The modern collector of Indian art is tightfisted and cannot be taken for a ride through hype, hoopla and gimmicks, notes Giridhar Khasnis
Saffronart’s StoryLTD Absolute Auction on August 7- 8, 2013 threw up interesting results. It also seemed to provide some clues about the current trends and contours of the Indian art market.
First, the good news. All the 102 lots offered were taken; there being no reserve price, the highest bidder at the time of closing automatically became the winner of the lot.
At the top of the heap was G R Iranna’s large diptych (untitled/acrylic on tarpaulin/66x104 inch), which was lapped up for Rs 10,82,280 (inclusive of buyer’s premium). The painting which came with an estimate of Rs 12-15 lakh, however, could not reach even its lower estimate.
The second spot was taken by Mumbai-born, Baltimore-educated Dhruvi Acharya’s ‘Uma’ (oil on canvas/49x60 inch) for Rs 8.73 lakh. It was followed by Bose Krishnamachari’s colourful ‘Ghost Stretched Bodies’ (acrylic on canvas 60x72 inch), which was bought for Rs 7.35 lakh. The winning bids for these works crossed the higher estimates of Rs 5 lakh and Rs 6.35 lakh respectively.
Among the other top 10 lots were paintings by senior artists Paramjit Singh (Rs 6,27,240); (late) B Vithal (Rs 5,25,720); (late) Ganesh Pyne (Rs 5,25,600); Ram Kumar (Rs 4,54,800 and Rs 4,23,120); Gogi Saroj Pal (Rs 4,52,520) and Satish Gujral (Rs 4,34,400).
The auction had works done by generations of artists. While the elder group included artists like F N Souza (1924 -2002), Ramkumar (b.1924), Satish Gujral (b.1925), Akbar Padamsee (b.1928), Himmat Shah (b.1933), Paramjit Singh (b.1935), Rajendra Dhawan (1936-2012), Prabhakar Barve (1936-1995), Ghulammohammed Sheikh (b.1937), Adimoolam (1938-2008), Manu Parekh (b.1939), Sunil Das (b.1939), Laxma Goud (b.1940), Thota Vaikuntam (b.1942) and others; the younger brigade comprised the likes of Shibu Natesan (b.1966), N S Harsha (b.1969), Sudanshu Sutar (b.1969), Arunanshu Chowdhury (b.1969), Mithu Sen (b.1971), Manish Pushkale (b.1973), Jitish Kallat (b.1974) and so on.
There were several lots for which the winning bids (inclusive of buyer’s premium) exceeded the higher estimate indicated at the time of auction. Pyne’s untitled work (2000/dry pastel and charcoal on mountboard/19x18 inch) which came with an estimate of Rs 2,50,000-3,50,000 was taken for Rs 5,25,600 (inclusive of buyer’s premium). Similarly, the winning bid for Paramjit Singh’s mixed media work (1973/41.5x33 inch/estimate Rs 4,50,000 -5,50,000) was Rs 6,27,240; Sunil Padwal’s acrylic on plywood (2005/36x36 inch/Rs 1,25,000-1,75,000) was Rs 2,61,840 and Dhruvi Acharya’s watercolour on paper (2010/6.5x4.5 inch/Rs 30,000-40,000) was Rs 81,600. Shilpa Gupta’s ‘Security Cap’ (2008/Digital C Print on acid-free paper/36x23.5 inch) came with an estimate of Rs 10,000 but was taken for Rs 24,960.
The fall
The other side of the auction results was not as colourful. Many works barely fetched half the projected estimates. One of Sunil Das’s paintings came with a lower estimate of Rs 7 lakh but went for Rs 3,51,480; while K Laxma Goud’s acrylic painting (estimate Rs 4,00,000-5,00,000) got Rs 2,18,760.
Manu Parekh’s ‘Man Thinking of his Father at Ganges’ (estimate Rs 3,00,000-4,00,000) was able to muster Rs 1,46,160. Skoda-prize winner Mithu Sen’s two untitled mixed media works estimated to fetch Rs 70,000 and Rs 1,20,000 went for Rs 34,800 and Rs 59,160 respectively.
Many other works that went for relatively low bids included Sudhir Patwardhan’s pencil on paper (Rs 1,50,000-2,00,000) for Rs 45,240; Ketaki Sheth’s ‘No Parking, Bhuleshwar’ (Rs 1,00,000-1,50,000) for Rs 41,760; and Bose Krishnamachari’s mixed media on handmade paper pasted on board (Rs 1,00,000-1,50,000) for Rs 58,200.
In some instances, ultimate winning bid (WB) seemed to make a mockery of even the lower estimate (LE): G R Iranna’s watercolour and collage on paper (LE Rs 2 lakh; WB Rs 31,320); Chittrovanu Mazumdar’s mixed media on paper (LE Rs 1,25,000; WB Rs 27,840); Prabir C Purkayastha’s digital print ‘Zendo 25’ (LE Rs 1 lakh; WB Rs 24,480); Alok Bal’s ‘Missing Soil — 4’ (LE Rs 1,00,000; WB Rs 38,280); Hema Upadhyay’s mixed media on wood (LE Rs 1 lakh; WB Rs 34,800); Kirann Telkar’s mixed media on canvas (LE Rs 2 lakh; WB Rs 36,960); Sudarshan Shetty’s acrylic on canvas board (LE Rs 2 lakh; WB Rs 66,120); Manisha Parekh ‘Budding 8/2004’ (LE Rs 1 lakh; WB Rs 34,800); Shibu Natesan’s untitled watercolour (LE Rs 80,000; WB Rs 27,960); Farhad Hussain’s acrylic on canvas (LE Rs 2 lakh; WB Rs 80,280); Arunanshu Chowdhury’s oil on canvas (LE Rs 3 lakh; WB Rs 1,32,840); B Vithal’s oil on canvas (LE Rs 3 lakh; WB Rs 1,36,560) and so on.
Senior artist Gulammohammed Sheikh’s digital collage ‘Abduction’, from the series ‘Whose Kashmir?’ had a lower estimate of Rs 2.50 lakh but could find a buyer who was willing to shell out only Rs 50,640 (inclusive of buyer’s premium). Ace abstractionist Rajendra Dhawan’s set of two works was to fetch at least Rs 50,000, but received a measly Rs 10,440.
Feedback
Reactions to the Absolute Auction results from collectors, gallerists and artists are quite revealing. Some observers felt that the uneven trend was not really unexpected, given the state of art market in the country. They were also unconvinced about the quality and content of the works coming up in such auctions. “The auctions might boast of big names, but the quality of work is generally not of the highest order. More often than not, they are minor works and in some cases nothing more than casual sketches and doodles. Some of them may have been done in art camps where only size matters, not the substance. It is also obvious that many erstwhile speculative investors want to get rid of their stock for whatever price.”
Some analysts aver that auctions actually indicate that prices were finding realistic levels even for serious artists who enjoyed critical acclaim and even international reputation. They also fail to understand any strong logic or reason for indicating high and low estimates in an ‘absolute’ auction.
What impression would such auctions leave on the artists in general? “Quite understandably, the artist will watch such auction results with interest and anxiety,” says a collector. “The same artist might have sold well some eight to 10 years ago, but now, things have changed almost irreversibly. The modern collector is watchful and tightfisted. He cannot be taken for a ride through hype, hoopla and gimmicks. Quality of work is very important, but more important is the price. Caution is the key word. In any case, he cannot be duped with per-square-foot kind of nonsensical rates, which was once the norm.