issue 24
jan 2014
writing on the wall
Dear Friends, The Christie’s auction was an unprecedented one on many levels. It woke up a completely dead market and re rated some the modern masters like Gaitonde. But you always have to be careful not to get swept away with the hype that the Indian art market has recovered. One auction does not signal any recovery, in the stock market, a one day rally is known as a dead cat bounce ! Not that we want to be pessimistic about the results but then caution never hurt anyone. Our editorial team puts forth a critical observation of Christie’s maiden Indian auction based on facts and figures. 2013 was a tough year for the art market but this didn’t stop galleries from putting up some brilliant shows like the Atul Dodiya retrospective at NGMA Delhi curated by Ranjit Hoskote and Vivan Sundaram’s exhibition at Vadehra Art Gallery. We hope the new year brings with it a new vigour and revival for the art scene but we need bold structural changes and honestly, for that some of the old galleries and groups that operate together need to either change or just shut down. 2014 also marks two years that The Wall has been around, bringing our brand of free, fair and frank journalism. We thank all our subscribers and supporters for being with us all along. Do watch out for our anniversary edition in February. I also hope that you are enjoying our new App download on your iPad. The Wall is the only Indian art magazine to have its own App on the iTunes stores. On behalf of the entire team at The Wall, I wish you a happy and prosperous New Year! Warm wishes Kapil
in this issue: Cover Story
Christies sets new records but no recovery seen in Indian art market. Here’s our take on the most talked about event of 2013.
Freeze
High Five!
Lounge
Selected works from premier galleries and auction houses.
Spotlight: Art
We highlight the star of Christie’s inaugural auction in India – V.S. Gaitonde’s Untitled masterpiece.
Swati Roy Singhvi stays true to film and captures breathtaking views of Ladhak.
We indulge in the quirky sights and tastes of Dhaba by Claridges.
ArtistSpeak
Vivan Sundaram takes Stephanie Samuel through his latest exhibition ‘Postmortem: Gagawaka’.
Spotlight: Movie Review S.L. Bhansali’s desi take on a Shakespeare classic – Is it a hit or miss?
Red Carpet
Our selection of events for you to go through at your convenience.
Kickstart
Our selection of works priced below 99,000, for those starting out on their journey of collecting art.
Image Courtesy: xyz
cover story
Christie’s AuctionThe Hype and the Reality Christies sets new records but no real recovery seen in Indian art market. BY THE WALL ED ITO R IA L T EA M
Dr. Hugo Weihe deems V.S. Gaitonde’s Untitled work as sold for US$ 3.7 million All images courtesy of Christie’s Images Ltd. 2013
(L-R) Anju and Atul Dodiya, Nishad Avari at the Christie’s reception in Mumbai
After 20 years when Christies finally said they were coming to town, everyone expected a bang. The explosion, however, was anticipated by few. Those present at the Taj Heritage on 19 December witnessed record shattering sales with works by Ganesh Pyne, Manjit Bawa, Bhupen Khakkar, Nasreen Mohamedi, Piloo Pochkhanawala selling for world record prices. But the star of the show was an untitled oil on canvas by Vasudeo S. Gaitonde which sold for an unprecedented Rs 23,70, 25,000 or US$ 3.7 billion. Christies on the whole made Rs 96, 59, 37, 500/- (US$ 15.4 million) in their maiden auction in
Parmesh Shahani at the Christie’s reception in Mumbai
India, doubling pre-sale estimates and the highest Christies has earned this year in an individual South Asian Modern and Contemporary Art Sale.
exaggerated claims.
With works from the collection of Kekoo and Khorshed Gandhy and those by 6 National Art Treasures which included Rabindranath The figures were astounding Tagore, Abanindranath Tagore, especially since it has been widely Gaganendranath Tagore, Jamini Roy, acknowledged that the Indian Art Market is in a slump phase exemplified Nandalal Bose and Amrita Sher-Gil, this collection was reason enough for by low sales especially in the primary the high sales. Says eminent gallerist market. Hugo Weihe, International Manu Dosaj of Gallerie Alternatives, Director of Asian Art and Sonal Singh, ‘It was fabulous! John Elliot asked Head of Sale, at Christie’s said: “With me what would I buy if could. I said the two top works selling tonight “Everything!” How often would you for more than $3 million, this sale proves that Mumbai can already stand come across an Amrita Sher-Gil in the alongside London and New York in the secondary market? They (Christie’s) global market for Indian art.” That may have worked real hard in acquiring be a bit exaggerated but yes, Christies these works.’ did pull out the results to give some
Amrita Sher – Gil’s Hungarian Village Church led the National Treasure’s section. It fetched INR 3,62,25,000 (US$ 579,600) against an estimate of INR 3,00,000.
Two works by Tyeb Mehta made the top 3 bids of the evening. The Untitled ‘Falling Figure’ was the most valuable collection from the Gandhy estate.
The top ten bids of the Christies India Auction 2013
made by Indian private collectors.
Atul Dodiya at the Christies reception in Mumbai
To almost everyone this landmark event was the light at the end of a very long, dark tunnel and many breathed a sigh of relief; surely this means a turn – around in fortune for the so far poorly fairing Indian Art market! However, a closer look reveals not to bright a picture. ‘Christie’s played it safe by not waking up the near dead Indian contemporary art market. They did not feature any contemporary lot as they knew it would not sell,’ says a noted art critic. Of the 81 lots on offer, only a handful were contemporary works namely Jagannath Panda, Jitish Kallat, Vivan Sundaram and Anju Dodiya. Moderns have a ready market and are thus bankable investments with sure returns unlike their Contemporary counterparts, even though the latter dominates the Indian market by an
85% share. But Moderns are not within the reach of most collectors, so again, should we really consider this as a spike in interest in Indian art? “This auction has simply re-priced Indian masters like Gaitonde which should have ideally happened years ago. This gets no interest in Indian art or the 90 % contemporary art that you will see at a India Art Fair or United Art Fair. Most of the people at the auction were just watchers, not to take the credit away and the only Indian institution that was buying was Kiran Nadar museum.” This is true for not a single Indian private collector featured in the top 10 successful bids which accounted for 78% of the sales. Christies personnel were unable for comment at the time of going to print, on how many successful bids were
It was also hilarious to see unprepared media just releasing one press release after another of how the Indian art market had turned around; that the boom time is back and now everything will be gold. One sparrow does not make a summer, and this sale according to our editorial desk is momentous but if people think that collectors who have actually lost money in the last 5 years are going to return to the market they are mistaken. This sale will not do anything for the contemporary market. So do not get swept away the hype is what we will say. A lot of galleries in the modern
L-Raj Sehgal , Sharmila Tagore and Amin Jaffer in front of Hebbar’s work at the Christies reception in New Delhi
market will re price their works to extract their pound of flesh and here is where everyone needs to be careful. We will advise caution, wait for 5-6 good auctions and then only think of buying a modern work. However, fact remains that this was a landmark event for the Indian art world. Being the ‘leader of Modern Indian Art’ only time will tell if the first international auction house in India will re-energize sales of the Indian modern market or will try and lift the contemporary art market also. Meanwhile, the Gandhy’s can laugh all the way to the bank!
Vikram Baidyanath and Parul Vadehra at the Christie’s reception in Mumbai