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Art in the time of recession

What insiders wish for is a revival of interest in contemporary artists and their work; many who made a name for themselves before the 2008 crash have still to recover

Art
Kishore Singh
4 min read Last Updated : Nov 22 2019 | 10:34 PM IST
No one is using the R word but everyone’s hinting at a recession, while the Hon’ble Finance Minister is talking of a recovery. What everyone is in agreement  with is a lacklustre market measured in automobile sales (finally going up, again), online discount bonanzas, and festive-season feel-good buys. There is a glumness in the market, a weak sentiment, almost an emotional infirmity that seems to have restrained people from going out to splurge on things they don’t need — such as second homes, bespoke couture, and high street brands. So — art?

In a market where art has remained a slow purchase, a weak sentiment might impair it further. Has it? 

Two contrarian views exist. One, that people have the appetite to buy art — even very expensive, record-making art — but they seem to be doing so joylessly. Have money, will buy, but do you have to be happy about it? 

The other: that sales have slowed, though there seems to be no hard evidence to support it. The market value for 2019 will only be known a few months from now, but so far, the market seems to be at its highest volume post the crash of 2008. 

What certainly seems to have occurred is that the number of players in the market has grown while the number of consumers is only marginally up. In a matter of just a few weeks, as many as six auctions of Indian art are putting pressure on the market so, inevitably, some sales have been impacted. It means the buyer is freer to shop around and look for the best value for works he intends to buy. Advantage: consumer. So, as they say in the financial world — the time to “invest” is now, should that be your motive. (Those who buy for the love of art buy it at any time, and irrespective of the price.)

The winter festive season has always been the best for art-related events, and currently the “season” is in full swing with openings, launches, talkathons and related activities of a greater or lesser degree. At no time has the number of galleries, artists, fairs, biennales, curators or writers been larger, though a case can be made for greater professionalism across the board. This much is true — there are more younger buyers consuming currently unknown artists at prices that are so modest as to not cause a blip on the radar. Yet, both might make a significant dent in the market a few years from now. 

What insiders wish for is a revival of interest in contemporary artists and their work; several contemporaries who made a name for themselves before the 2008 crash have still to recover. All artists suffered equally, but some deserve their recognition and a push. The visionary collector would do well to study their work and help rebuild their market. Indian art cannot afford to have a void between the successful modern masters and newly emerging artists without the link the contemporaries provide between the two. 

The need to ingrain art in mainstream culture still needs a dose of adrenaline. Relegated to the fringes of culture, it would receive a great boost if a Festival of Art, planned along the lines of the Festivals of India, could be sent as travelling exhibitions around the world. We have often taken the longer route to appreciate and value what we have only after the West “rediscovers” it. A rediscovery of our art — and artists — is probably just what we need at this point. 

Kishore Singh is a Delhi-based writer and art critic. These views are personal and do not reflect those of the organisation with which he is associated


Topics :recessionartsWeekend Reads