Though it is only a feeling, the mood in the art market seems finally to be lifting. This when other indices are showing a negative sentiment, whether the stock markets, or real estate with its swollen inventory, or gold having collapsed to despairing lows. With projections offering little relief, the strengthening of prices for art may appear chimeric, a flash in the pan, so if analysts in the art fraternity believe that a bull shuffle (not yet a run) was waiting to happen, it is because restlessness is giving way to fresh hope.
Why should hardening prices, while good for the industry, benefit the collector? That is because a robust market serves all its constituents well, piggybacking on a better quality of art that is kept out of circulation when the response is weak. This is especially true of the secondary market, but its ripples spread across every arm of the industry. When rare and rarely seen works enter the ring, it creates a positive buzz. Within the formal system of galleries, this is yet nascent, or at least unreported, but some direction markers seem to be coming from the auction market.
To my mind, three factors are contributing to this resurgence. First, new buyers have been entering the ecosystem not just in India but also in NRI pockets such as London, New York and elsewhere. This encouraging development could be the game changer for Indian art because a wider net of buyers isn't just about the demand-supply equation but about an emerging set of collectors who have done their due-diligence and are not averse to big-ticket acquisitions provided they see value in it. That value might be emotional or fiscal, but it allows the art fraternity to take risks again: an important component, since art does not blossom in an environment of sterility. That the buyers appear not so much fresh-off-the-boat naïfs as extremely savvy speaks well for the health of the market. Most prefer not to be identified, a sure sign of collectors rather than the occasional buyer.
Second, there is an edgy competitiveness in searching for works of exceptional quality. Recent sales at Christie's and Sotheby's are a pointer to this and I would venture to add that the appointment of Hugo Weihe (erstwhile of Christie's) as CEO of Saffronart has heightened the zeal among auction houses to pit strong works with impeccable provenances in their catalogues. There is great anticipation about what its September sale will bring to the table, which means that collectors can look forward to a smorgasbord of choices, and with newer entrants Pundole's and Asta Guru adding to the choices, the ability to pick-and-choose from the truly unique could mark a second coming for the art world.
Finally, it is my belief that a widening art market that includes collectibles and antiquities is not just inevitable - it is a mark of all sophisticated markets - but a pointer to collector interest not being limited by visual art. Earlier generations of collectors too were known to be eclectic, and this exotic breed is as passionate about, say, tantra art, coins, furniture, clocks or medieval statuary. Once again, I daresay that widening the interest base will bring in more collectors into the fold and ultimately lead to a consolidation of interests. It will also impact prices across all categories, the biggest beneficiary of which will probably be the currently beleaguered field of contemporary art. As more collectibles become ethically available and enter the domain of public discourse, word of mouth and collector interest will take care of the rest.
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
Why should hardening prices, while good for the industry, benefit the collector? That is because a robust market serves all its constituents well, piggybacking on a better quality of art that is kept out of circulation when the response is weak. This is especially true of the secondary market, but its ripples spread across every arm of the industry. When rare and rarely seen works enter the ring, it creates a positive buzz. Within the formal system of galleries, this is yet nascent, or at least unreported, but some direction markers seem to be coming from the auction market.
To my mind, three factors are contributing to this resurgence. First, new buyers have been entering the ecosystem not just in India but also in NRI pockets such as London, New York and elsewhere. This encouraging development could be the game changer for Indian art because a wider net of buyers isn't just about the demand-supply equation but about an emerging set of collectors who have done their due-diligence and are not averse to big-ticket acquisitions provided they see value in it. That value might be emotional or fiscal, but it allows the art fraternity to take risks again: an important component, since art does not blossom in an environment of sterility. That the buyers appear not so much fresh-off-the-boat naïfs as extremely savvy speaks well for the health of the market. Most prefer not to be identified, a sure sign of collectors rather than the occasional buyer.
Second, there is an edgy competitiveness in searching for works of exceptional quality. Recent sales at Christie's and Sotheby's are a pointer to this and I would venture to add that the appointment of Hugo Weihe (erstwhile of Christie's) as CEO of Saffronart has heightened the zeal among auction houses to pit strong works with impeccable provenances in their catalogues. There is great anticipation about what its September sale will bring to the table, which means that collectors can look forward to a smorgasbord of choices, and with newer entrants Pundole's and Asta Guru adding to the choices, the ability to pick-and-choose from the truly unique could mark a second coming for the art world.
Finally, it is my belief that a widening art market that includes collectibles and antiquities is not just inevitable - it is a mark of all sophisticated markets - but a pointer to collector interest not being limited by visual art. Earlier generations of collectors too were known to be eclectic, and this exotic breed is as passionate about, say, tantra art, coins, furniture, clocks or medieval statuary. Once again, I daresay that widening the interest base will bring in more collectors into the fold and ultimately lead to a consolidation of interests. It will also impact prices across all categories, the biggest beneficiary of which will probably be the currently beleaguered field of contemporary art. As more collectibles become ethically available and enter the domain of public discourse, word of mouth and collector interest will take care of the rest.
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