Tracking lows and highs of art market

The moderns, who had seen their prices eroded by 30-50 percent, have significantly been the first to shown signs of recovery, bouncing back fast by more than 30 percent. On the other hand, the contemporaries are recovering by just about 10-15 per cent.

According to Mumbai-based Jamaat’s Pravina Mecklai, one reason for this recovery could perhaps be that the estimated prices were lower than market prices. Still the fact remains that there is return of confidence and a sense of semblance in the art market. Many contemporaries had witnessed their prices go down by almost 80 per cent. Pravina Mecklai mentions:

“Between 2004-08, they found their prices increasing through manipulation. The artists who are doing well now are those that saw gradual price increases.”

Yamini Mehta, director (modern & contemporary arts), Christie’s London for South Asian sales, has been quoted by The Week: magazine in a recent report: “

Investors and speculators have fallen by the wayside. Collectors are coming back. There is now lesser interest from trade and art funds.”

Shriya Bubna of The Week observes that the contemporaries are still struggling, even though the old masters seem to have regained their market. The writer notes:

”Whether up or down—one price is an exception, two is a trend and three is a market. Going by this old Sotheby’s maxim, the Indian art market seems to be springing back to life. The winter auction by the Indian art house, Saffronart heralded the comeback. The old masters and established modern artists have again found buyers, but our contemporaries still have a tough time.”

Close to 90 percent of the moderns and 65 percent of the contemporaries on offer were sold. The auction sales were far better than anticipated, as over 62 percent of the works were grabbed at prices above the higher estimate, whereas the autumn auction had just about 47 percent of the works selling at higher than estimated prices.