The Indian contemporary art market has been booming over the last few years.
Contemporary Indian artists and their wares are suddenly everywhere, with works appearing at sales held by high profile auction houses such as
Christies, Sotheby’s and Bonhams.
Claire Penhallurick, Director of the Islamic and Indian Art department for Bonhams, recently commented on the growing demand for Indian art that “The interest in this field is phenomenal, and every sale is attracting more and newer bidders.”
Renowned artist Jagdish Swaminathan’s The Tree, The Bird, The Shadow fetched 1.45 million pounds (a world-record price for one of his pieces) at a recent sale held by auction house Bonham’s, while late iconic artist Francis Newton Souza’s Amsterdam Landscape fetched a cool $1.175 million dollars at a Christies auction held earlier this year.
And it’s not just the more established artists seeing reaping the Indian art harvest.
Newer artists such as Subodh Gupta and Atul Dodiya are also being recognized internationally, and in turn are seeing the prices asked for their works rising in tandem.
So what’s causing this seemingly sudden interest in all thing artistically Indian? And does the bubble look to burst anytime soon?
Edward Gibbs, a Sotheby’s specialist, sees the contemporary Indian market as one of the ‘fastest growing’ on the planet. “It’s driven by the growth of the Indian economy and a raised awareness of Indian artists,” he said.
Sales of contemporary Indian art began proper in London in 1995, but took a few years to establish themselves in the auction market.
Explains Claire Penhallurick, Director of Islamic and Indian Art for Bonhams, “As this happened, a gallery structure built up in India, US and the UK, and academic interest increased, all helping to strengthen the market.”
So to, according to arts commentator Uday Bhaskar with the emergence of the successful Indian entrepreneur and the IT boom, the NRI – or non-resident Indian fast became “a significant player in raising the global awareness about contemporary Indian art” with serious collectors around the world taking note of record prices being asked for contemporary works and joining in on the feverish bidding wars created.
Despite the current vogue for contemporary Indian art, however, many are questioning whether the current craze for all things Indian is merely a passing trend.
Others are concerned about who really benefits from the current upsurge in interest in contemporary Indian art, the artists themselves or the galleries and auction houses of who stand to make huge profits?
Some, such as Hugo Weihe, Department Head of Indian & Southeast Asian Art at Christies, believes the current fascination with the work of Indian artists can only be positive. “Indian art is finally getting its due in the art market,” he recently said. “Today there is a willingness to look at art as an identity.”
So too for Robin Dean, Head of Sotheby’s Indian and South-East Asian Department: “People across the world are appreciating Indian art for what it is worth, in a different way than in previous generations.”
But other experts are watching the growing popularity of contemporary Indian art with a wary eye.
Some, such as O P Sharma, former principal of the Delhi College of Art, feel the escalated prices being paid for some Indian art don’t necessarily reflect artistic value or merit. “While I welcome the fact that some contemporary Indian paintings are getting huge prices in auctions through market forces,” he said, “I would also like to know the justification for their high value, based on a proper evaluation by experts.”
Other critics of the current bidding war taking place fear that Indian art has largely become an investment avenue for the rich middle class, with an accompanying glut of art galleries opening in every nook and cranny to keep up with current demand, with the secondary art market keeping itself busy with re-sales, as collectors try to cash their investment as soon as possible.
Arts commentator Namita Sibal recently noted that “galleries often buy out complete collections from an artist for a small amount and then sell individual artworks for a big profit.” “Many talented artists, who are not good at marketing themselves, or don’t have access to patronage from large galleries, struggle through their entire life without making it big,” she said, “despite all the hype surrounding the emergence of a new Indian artistic voice.”
Ashish Anand of the Delhi Art Gallery agrees. “While younger contemporary artists have been cheered on by the media the market for their may have grown too fast already,” he said.
Adds commentator Jyotirmaya Sharma, “While there is something to be said about the soaring prices for Indian art domestically and internationally, there is a need to disengage the prices that an individual artist commands from the question of health of the Indian art scene.”
“There are few galleries…that work genuinely to enhance knowledge of art. Many galleries are products of genuine passion without deep pockets, while some others are glorified retail shops. They serve no purpose in promoting art as part of social pedagogy.”
But ask Hugo Weihe, and he seems confident the current boom in contemporary Indian art is a harbinger of greater still things to come. “The future belongs to Gen Next contemporary artists from India,” he said.
Noted Indian art gallery owner Arun Vadhera also believes it’s a wise investment. “I’d call it nothing but foresight,” he says. “Ours is a healthy, steady growth, and I believe India has by far the best pool of talent, waiting to be channelised.”
