Consider the fact that it was just a year ago that even pieces by the now sought-after Progressive Modernists were available at auction events for a near-steal deals. Also, consider the fact that most contemporary artists, very much in demand when the going was fantastic, are suddenly a tough SELL now in primary as well as secondary markets.
Why is that there has been hardly any trickle down effect to many emerging art forms? A top-heavy art market may grab headlines, but it doesn’t really represent a large cross-section of it that still requires its own adrenaline shot, one may say. Elaborating on the scenario, Sharmistha Ray of the ET Bureau notes in her essay, entitled ‘Are soaring art prices creating another bubble?’
“Semantics merely holds symbolic, not real, value. As much as the auction houses claim that collectors are buying and speculators are out; the truth is everyone, no matter what their net worth or disposable income levels, is buying to invest. Today, the art that sells has to be of the investible worthiness of real estate and gold to summon up buyer excitement. While that is indeed a good news for Traditional & Modern art, finally getting its due, it doesn’t really bode well for present and future art practitioners for whom the support infrastructure has considerably contracted.”Of course, there are positive takeaways as well. The improved market sentiment has paid off well for the leading auction houses in both India and abroad. Today, they seem to be striving for the discerning buyer. The profligate spender is not necessarily their sole target audience.
Also, quality control processes are far more stringent than in the past. Focused marketing effectively projects the appeal of good art. A combination of all this means that the stakes just get even higher...
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