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Indian Art brings profit in stock market
By siliconindia
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Tuesday, 26 October 2010, 17:33 IST
Bangalore: The Sotheby's South Asian art sale that was held in New York this September sold 15 works of MF Hussian paintings for a whooping price of 
1,169 crore. Among the 15 Hussains, there was a diptych, titled That Obscure Object of Desire and another untitled but charming work depicting Varanasi. Both of these managed to sell at $482,500 and $362,000 respectively.
Among those whose works are said to have created new records is Bhupen Khakar's Muslims Around a Mosque painted in 2001, which was sold for $650,500. The work had been estimated to sell at a price between $150,000 and $250,000. An equally spectacular gainer was Arpita Singh, whose work, Munna Apa's Garden, which was sold for $5,06,500 and had earlier been estimated between $100,000 and $150,000.
Also interesting was the record set by an illustration from the Gita Govinda series, titled Radha proceeds to her tryst with Krishna, dating back to 1780, which was sold for $290,000.
"Indian art is becoming a part of international consciousness, which is why we have seen a spectacular growth in this field," says Yamini Mehta, director of modern and contemporary Indian art at the London-based Christie's. The price curve of Indian art is shooting in the global market because of the increased consciousness about it, say experts."Boundaries are becoming more fluid. We are seeing more Indian artists being represented in international museum exhibitions and art fairs. The exposure is helping create newer collectors who actively seek out works by the best of Indian artists to add to their collections," Mehta said.
A painting by F.N. Souza, an Indian artist who spent the better part of his life in New York, sold for $2.5 million, while an untitled painting by Tyeb Mehta (Figure in a Rickshaw) fetched 982,050 pounds setting new price records at the Christie's auction in London.
Five of contemporary artist Subodh Gupta's works were also sold in the same auction at record prices. Gupta's Bucket, an abstract canvas with the symbolic motif of his trademark bucket, was sold for 121,250 pounds while his Magic Wands and Cotton Wicks were sold for 169,250 pounds and 15,000 pounds respectively.Twelve artists set new records in terms of prices at the auction in London.
According to experts, Indian art in general has a higher price profile in almost every international art show. There has long been a global market for Indian miniature paintings, sculptures, and other antiquities, but interest in the country's modern art has lagged. Now, a robust economy, a new moneyed class, and the energetic participation of young expat Indians are boosting sales of contemporary Indian art to new highs.
Today, Indians both at home and abroad believe investing in art can be prestigious and profitable as the stock market .Prices for art have tripled across the board. In the past two years, investors have started at least four "art funds" in which a curator buys and sells artworks instead of stocks. And since March 2006, Bombay's Economic Times has even published an "art index" aggregating prices for works by 51 top artists. Although most buyers are Indians, there are usually successful entrepreneurs or professional's. There is also growing interest among non-Indians.
The highlight of Hussian's auction was Cinq Sens, or five senses, which was a rather famous work by Hussain, when he visited the home of renowned film director Roberto Rosselini and his Indian wife Sonali. The painting was gifted to the couple in the 1950s, and was acquired from them by the collector, who had put it up for sale through Sotheby's. It was a valuable addition to the other 14 Hussain works, which were also being sold at the same auction.
The markets have matured and so have the buyers. The Indian art market has risen very sharply with a number of collectors coming in. They are looking for the best quality and have become wiser. And, with a wide range of information and knowledge available, buyers and collectors have become more informed. Indian economy is doing well and India has managed to survive the global crisis pretty well. There were people wanting to come in to buy before 2008, but the price rose too sharply then. So they want to come in now and see if they can get premium values on their choice of artworks.
1,169 crore. Among the 15 Hussains, there was a diptych, titled That Obscure Object of Desire and another untitled but charming work depicting Varanasi. Both of these managed to sell at $482,500 and $362,000 respectively.
Among those whose works are said to have created new records is Bhupen Khakar's Muslims Around a Mosque painted in 2001, which was sold for $650,500. The work had been estimated to sell at a price between $150,000 and $250,000. An equally spectacular gainer was Arpita Singh, whose work, Munna Apa's Garden, which was sold for $5,06,500 and had earlier been estimated between $100,000 and $150,000.
Also interesting was the record set by an illustration from the Gita Govinda series, titled Radha proceeds to her tryst with Krishna, dating back to 1780, which was sold for $290,000.
"Indian art is becoming a part of international consciousness, which is why we have seen a spectacular growth in this field," says Yamini Mehta, director of modern and contemporary Indian art at the London-based Christie's. The price curve of Indian art is shooting in the global market because of the increased consciousness about it, say experts."Boundaries are becoming more fluid. We are seeing more Indian artists being represented in international museum exhibitions and art fairs. The exposure is helping create newer collectors who actively seek out works by the best of Indian artists to add to their collections," Mehta said.
A painting by F.N. Souza, an Indian artist who spent the better part of his life in New York, sold for $2.5 million, while an untitled painting by Tyeb Mehta (Figure in a Rickshaw) fetched 982,050 pounds setting new price records at the Christie's auction in London.
Five of contemporary artist Subodh Gupta's works were also sold in the same auction at record prices. Gupta's Bucket, an abstract canvas with the symbolic motif of his trademark bucket, was sold for 121,250 pounds while his Magic Wands and Cotton Wicks were sold for 169,250 pounds and 15,000 pounds respectively.Twelve artists set new records in terms of prices at the auction in London.
According to experts, Indian art in general has a higher price profile in almost every international art show. There has long been a global market for Indian miniature paintings, sculptures, and other antiquities, but interest in the country's modern art has lagged. Now, a robust economy, a new moneyed class, and the energetic participation of young expat Indians are boosting sales of contemporary Indian art to new highs.
Today, Indians both at home and abroad believe investing in art can be prestigious and profitable as the stock market .Prices for art have tripled across the board. In the past two years, investors have started at least four "art funds" in which a curator buys and sells artworks instead of stocks. And since March 2006, Bombay's Economic Times has even published an "art index" aggregating prices for works by 51 top artists. Although most buyers are Indians, there are usually successful entrepreneurs or professional's. There is also growing interest among non-Indians.
The highlight of Hussian's auction was Cinq Sens, or five senses, which was a rather famous work by Hussain, when he visited the home of renowned film director Roberto Rosselini and his Indian wife Sonali. The painting was gifted to the couple in the 1950s, and was acquired from them by the collector, who had put it up for sale through Sotheby's. It was a valuable addition to the other 14 Hussain works, which were also being sold at the same auction.
The markets have matured and so have the buyers. The Indian art market has risen very sharply with a number of collectors coming in. They are looking for the best quality and have become wiser. And, with a wide range of information and knowledge available, buyers and collectors have become more informed. Indian economy is doing well and India has managed to survive the global crisis pretty well. There were people wanting to come in to buy before 2008, but the price rose too sharply then. So they want to come in now and see if they can get premium values on their choice of artworks.