A torrential downpour, howling winds and even a pandemic couldn’t dampen the spirit of enthusiastic buyers at Pundole’s Fine Art Sale last week. The Mumbai-based auction house sold 98% of its 64 lots, at a hammer price of ₹14.78 crore or $1.9 million (inclusive of 15% buyers’ premium). The sale included world record auction prices for six artists, including Krishen Khanna, Piraji Sagara, Mehlli Gobhai, Navjot Altaf and works on paper by Sudhir Patwardhan and Homi Patel. “There were works for every budget, beginning at ₹20,000 and they were a combination of good quality, superb provenance and hard to find subjects, which created the perfect storm — no pun intended,” says auctioneer and fine art specialist Mallika Sagar. The lack of buzz of a live room notwithstanding, technology enabled frenzied bidding. Many works were on the market for the first time, from two private collections — that of Tina and Bakul Khote and Beroze and Michel Sabatier.
Marquee modernist artists continue to command a premium. An early paper work by SH Raza, offered by another seller, sold for ₹80,00,0000, more than two-and-a-half times its low estimate. But also heartening was active bidding for contemporary works, by Anju Dodiya, Vasundhara Tewari Broota, Nalini Malani and Navjot Altaf. Against the backdrop of the migrant crisis, Nalini Malani’s 1988 watercolour, “Concerning a Family of Immigrants to the City,” sold for ₹13,00,000, well above its ₹2,00,000 to ₹3,00,000 estimate.
Ways to spend it
Auction sales for Indian art have remained buoyant since March, when Sotheby’s modern and contemporary South Asian art sale netted ₹35.7 crore. In June, Saffronart’s auction totalled ₹17.5 crore. Last month, Christie’s July sale yielded ₹35.7 crore and Asta Guru’s ₹51.4 crore. (All figures include buyers’ premium ranging from 15-30%).
During the lockdown, Saffronart has, in addition to its main auctions, conducted numerous smaller, no reserve auctions, such as Absolute Tuesdays and Friday Fives, with a mix of art and other collectibles. Minal Vazirani, President and co-founder of the company, says these too have been very successful. “These auctions have taken on a life of their own during this time,” she says. The company’s 20-year-old bet on online sales has distinguished it, as it holds just under 40% market share of the Indian art auction market globally.
With discretionary spending on leisure activities, be it travel or shopping trips, coming to a halt, even casual art buyers are willing to spend more. After all, how many people will shop for high-end bags on the Internet, and more importantly, where will they wear them?
“The world over, art seems to be holding its value because of easy liquidity conditions and because people have more time at home to look at art,” says businessman and art collector Dara Mehta. Staying indoors has clearly had an effect on the art market. As Udit Bhambri, another prolific collector puts it: “You’re spending so much time at home but you can’t really redesign your house right now. Art is an easy way to look at your space differently.”
The pandemic has seen both serious and emerging art collectors responding to steady pricing and good works coming onto the market. Mumbai-based businessman Shyamal Bodani, who started collecting art five years ago, bought 11 works over the lockdown months, including a watercolour by Ayesha Sultana, a mural by Manish Nye and work by the young artist, Biraaj Dodiya. He finally found the time to learn more about these artists, who were always on his radar. “My art has kept me company over the last six months,” he says.
Digital activity driving sales
“People imagine that the art world is suffering, which is not the case at all,” says Roshini Vadehra, director of Delhi-based Vadehra Art Gallery. “In terms of sheer volume, our sales in the past two months have been higher than in recent years because everyone is in India and not distracted by holidays.” When the pandemic hit, the gallery pivoted to stepping up its digital outreach, via a weekly newsletter and an online store. Vadehra has also sold to NRIs based in Chicago, Boston and Atlanta, in the range of $30,000 or higher, using apps such as Art Placer (which lets you preview a digital display of the art).
Shireen Gandhy, who runs the Mumbai gallery Chemould on Prescott Road, said she sold three works by Anju Dodiya, whose solo show was on display when the lockdown hit. “Back in March I wasn’t even sure I would be getting payments, but they came, without us asking,” she says. Since then about 20 sales inquiries have come through Instagram alone.
Prateek Raja, co-director of Experimenter in Kolkata, says the gallery is also engaging with young collectors who have returned to Kolkata during this time. “We meet our collectors at art fairs where there’s literally a five-minute window to talk, but in the past few months we’ve had several in-depth conversations with collectors that last much longer than a rushed chat,” he says, referring to presentations with clients conducted over Zoom.
Back in April, all three galleries joined several others to launch In Touch, an online platform where each space preselected works for sale. While the jury is out on its commercial success, the initiative reflects the type of cooperation taking place amongst art sellers.
Saffronart has begun a partner gallery program to enable local galleries to access a wider global network. “There was a perception in the market that it was a zero-sum game, that if one person sold it may hinder other sales,” says Vazirani. “If we collaborate, it fosters a greater level of engagement and helps bring in more people into the arts ecosystem.”