Who gains and who loses as the market recovers?

Like the Tagore Sale by Sotheby’s that did amazingly well, Christie’s single-artist sale of the late FN Souza estate received an unprecedented response. Though there were speculations that legal woes provably prompted the Souza family into liquidation of his estate, collectors jostled to acquire it as if it was the last chance for them.

The vigorous sale made up for more than 40% of Christie’s overall sale that itself scored a record for it at a figure of £12.46 million (Rs 88 crores). Even as the auction house celebrated, a debate over a possible saturation of the Souza’s market was put to rest, as the sale had exactly the opposite effect. It solidly anchored the late artist in the highest ranks of the Indian Modernist canon. It’s perhaps never been so much ‘fashionable’ to own an artwork by him.

Though Traditional & Modern Indian art is dominating most top lots at auctions, the market reflects that Contemporary art is inching ahead, slowly but surely. It’s a rather cautious ride post a painful and prolonged slumber. While some stabilizing effect is still needed, the artists with a strong international backing and exposure seem to have greater chances of a recovery. Explaining the scenario, art critic Sharmistha Ray mentions in her ET Bureau essay:

“Not surprisingly, husband-and-wife artists Subodh Gupta and Bharti Kher who are both represented by one of the finest international galleries, Hauser & Wirth, have been the first to emerge out of the doldrums. However, even for them, a discriminating market scrutinizes each and every work; it takes a solid work, and not just any work, to re-establish auction pricing for these two artists.”

The recovery process is bound to take longer for other artists, and for some, it may not take place at all, which is the inevitable consequence of any downturn.