The art markets may have crashed following the financial debacle in autumn 2008, but that may turn out to be a good thing in the long run. During the market’s highs between 2006 and 2008, extrinsic, commercial values were completely out of sync with intrinsic, artistic ones. There was a lot of mediocrity, but people bought it anyways. Demand was way beyond anyone’s control. Supply ballooned and the core quality of uniqueness that sets objects d’art apart from other commodities was a detail that was simply blotted out.
Post this befalling a comeback of the old collectors was witnessed. And today as Indian art gets global recognition, the market has again turned bullish.
Why do people collect? The compulsive answer to this itching question in words of Thea Westreich, New York based Art Adviser would be, “The truth of the matter is that for many it is a party, and everyone loves a party….for others it is a new business…and for some it is a lifelong, serious endeavor. But whatever the reason, art collecting is fun, invigorating, exhilarating, and mind expanding.”
Essentially Indian art trots and maps its scaling at two chronological levels-Modern and Contemporary. Each genre has it own vouching and the collectors move in between these slabs to appreciate and possess the artworks that appeals their aesthetic discretion. Moderns have established a grounded tradition in India with artists spanning across post-independence period 1950’s to 1980’s. This group of works stands united for the fine execution. Nevertheless, there is much more to contemporary art than appearance alone. It can be produced in any medium or material. It can be sound, time, or performance based. It can be made by living – or recently – living – artists of any age or generation. It might be beautiful, but it might just as easily be hideous. And while some art may evoke an immediate psychological response, looking at it as invaluable skill that needs to be practiced, honed and build upon.
The art markets may have crashed following the financial debacle in autumn 2008, but that may turn out to be a good thing in the long run, most probably acting as harbinger of price corrections. One needs to realize that when it comes to art, there is an evident lack of liquidity as one cant’t sell the painting at the same time. An artwork, it has been realized post-recessionary times is a long-term capital asset. In such a case, buying a painting from an auction or gallery could be a better option compared to art funds, given their poor performance in last few years and close-ended nature.
Moderns which seem to be really recovering fast, post some very positive results experienced at the auctions. Saffron reportedly just sold four works for more than Rs 1 crore each, including works by modernists such as M.F. Husain, Akbar Padamsee and F.N. Souza. The lots that sold well past their high estimates included Padamsee’s 1953 portrait, Prophet, with a winning bid of Rs 1.25 crores, more than triple its high estimate of Rs 36 lakh. Husain’s 1970s untitled work shot past the Rs 2-crore mark. Indeed the auction house’s lot is driven by the Moderns, who have eclipsed the contemporary artists. But realizing a strong focus on precision and quality in some of the upcoming young artist along with a keen focus on new mediums of execution, Ensign will focus on both the genres providing to its buyers, more discerning of the lot.
The collectors/buyers have now increasingly turned towards looking for quality than just the ‘brands’ outlined and this is a much saner path to follow. Collecting should be more of a though out process and the essential barometer could be relying on one’s gut feeling and instinct.
Happy collecting!