Saffron art is shining

BUSINESS CLASS/ The Vaziranis have emerged as a force to reckon with in the art world

As the exit polls caste a cloud of doubt on India's future, pushing the financial market into a gear of caution, the art market seems to be moving in its own orbit.

The fact that Souza's 'Mystic Repast' sold at Sotheby's March sale for a whopping $150,000 is one such proof. Last week, Christie's sale in Hong Kong sold 100 per cent with almost all lots selling for way above their estimates. And if Osian's results are to be believed, most dealers in the art world should contemplate retirement.

The euphoria should continue as the art world eagerly awaits the results of the auction by Saffronart.com that closes tomorrow. By now, the art world firmly believes that the Vaziranis of Saffronart are a force to reckon with.

Few have made a bigger success of dealing in art than Dinesh and Minal Vazirani, the promoters of Saffronart.com. What started off as an online art trading portal in February 2000 has blossomed into a full-fledged art company.

It is not only involved in online sales and a plush gallery in south Mumbai, it has an auction house and takes exhibitions overseas. More recently, it has set up a corpus where high net worth individuals can invest in the art market in a transparent and a structured fashion.

As Bowrings exited the Indian scene and Osian's results look ever more suspicious, Saffron has increasingly gained popularity. It has, in fact, moved from strength to strength amidst competition from auction houses like Sotheby's and industry leader Christie's.

Dinesh Vazirani, a Harvard graduate, who comes from a highly affluent business family dealing in capital goods, raised funding from Chrys Capital, a venture capital firm, in August 2001 to set up his business. He hasn't looked back since.

Saffron began modestly with its first online sale in December 2001. It soon added the brick and mortar side of the business by partnering with galleries such as Pundole and began holding shows of blue chip artists in Hong Kong, New York and Los Angles.

Minal Vazirani handles the international part of the business while Dinesh concentrates on sourcing within India and manages the gallery relationships.

As a result, Saffron has been able to successfully develop and tap the huge NRI market which is both wealthy and, importantly, educated. It is, in fact, this lot of collectors who are, in the most part, responsible for this steep rise in the prices of Indian art in the last five years.

But the Vaziranis do have their critics. Many in the art world argue that the Vaziranis have been extremely lucky, thus far, as they were at the right place at the right time. Moreover, they claim, that their serious concentration on the progressives might land them into a tight spot some day.

However, insiders in the art world are aware of Saffron's fair dealings with both buyers and sellers. The fact that Saffron has partnered with the leading galleries without stepping on their toes (that is, not buying from artists directly) certainly puts them in a very strong position.

So, will Saffron continue to shine? The Vaziranis certainly think so. After all, an art corpus and seven auctions later, they feel they have their finger on the pulse.

Quoting the approximately $500,000 sale of a single painting by Indonesian artist Affandi last month, they firmly believe that the days of Indian artists reaching similar levels are really not that far. The interests in their sale that began yesterday has been the highest so far with 229 pre-registered bidders. When Saffronart began in 2001, it had some 50 bidders.

At this stage it may be difficult to predict the future of the NDA and its allies with the exit polls indicating a hung Parliament. But clearly, this is one Saffron that's certainly shining!