There is a definite upswing in the market, possibly with people hoping to make the best of the inflationary trend in the long run on the one hand, and buying quickly before prices get out of hand, on the other. Whatever the reason, art galleries in the capital have all come out with their best. Art Alive, Arushi Arts, Sharon Apparao, Aryan Arts, Art Pilgrim and Kumar Gallery have all planned major shows. Vadheras have culled out rare works of Amrita Shergill, Jamini Roy and Rabindranath Tagore. All this is in the shadow of the forthcoming Christie?s auction of contemporary Indian art.

There is no doubt that our contemporary art is surging ahead after a short spell of slow sales largely because the sellers overpriced their works on account of higher-than-realistic expectations.

Galleries and sellers should be well aware that ultimately it is expertise in pricing that makes a success of an exhibition. Exhibitions where works are overpriced but do not sell are not much use either to the seller, the artist or the buyer. They all come away disappointed. True, Indian contemporary art is underpriced and so one can wait to realise the prices one wants. But it is not a good practice to show and not sell. Sales are, after all, the only way to expand the market for contemporary art. So pricing must be done accordingly.

A signed oil on canvas by AS Chitrak (inspired by Harivash Rai Bachchan?s Madhushala) sold for Rs 1.65 lakh

On the other hand, because our contemporary art is underpriced, dumping and distress selling is disastrous. Moreover, it damages the reputation of the artists whose works are dumped on the market through lack of knowledge of their value or nervousness about sales, just as it reduces the profits of the seller. Therefore, this practice should be avoided.

Finally, there are artists whose works sell well because of their good public relations. Gallery owners include them in exhibitions to take advantage of their circle of friends. Collectors should steer clear of such buying. Also, the galleries must take good care their buyers are not exhausted by too many exhibitions in quick succession. Art sells, but not like food or fashion goods. So, if galleries and artists avoid over-exposure, then success is almost certain where sales are concerned.

This is evident from the study of sales at a recent major exhibition in Delhi. Souza sold at Rs 6.35 lakh for an acrylic on paper work originally from his exhibition at the now defunct CCA gallery in 1989. The price has appreciated a good hundred times since then. MF Husain was bid for at over Rs 20 lakh and a Raza at nearly Rs 30 lakh, but the seller was not prepared to sell. A work of Ganesh Pyne, priced at Rs 7 lakh also failed to sell as the highest bid for it was Rs 5.50 lakh.

Works above Rs 2 lakh that sold included a V Vishwanadhan at Rs 2.50 lakh; Presh Maity works ? one at Rs 8 lakh and another at Rs 5 lakh; two Sanjay Bhattacharya?s at Rs 3.65 lakh each and a Balasubramanian abstract at Rs 2 lakh. From Rs 1 lakh to Rs 2 lakh, we have the works of Arpana Caur Rs 1.97 lakh, AS Chitrak Rs 1.65 lakh, an Akbar Padamsee water-colour Rs 1.25 lakh, a Shobha Broota canvas at Rs 1.20 lakh, a canvas by GR Iranna at Rs 1.37 lakh; and a couple of Shekhar Roy canvases at Rs 1.20 lakh each.

From this, we can see that the best range to invest in is between Rs 1 lakh and Rs 8 lakh. Beyond that, on the higher side are blue chip art. And on the lower side, especially between Rs 50,000 and Rs 1 lakh, we have the works of up and coming artists that can be carefully nurtured to become art worth investing in.

In this range, I was pleased to see the work of Chintan Upadhyay Rs 75,000, bought by a leading bluechip artist, Neeraj Goswami Rs 56,000 each, A Sakti Burman drawing Rs 65,000, a Shuva Prasanna canvas Rs 55,000, T Vaikuntam oils on canvas Rs 65,000 each; Sohan Qadri ink works Rs 85,000 each; a very colourful Krishnanachari Bose abstract Rs 60,000; two canvases of Meena at Rs 51,000 and Rs 55,000; Om Pal Sansawal Rs 70,000 and an Anil Gaikwad abstract at Rs 60,000. Other artists whose works were picked up at lower prices but are important to note, were Yati Jaiswal, Farah Diba and Chandra Bhattacharya.

An overview of this sale tells us that if works are well-executed, chosen with care and not overpriced, the coming season will be one of new heights gained. We should aim for that.