed to meet reserve prices and were not sold, though Hugo Weihe, Christie’s international director for Asian art, says there is already interest in a key Raza work, “La Terre”, to be auctioned in London on June 30 for about $2 million.
This shows that it is younger contemporary artists like Subodh Gupta, Atul Dodiya, T.V.Santosh, and Rameshwar Broota who are grabbing the attention of buyers at international auctions. Only the best works of the older modern artists are doing well, as buyers become more discerning.
Modern Indian art started to hit high prices about four or five years ago, driven by sales to overseas Indians (NRIs) who wanted to display their wealth and origins on the walls of their smart pads, usually in the U.S.A. There was little concern for quality. ”Every new collector wanted an Husain,” says Weihe.
It is no longer the NRIs who are driving the prices – even though yesterday’s Tyeb Mehta went to someone of Indian origin living in the U.S. Collectors of other nationalities are now moving in, along with art funds and museums, attracted partly by prices that are far below the $9 million achieved by leading Chinese works. India’s growing visibility internationally in business and other areas is also helping to focus attention.
Buyers are coming from China and elsewhere in East Asia, as well as from Dubai, where Arab collectors are looking for new cultures, and Europe. In Britain, interest is growing. Charles Saatchi, famous for his advertising agency and as an art collector, is launching a new London (Chelsea) gallery this summer with an Indian contemporary exhibition titled “The Empire Strikes Back.” A large Manchester gallery is showing “A Passage to India”, and extravagant prices are being demanded by smaller galleries.
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13-Jun-08
Trust helps local artists gain a footing in UK by Ashoke Nag
Source: Economic Times
KOLKATA: The Charles Wallace India Trust has extended its support to artists in the early or middle stage of their career. It was formed in 1981 in memory of Charles Wallace, co-founder of the Shaw Wallace company. Till date, the trust has handed out around 2,500 grants. In fact, commercial galleries often place a fair deal of importance on such overseas scholarships while picking artists for their shows.
“For close to three decades, the Charles Wallace India Trust has thrown open the window for Indians working in the arts, heritage conservation and the humanities to work in a focused manner in the UK. The Trust is run by four trustees and a secretary. The British Council India has also been actively advising the trustees,” an art market source told ET.
Interestingly, Charles Wallace lived and worked in Kolkata. Although, he was one of the founders of Shaw Wallace, there is no connection between the trust and the company. While Wallace grants have been given out to individuals across India, the proactive role of the British Council in Bengal and the East has found several artists in this region winning these grants.
The trust awards four types of grants. While certain assignments in the arts and heritage conservation and visiting fellowships stretching over 2-3 months are fully funded, grants for short research or professional visits do not cover the full costs. The trust also awards grants for the penultimate or final year of doctoral study.
Some of the artists who have won the Charles Wallace grant are Delhi’s GR Iranna, Sunil Gawde of Mumbai, Ravi Kumar Kashi and A Balasubramaniam of Bangalore and Kolkata’s Eleena Banik, Samit Dey and Paula Sengupta.
“The awards help an artist to get a view of international art through the residency programmes. The benefit is that artists, are exposed to this experience at a very crucial stage of development in their career. Besides, the fellowships make way for interaction between Indian and overseas artists. As the artists establish their identity and style over time, the Charles Wallace awards, together with other accomplishments, are a true value addition,” the source said.
In fact, many of the young artists, including GR Iranna and Eleena Banik are making a mark abroad, while names like Samit Dey, Sunil Gawde, Mithu Sen and Paula Sengupta have had overseas shows. “My whole trip to Europe was very exciting. Charles Wallace took me to the Glasgow School of Art. I gathered so much experience and knowledge. I was introduced to the global art scenario. I was overwhelmed to see great art works from pre-historic till modern to post-modern and contemporary. I never looked back after that,” said Eleena Banik.
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13-Jun-08
Fight for art’s sake by MEENAKSHI THIRUCODE Source: The Hindu
The sea changes happening in the art scenario have never been much spoken about. How far apart are ideals from the actual causes?
Buyers might end up having works that have absolutely no value.
There exists an inherent conflict when one tries to reconcile the academic and the business aspects of art, particularly in the case of contemporary Indian Art.
One very obvious development in today’s art scene is the aspect of marketing, something that I have brought up earlier. It is a very crucial aspect of Indian Contemporary art and there are moments that I have felt totally averse to the idea of s omething that is considered to be a powerfully effectual tool for commodities that range from toothpastes to designer clothes, seeping into the very fibres of Fine Art. This is owing to the fact that it is a field, which to me, is still strongly rooted in subjective and academic criticism in order for it to remain a vibrant platform within which an individual or collective artistic expression is conceived, developed, debated and ideologies ascertained.
Of course, it’s not as if dealers, collectors and artists themselves have not used such tools in the past to gain a public audience.
At the turn of the 19th Century, public perception associated financial success with the aesthetic quality of the works, a scenario that is being played out in urban India today.
Also there were artists at that point in history, particularly Picasso who was known for his shrewd business acumen apart from being a master genius. Unfortunately, things are happening at a rather fast pace, especially in terms of demand that certain galleries and dealers expect artists to mass produce their works. While this occurs within Contemporary Art in the West, there have been many learning curves through which the world could differentiate between great, good, mediocre and bad works. None of the contemporary artists in India is being given the time to grow and eventually establish their artistic practice because of vested interests both in the West and within our own country.
Therefore, while some Western artists have fallen because of speculation and overpricing owing to market driven hype, a point in case being Julian Schnabel, strong historical development over years and years of Western Art saw to it that the entire market didn’t crash and vanish.
Therefore, while a certain degree of promotion and publicity have to be developed to support an artist, it is being used a tad too aggressively at a very delicate and fragile stage in the country’s current art scenario. Contemporary concept
There exists a strong historical backbone that supports Classical Indian Art unlike Contemporary Art. With the latter the attention came by way of money, the only means by which new buyers and more importantly the mass audience are being initiated into the concept of the contemporary.
While some of the influential players within the dynamic, young contemporary art scene propose to do something about it, often suggesting the path to be taken, time and again it comes across as being shallow. This is because of the example they set with their own practice.
Let me recount something that took place recently at The Asia Society in New York during The Asian Art Week — a smart and obvious marketing tool, one could say, whereby we have a week that will be a one-stop-shop for collectors, investors and the occasional art aficionado to permeate their being and satiate their need (be it financial or passion) for art that is ‘All-Asian’! The tag did not perturb me as much as the lack of straightforward dedication to the cause of Indian art the so called “experts” brought to the forefront in the discussion. The dialogue was meant to shed light on the future of Indian Contemporary Art.
The panel included, Dr. Arani Bose, businessman, director and gallery-owner of Bose Pacia Gallery, New York, Melisa Chiu, museum director of Asia Society, Artist Atul Dodiya and Dr. Hugo Weihe, head of Indian and South-East Asian Art, Christies, NY. There were some valid points that were being made by the panelists, but as expected they seemed to offer nothing more than words. There isn’t much one could expect from these individuals who are for most part more attuned to the business side of art rather than the aesthetic, except, to a certain extent, Atul Dodiya. This, like one other panel discussion on Indian Art that I’ve been to, fell short of my expectations.
Let me explain why I find myself exasperated. For most part they desperately try to project a genuine need to support the growth of Indian art and artists from an academic and art historic point of view. Dr. Arani Bose brought out some valid issues faced in terms of contextualization and how categorizing in terms of cultural background is considered to be, in his words “Ghettoization” when it comes to Asian art.
However, different rules apply to Western art, where, say a German artist is considered International as opposed to just being German. He brought out how there was a lack of support for developing institutions and infrastructural support that produced critics, theorists, academics and, of course, artists that would sustain a steady growth. Wise words until Dr. Bose suggested the solution. He strongly felt that getting some of India’s new billionaires to invest in setting up the much needed foundation for sustained development would be a good start.
However, he failed to mention that his own gallery is guilty on many occasions of putting financial gain ahead of any other aspiration. How else can one explain their handling of an artist pair the gallery represents — Tukral and Tagra? The duo had their solo show in the New York gallery, which opened in April 2007. Within a year of their show the artist’s works were up at three auctions.
Provenance for these works only included exhibition history. Provenance is the history behind a work of art that is extremely intrinsic to the process of quantifying the monetary value of a work of art.
For example, German artist Gustav Klimt’s 1907 portrait of Adele Bloch-Bauer boasted of a provenance that included its unique history involving a battle between the Austrian government and a family heir of Ms. Bauer. The niece claimed that the work, along with five others, was seized by the Nazi’s during World War II. This aspect of the painting’s history made it an extremely valuable piece in terms of art history thereby playing a major role when it came to pricing the estimates and ultimately shaping the outcome of the final bid — a world record of $135 million dollars.
The work is now part of the Neue Galerie in New York which focuses on Austrian and German Art. Every work need not have such an illustrious past but the point to be noted here is the value of art history. Of course, one can argue that contemporary art is created in the present and a number of Western contemporaries sell for exorbitant prices. However, one needs to understand that Western art has a longer “history” on its side, and for young India, contemporary history goes back to only a mere 60 years to the late 1940’s when the Modern Art movement took shape through The Progressives.
It reiterates how young the Art scene is in the subcontinent which is not a terrible situation to be in.
However, with the pressure to make quick profits comes the danger of expediting the production of art works as if it were coming out of factories for mass consumption. How could Dr. Bose encourage putting up Thakral and Tugral’s works for auction if his intentions are to support his artist’s growth? It also makes one question if the artists themselves are conscious of what they are getting themselves into. What with value?
Does it not occur to them that if their prices rise when they are beginning to establish themselves, only because it’s financially prudent, what happens when the fiscal aspect dies? Buyers might end up having works that have absolutely no value since they do not stand at a strong position art historically — which I reiterate is the single most powerful aspect that determines the value of a work of art. And this will affect the careers of these young artists who otherwise might have potential but were misguided in terms of how they could develop their practice.
That is not what Indian Contemporary Art needs. And galleries such as Bose Pacia to an extent might be guilty of doing so by encouraging this terrible pattern of putting up their artists for auction when they have barely exhibited for more than a couple of years.
Mind you, the likes of Dr. Bose and Dr. Weihe are well aware of the fact that majority of the players within the Indian Contemporary Art scene is in it for the money. What irks me is their assumption that all of the audience is blissfully ignorant of this fact.
Apart from uninspiring didactic statements, there were quite a few glaring contradictions in the discussion. One of them revolved around art critics in India. For some reason the only name the panelists could suggest both during the discussion and when an audience member posed a question, was Geeta Kapur. I have deep respect for Ms. Kapur, who is a pioneer of art critical writing in India but the fact that they did not mention any younger writers who are up and coming showed their lack of interest in even acknowledging their existence. It is all well to say we need to encourage the new but if the “experts” themselves can’t go beyond one name it’s beyond absurd.
Dr. Weihe who is a knowledgeable and sincere person fell short of my expectations. There was hardly anything insightful he offered. Dodiya’s experiences as an artist, and how it amused him to see the attention he got from his neighbours, who didn’t know or care for art before the entire buzz, was a good way of explaining the manner in which some sections of Indian society view art today. One attends panel discussions such as this with a hope of hearing people within the industry who have the power and influence to shape the future of Indian Art offer some concrete, genuine, truthful insights.
The problem is that everything isn’t defined in terms of “Black and White”. Unfortunately, some of these players do not care to admit that and continue to be strongly business minded in their practice, whatever the consequence may be. Nevertheless they project themselves as championing the cause of critical and historical support, when their actions speak otherwise.
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11-Jun-08
Valuing art: The role of provenance and auction by D. Murali and Kumar Shankar Roy
Source: The Hindu
Chennai: The French verb provenir means to come from/stem from, referring to the source. Art is perhaps one of the very few asset classes, where valuations depend so much on its source. This explains why ‘provenance’ (pronounced as ‘prov-uh-nuhns’) attains overriding logic. Comparative techniques, expert opinions, written and verbal records and the data from scientific tests are time and again used to help ascertain ‘provenance’ of a work of art. Like accounting, it’s all in the detail. Sellers would want to discover the ‘real’ worth of a Ravi Varma work based on history, while buyers would look for future promise. Ask Mr M Maher Dadha, Chairman and Managing Director of homegrown fine art auction house Bid & Hammer. “Valuations are arrived at through a process based on evaluation of the different phases of the artist in the past, places of exhibition, price realisations in the past, and the present phase of the artist with regards to the work,” he replies, swirling a glass of wine, as we walk around the Taj Ballroom, Chennai on June 2. Beside us is an ‘oil on canvas’ titled ‘Female nude under shadow of leaf’ by Antonio Xavier Trindade (1870-1935), the most expensive painting among the collection going under the hammer on June 15.
Art value could be driven by aesthetics, but the domestic art market, which is worth Rs 1,000 crore, like any other financial market is not impassive to demand, supply, expert opinion and moods. This is why the role of an auction is vital for ‘value’ discovery. “As such there is no fixed valuation model and the purpose of an auction is to let the public determine the prices they feel the art work is worth – hence, when a work sells through an auction both the buyer and the seller are happy,” Mr Dadha tells Business Line in an exclusive interview done over email. Read on, if art is where heart is…
Excerpts.
Why should one buy ‘art’ as an investment?
In today’s economic scenario, investing in art is not only about investing in aesthetics but investing in a genuine asset class. Historically, art markets have shown lower volatility and co-relation with other asset classes. Art is now considered a reliable option for portfolio diversification.
How big is the art market, globally and in India? Is it growing?
The Indian art market, I believe, is worth more than Rs 1,000 crore. Globally, I have been told it is in excess of $40 billion (Rs 1,60,000 crore). Taking 2003 as the benchmark year from when Indian art prices started escalating, the market has been growing at an average rate of between 20-30 per cent an year.
What’s been Bid and Hammer’s experience with art auction?
Bid & Hammer was established in November 2006. We had our first auction in January this year, wherein we had a total offering of approximately Rs 10 crore (lower estimate). Of that we sold works to the tune of Rs 3.46 crores and 46 per cent in terms of the lots on offer. However, we would have done much better had it not been for the fact that our opening preview coincided with the stock market crash in excess of 2,000 points, on January 21, 2008. Nonetheless, we expect to conduct 3 more auctions this year with the total size of offerings pegged at Rs 30 crore. We hope to increase the number of auctions and the size of the offerings from mid-2009.
Are there valuation models to ascertain art?
Valuations are arrived at through a process based on evaluation of the different phases of the artist in the past, places where he or she has exhibited, price realisations in the past and the present phase of the artist with regards to his or her work coupled with the demand, supply, expert opinion and mood of the market in general.
As such there is no fixed valuation model and the purpose of an auction is to let the public determine the prices they feel the art work is worth – hence, when a work sells through an auction both the buyer and the seller are happy.
Is marketing a problem?
Yes. Like in any other business marketing efforts are important more so when you have just started the business.
What are the common myths about art as an avenue for investment?
Today people think of art as a very lucrative sector. Naturally, new entrants (includes buyers, sellers as well as the ‘artists’) to the art scene have very unrealistic expectations. I am talking about valuations and price realisations here.
Unfortunately, this is justified to some extent due to the speculative tendency prevalent in today’s Indian art market. But any person who wishes to be in the market for the longer term will realise that the art business is like any other business. It requires perseverance and commitment.
Considering that art is creative, are there metrics that help one decide what to invest in?
There is no specific metric and as such the demand and supply determines what sells and what does not. Art is subjective but one can distinguish between good and not so good quality art, but again buying preferences are also based on one’s personal liking and budget, irrespective of the quality of the work or the name of the artist.
We have heard about the menace of fakes in the space. How far is this true?
If an artist has made a name for himself or herself and works are hard to come by or are rare and command prices that are beyond the reach of but a few super rich collectors, it undoubtedly gives rise to production of fakes. However, as an auction house our main job is to try and ensure that no fakes go under our hammer.
Is there a competition between imported art and Indian art, in India?
As buyers the world over, including India, are increasingly becoming discerning and buy art based on one’s social sensibilities, preferences and budgetary constraints, competition is not a matter of concern.
On the converse, how well is our art accepted in other countries?
Westerner’s have had a long standing fascination for Indian art and antiquities and now they are also taking note of modern and contemporary Indian art which is slowly but surely gaining in worldwide appeal.
Where is growth coming from in this market?
As for the growth I think the Eastern markets like Japan, Korea, China etc. will be instrumental components of demand in the foreseeable future.
Are our laws and taxes constricting in nature, with regard to art?
To an extent, yes. The Archaeological Survey of India needs to become more accessible and empathic towards the sentiments and requirements of the art community that is trying to put Indian art on the world map.
Is there a way to bring back Indian antiquities that are housed in museums around the world?
It would indeed be great for the country if this can happen on a big scale. The Government will have a major role to play.
Lastly, a thing that you like to see in art education in the country would be…
Education in art management is one area where Indian institutes need to buck up so as to support the growing demand for professional ‘art business’ managers. Art education in India specifically in terms of understanding and appreciating art is strong but we have to catch up in art management.
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