After a charity auction in 1995, international auction house Christie's never quite managed its toehold in India despite having an office in Mumbai. What it did manage was to establish an identity for Indian modern art auctions in New York and London, so it was only to be expected that it would want to establish itself in India, even if that debut takes place 18 years later, in December 2013 - three months after a similar appearance in Shanghai.
Meanwhile, the business of auctions has built up quite a history. Its competitor internationally, Sotheby's approach has been a tad more cautious, though it has matched Christie's with two annual auctions of South Asian art, and staged a coup of sorts with collector Amrita Jhaveri's highly publicised sale that lent a buzz to the market. Domestically, Osian's grew the business but a flawed fiscal strategy put paid to its ambitions. Saffronart set the benchmark with four annual auctions of modern and contemporary art, and now a number of standalones as well, though recent forays into the world of design and retail seem more playful than serious. Pundole's, a more recent entrant, has enjoyed spectacular success, but there's a question mark about continued support for its future endeavours. Astaguru surprised everyone with a surprisingly strong streak at its latest sale. Art Bull continues to have a mixed response.
All of this might seem like a pointer to a healthy art market, but it is anaemic at best. At least part of the reason is India's bureaucracy and red-tape, outdated rules and regulations. It led to auction house Bowrings, that showed promise when it opened in India with Patrick Bowring as its head, only to be felled by the complicity of regulatory authorities.
With so many auction platforms, the challenge - and stumbling block - could lie in sourcing quality art. Attention invariably focuses on records and prices - something that attracts not just the media but also novice collectors and consignors. The harsher reality of the market is that those familiar with the business will turn to it when looking for art that has impeccable provenance and value, something that will come into the market only when prices rise. It will bring previously rarely seen works in the public domain as collectors or investors try to leverage these - laying out the roadmap for growth in the business.
Punters who have been hedging their bets in this largely unregulated market know it will inevitably rise, but does it have the potential to grow exponentially? Can it move from its current fraction of 1 per cent to even a few per cents - the Chinese market is close to 30 per cent - any time soon? It's something Christie's might be betting on as it prepares to test the market for Indian art within India. This decade, young still, might finally see some more value being created in modern and contemporary art than might seem possible in a currently bleak situation.
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
Meanwhile, the business of auctions has built up quite a history. Its competitor internationally, Sotheby's approach has been a tad more cautious, though it has matched Christie's with two annual auctions of South Asian art, and staged a coup of sorts with collector Amrita Jhaveri's highly publicised sale that lent a buzz to the market. Domestically, Osian's grew the business but a flawed fiscal strategy put paid to its ambitions. Saffronart set the benchmark with four annual auctions of modern and contemporary art, and now a number of standalones as well, though recent forays into the world of design and retail seem more playful than serious. Pundole's, a more recent entrant, has enjoyed spectacular success, but there's a question mark about continued support for its future endeavours. Astaguru surprised everyone with a surprisingly strong streak at its latest sale. Art Bull continues to have a mixed response.
All of this might seem like a pointer to a healthy art market, but it is anaemic at best. At least part of the reason is India's bureaucracy and red-tape, outdated rules and regulations. It led to auction house Bowrings, that showed promise when it opened in India with Patrick Bowring as its head, only to be felled by the complicity of regulatory authorities.
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Christie's formal coming to Mumbai should be seen as a validation of the potential of the market. Internationally, growth is peaking in most countries, the Chinese alone having grown to a size that makes it impossible to continue apace. Few countries have as much potential as India, give or take a Brazil. While its auctions have done much to draw the attention of the international community to Indian art, the bottom of the pyramid can only be matched by national aspirations. With Christie's having tested that space, it is clearly looking at building on its strengths. Already, expectations are that Sotheby's, which has been getting increasingly aggressive about the Indian market, will follow suit.
With so many auction platforms, the challenge - and stumbling block - could lie in sourcing quality art. Attention invariably focuses on records and prices - something that attracts not just the media but also novice collectors and consignors. The harsher reality of the market is that those familiar with the business will turn to it when looking for art that has impeccable provenance and value, something that will come into the market only when prices rise. It will bring previously rarely seen works in the public domain as collectors or investors try to leverage these - laying out the roadmap for growth in the business.
Punters who have been hedging their bets in this largely unregulated market know it will inevitably rise, but does it have the potential to grow exponentially? Can it move from its current fraction of 1 per cent to even a few per cents - the Chinese market is close to 30 per cent - any time soon? It's something Christie's might be betting on as it prepares to test the market for Indian art within India. This decade, young still, might finally see some more value being created in modern and contemporary art than might seem possible in a currently bleak situation.
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