Tuesday, November 17, 2009

Indian art in recovery mode

A recent article in prestigious publication Financial Chronicle penned by Jhupu Adhikari proclaims that Indian art is on road to recovery.

The writer, a noted painter who has won numerous advertising design awards, points to a spate of newspaper reports, heralding a revival in the Indian art market, and er hastens to add:
“However, this comes along with the other news that state one should not make too much of these reports as the prices of Indian art have not shown any real signs of revival.”As he notes: “The problem lies in the fact that we had this wonderful period when works even by lesser-known artists were commanding high prices. They had been used to selling at high prices and the past year and a half has indeed been hard for them to adjust to.”

This is why we now have many artists who are keen to seek new styles and new venues. They are turning to photography to reach out to newer audiences. The columnist mentions.
"Some have given up on the tried and tested locations and have even moved away to different cities to come across new buyers, the columnist observes. This is to be expected, since an artist can’t be removed from his or her creativity and an outlet must per force be found where this can flourish.”
He also refers to an article on auctions in NY – specifically Sotheby’s recent sale. Legendary artist Andy Warhol’s work of $200 bills painted over a 2.3 m-wide silk screen canvas, went for $43.8 million.

The painting, showing $1 bills painted side by side in grey with a blue treasury seal, had been acquired by, Pauline Karpidas, a London-based art collector in 1986. It went for a price 100 times higher than what he had paid. Christie’s International sale held simultaneously though managed to raise just $74.2 million through the sale of 85 per cent of the lots put up on auction.

In this context, the writer drew attention to a new ArtTactic report suggesting that the Indian art market’s recovery could take place earlier than expected.

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