Road to Revival: Is the Indian art market finally on its feet?

The success raised questions. Had the Indian art market come out of its hibernation since the recession of 2008? “According to our data in the last couple of years,the buyer base has quadrupled. The Indian art market has matured,” says Sonal Singh,Christie’s Head of Sales in Mumbai. Buyers are no longer only Non-Resident Indians and art collectors; younger collectors have also entered the market.

Whether this means a boost for the art market is too soon to tell,believes Shireen Gandhy. “The success might also have to do with this being the first-of-its-kind in the country; there is a novelty factor attached. Another auction,just like this one too soon might not work as well. That apart,it’s definitely a positive sign that it drew so much money,” she says. Shireen is a daughter of Kekoo and Khorshed Gandhy,owners of Gallery Chemould in Fort,who contributed largely to the collection.

Geetha Mehra,Director,Sakshi Gallery in Colaba,agrees. “Perhaps it makes people confident in investing in art again. Periodically,one needs these touchstones. But will this result in bringing more collectors to the galleries,is the question,” she says.

That the success of an auction will reflect in the everyday art world is a fallacy,says art critic Ranjit Hoskote. “An auction occupies its own space. There is a certain excitement that surrounds it. People come there with an intention to buy and bid at high prices,” he says. “So while the presence of an auction is good news for the greater narrative of art,it is not linked to the regular art world at all,which is still struggling and trying to find investors. New artists are not selling. So the auction has created a stir,for sure,but not enough to say that the market is up again,” says Hoskote.

Also,Christie’s was an auction of modern Indian art. “The modern art market has always done well,” says Dr Arshiya Lokhandwala,founder of the Lakeeren gallery in Mumbai. “Recession didn’t hit the modern market much. Christie’s had a wonderful and very rare collection. The works by Mehta and Gaitonde are every collector’s dream. So it was an expected success for the modern art market,” she says. “But the contemporary market is still down. There is a definite hesitation while investing in new,lesser-known artists. People are not as willing to buy avant garde yet. The contemporary market needs collectors who are well travelled and exposed to international art,” she says.

After 2008 though,the Indian market has been on a steady road to revival. One of the contributing factors has been the yearly success of the India Art Fair. Despite the market not looking its best,the fifth edition of the fair held in January this year,did more business than all the previous editions combined. “We started out with the recession,in 2008 when we had our first edition. So we’ve seen the recession through,” says Neha Kripal,founder of India Art Fair. “This year,for instance,the mid-market (pieces between Rs 10-60 lakh) did really well. The high end market had always niche buyers,but we saw that margin expanding slightly. So,even before Christie’s got here,the market was getting to its feet,” she says.

Kripal,who attended the event,says that for the first time in two years,the auction has brought about a change in sentiment. “On the flight to Delhi after the auction,almost every conversation was about the auction. People who had never owned a piece of art in their life were thinking about buying art,” she says.

Kripal believes auctions such as these help in international liaising for the Indian market,commercialising art and hence providing a jumpstart for other fairs and exhibitions in the city.

amruta.lakhe @expressindia.com