The Saffronart summer on-line auction that closed on May 12, was very much in line with the expectations. The total sale, consisting of 145 lots, netted Rs 16 crores ($ 3.7 million). With 200 bidders from more than 10 different countries, 88% of the lots sold above the expected price. This has bettered the record of the Saffronart winter auction of last year that fetched Rs 13 crores ($ 2.9 million). It is evident that the prices of Indian contemporary art are now approximating to their worth.
FN Souza?s works were the flagship of the summer show. His ?The Remark?, which was expected to fetch Rs 32.25 lakhs ($ 75,000) at most, actually sold for no less than Rs 65.75 lakhs ($ 152,900). The charcoal on linen landscape that was expected to fetch Rs 9 lakhs ($ 20930) at most sold for Rs 18,21,050 ($42350), over twice the expected price. Another landscape, The Town Square, an oil on board that was expected to fetch a maximum of Rs 30.10 lakhs ($ 70,000) actually sold at Rs 35.75 lakhs ($ 83050).
A Head, an oil on canvas, that was expected to sell at Rs 25.80 lakhs ($ 60,000), sold at no less than Rs 36.89 lakhs ($ 85800). The water-colours and gouache on paper sold at Rs 11,35,200($ 26400) for a work expected to fetch Rs 2.15 lakhs($ 5000) at most. The Winter Sun in Chalk Farm, actually sold for Rs 9.277 lakhs($ 21560). A water colour portrait on paper of a girl that was expected to fetch Rs 2 lakhs at most ($ 4660), actually sold for over Rs 5 lakhs( $ 12816). A black and white Gouache on paper drawing that was expected to fetch a maximum of Rs 4.50 lakhs ($ 10470) sold for Rs 9.46 lakhs ($ 22011), while a pen and ink drawing on paper that was expected to fetch Rs 65000($ 1520) actually sold at Rs 1.80 lakhs ($ 4180). This is evidence enough that Mr Souza has grown in stature. In another words, his works, whatever medium they are in, are good investment.
Other artists whose price was expectedly high were: Tyeb Mehta?s Kali that was on the cover of the catalogue and was expected to fetch Rs 47.30 lakhs ($ 110000) actually sold for over Rs 1 crore ($ 236,500). Other works that went above the Rs 50 lakh ($ 1, 22,000) mark were S.H. Raza?s ?Prakriti? that was expected to fetch a maximum of Rs 32.25 lakhs ($ 75000) but actually sold for Rs 55.34 lakhs ($ 1,28,700), and an untitled geometric acrylic on paper work that was expected to fetch Rs 40 lakhs ($ 93030) actually went for Rs 57 lakhs ($ 132575). His works are closely followed by one of MF Husain, a composite human and tiger figurative that was expected to fetch maximum of Rs 34.40 lakhs (80,000) but actually went for no less than Rs 46.59 lakhs ($ 108350)
A number of works of artists like Jehangir Sabavala, Ram Kumar, Jogen Choudhury, Prabhakar Barwe, Arpana Caur, ParitoshSen, Rekha Rodwittiya, Ganesh Haloi, Akbar Padamsee and NS Bendre, did well as expected. But what was really surprising was the number of young artists who crossed the Rs 10 lakh mark. Jitish Kallat?s ?Acid Drop? that was expected to sell at around Rs 6 lakhs ($ 14000) actually sold for Rs 10.88 lakhs ($ 25300). Jagannath Panda?s ?City Breeds? that was slated to sell at Rs 2.75 lakhs ($ 6400) actually netted Rs 11.82 lakhs ( $ 27500), Shibu Natesan?s, ?A Marriage Scene? was expected to fetch Rs 9.50 lakhs ( $22100) at most, but was sold for Rs 11.2 lakhs ($ 25952). Subodh Gupta?s ?Round the Corner? that was expected to fetch Rs 5 lakhs ($ 11630) at most went for Rs 10 lakhs ($ 23320).
Atul Dodiya?s mixed media installation that was expected to fetch Rs 15 lakhs ($ 34890) went for Rs 21.39 lakhs ($ 49,756). Baiju Parthan?s ?Blue Prophet? that was expected to fetch Rs 6.5 lakhs ($15120) actually sold for Rs 11 lakhs ($ 25798). Chittrovanu Mazumdar sold both of his works up for sale above this price. Lot 101 that was expected to fetch a maximum Rs 9 lakhs ($20930) sold for Rs 20.70 lakhs ($ 48132) and lot 102 that was expected to fetch Rs 7 lakhs ($ 16280) sold for Rs 22.17 lakhs ($ 51546). Mr Mazumdar is definitely an artist worth looking out for.
The Saffronart exhibition reflects a healthy process of the systematic realisation of the value of our contemporary art. It is not only the prices of a handful of stars that are rising but of a large number of middle range and young artists as well. How is the investor to read these trends? First, that properly chosen Indian contemporary art is very safe investment indeed. It has reached some ten or more countries. With over ten times the number of countries in the world, there is plenty of scope for bettering this record.
Then, the star artists, especially of the Bombay Group, with their uncompromising modernism, are today among the best investments we have in the art market. Finally, the very young too, have made their mark as never before. Some of them like Chittrovanu Mazumdar, Jitish Kallat, Atul Dodiya, Baiju Parthan and Shibu Natesan already have a good track record. Subodh Gupta is evolving, while for Jagannath Panda it is a lucky break.
How he shapes up is of interest to the investor. Anyway, the heat of the summer has given us plenty to rejoice. Now, with Christie?s auction in Singapore at the end of May, we should see a confirmation of what we have seen in the online auction, one hopes. Indeed, if that happens, the investors in our contemporary artistic expression (and I don?t mean copy-cat art) ought to be entering one of the best periods of returns that we have experienced to date.
