Seeing a recent exhibition at the NGMA that I can describe only as the “Edge of Disaster”, I was amazed at how many artists have sunk to gimmickry and exhibitionism, not to speak of downright copy-cat activity. This, to say the least, is damaging for our art market. But when one looks at some of the recent auction prices one can be assured that the damage is being done to the exhibitionists and gimmick-masters themselves and the art market can digest them and go on.
At the Triveda auction, which gave a good insight into the taste of our collectors, one saw an excellent Jamini Roy oil canvas (lot 17) 108.5 cm X 44.5 cm selling for Rs 20.13 lakh, working out to Rs 416.82 per sq cm. The price is both affordable and likely to be a good investment. Similarly, a Nandalal Bose wash and water colour on paper of Shiva (lot. 20), 70 cm X 51 cm sold at Rs 29.90 lakhs which worked out to Rs 837.54 per sq cm.
In comparison with this, a Husain horse, oil on canvas, (lot 65) sold at Rs 35.75 lakh, working out to Rs 1,022.60 per sq cm while an untitled mixed media on paper by V S Gaitonde (lot 74) sold for Rs 18.40 lakh, working out to Rs 1,760.77 per sq cm. So, as expected, the Progressive Artists Group stands head and shoulders above the rest still. True a large number of works remained unsold, but that was because sellers did not want to part with them at the prices bid at the auction.
Looking deeper, one finds that an Anjolie Ela Menon (lot 109), sold for Rs 52.80 lakh, which works out to Rs 481.27 per sq cm. Bikash Bhattacharjee sold one of his classic oil on canvas, White-eyed women (lot 54), for no less than Rs 72.45 lakh, which works out to Rs 639.12 per sq cm. So, one can see how the muted Indian realism with its haunting imagery and touch of an ironic surrealism still makes the grade as art for investment.
Others, like Sunil Das, Arpana Caur, Satish Gujral and K K Hebbar sold tolerably well at between Rs 19.55 lakh to Rs 9.20 lakh. So what do we conclude from this? First that M F Husain and the Mumbai Group artists are still considered the best buy. The Bengal School greats follow close behind. And the Kolkata artists of nostalgia and irony come third.
What do we learn of trends through this evidence? First, that Husain and his fellow-artists, with their peculiar blend of Indian folk, non-figurative and an influence of European radical artists like Picasso, still call the shots. The Eastern-influenced, like Bose and other Bengal masters, are close behind, with Jamini Roy providing yet another confirmation of the success of the folk-modernist mix.
Finally, surrealist expression rooted in the Indian middle-class ethos, brings up the rear of what is worth investing in our art today. Contemporary art worth investing in is still not gimmicky or slick. It is well-executed, steeped in our folk and classical tradition, with global influences from both China and Europe, but without being drowned out by them. It is good contemporary art that exhibits its talent. So, for all the gimmicks in the market, sales tell the same old story still.
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