Posted by: John Elliott | December 20, 2013

Christie’s wakes up the Indian art market with a $15m Mumbai auction

India’s slumbering modern art market came alive last night at Christie’s first auction in the country when astonishing prices were achieved totalling $15.45m (Rs96.5 crore), roughly doubling estimates. Collectors say that this was the result of extensive marketing by a big Chrisite’s team and the excitement of a live auction, though some of the top bids came by telephone from overseas.

There was also what the experts call a strong provenance – just over half the 83 lots were collected by the late Kekoo Gandhy who championed young, later famous, artists like M.F.Husain, Vasudeo S.Gaitonde and Ram Kumar in the 1940s and 1950s and then ran Mumbai’s Chemould art gallery.

Lot 1 GaitondeOne of Gandhy’s Gaitonde works set the auction – held in Mumbai’s Taj Hotel – off to a spectacular start as the first lot. An untitled early landscape (left) of just 9in by 11in, it beat the estimated price range of Rs8 lakhs to 1.2 crore ($13,000-19,400) by around ten times and went for Rs80 lakhs – that’s Rs9.83 crores ($157,200) including buyer’s premium. It was a gouache with pen and ink on card, and had Chemould Frames label on the reverse side.

Another Gaitonde – a large oil on canvas abstract (below) from a different owner – produced the highest auction sale price of Rs20.5 crore (approx $3.3m), or Rs23.7 crore ($3.79) including the premium, roughly tripling the lowest estimate. This was a telephone bid from the US and it was the highest price ever paid in India for a modern work of art. It was a world auction record for the artist.

In the past decade, India’s leading modern artists of the same vintage such Husain, Mehta, F.N.Souza and S.H.Raza have all had their day topping Indian art prices. Now Gaitonde, who died in 2001 aged 77, is reaching the same price levels for his works that are mostly abstracts. The Guggenheim Museum in New York has a Gaitonde retrospective next year and that will no doubt persuade more collectors to bring more of his works to the market, sustaining high prices.

Lot 63 Gaitonde auction shot

The second highest bid of Rs17 crore ($2.8m) or Rs19.78 crore ($3.17m) came for a Tyeb Mehta acrylic on canvas (below) in his dramatic Mahisasura series. These Tyeb works are always strong sellers, and this one depicted the Devi in her most potent form as a lion locked in a struggle with Mahisasura, the mythical Hindu demon-king who was half human-half buffalo.

This was the first time that two Indian works had been sold at above $3m in the same auction. Other leading artists with works in the auction included Husain, Ram Kumar, Raza, Rabindranath Tagore, Amrita Sher-Gil, Jamini Roy, and Nandalal Bose.

Hugo Weihe, the auctioneer and Christie’s international director of Asian Art, said that this showed that the market “has matured” and that good prices could be obtained for top quality works, with collectors distinguishing the best works from lesser ones. This has been his usual line during the past five years when the Indian art market has been hit by the international economic slowdown, but he said to me this morning that last night’s results prove that new high prices are paid for best works – which they were.

Christies arranged for 30 or so international collectors to be in Mumbai for the sale but Weihe says new buyers are also appearing – about 100 people registered for the first time for the auction. There were also buyers making bids on the internet on Christie’s website as well as by telephone.

Lot 64 Tyeb Mehta- MahishasuraThe emergence of new buyers is in line with the experience of the Delhi Art Gallery (DAG) which, having recently opened a new outlet in the old Fort business district of Mumbai, is finding that younger generations of old business families are beginning to buy.

Significantly, they are going for the established ‘moderns’ like those featured in this auction rather than risking their money on Indian‘s contemporary artists who are still fairing badly after a serious slump in prices.

The DAG is unusual in that it has large collections of modern art and stages big exhibitions that are well backed up with art books and literature. “It is a one stop shop for buying modern art,” says Amrita Jhaveri, a collector who opened Christie’s representative office in Mumbai 20 years ago and herself had a successful sale of part of her Indian collection totalling $6.7m with Sotheby’s in New York last march

Together the DAG and Christie’s have given the Indian art market a significant boost at a time when many smaller galleries have been down-sizing or closing in both Mumbai and Delhi.

Along with Saffronart, India’s leading internet-based art auctioneer, they have shown the results that can be achieved if a significant effort is put into involving potential buyers and searching for the best works – Christie’s had 50 staff working in India on the auction. Galleries and auction houses with less energy and cachet are finding times hard and are rarely willing to cut prices sufficiently for lesser works. “If people don’t make the effort, they can’t complain that the market is flat,” says Kishore Singh of the DAG.

Dinesh Vazirani of Saffronart says he believes the auction showed a “resurgence of enthusiasm” in the market which was needed to boost sales

Collectors were also wondering today whether it is easier for an international auctioneer such as Christie’s to sell in Mumbai than in Delhi because there are more people and business houses there prepared to pay with “white” money, as opposed to the black money sloshing around in Delhi.

Whether that is correct or not, what is sure is that Christie’s yesterday showed that the cachet of an international auctioneer, plus extensive marketing for top quality works brings in top prices.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: