Modern and contemporary art from India has become a permanent fixture at premium auctions, such as the ones organised by Christie's. The auction house, with offices in New York, London and Mumbai, has become a market leader in this field. It created history in 2005 by putting the first work by a living Indian artist, Tyeb Mehta, under the hammer. Mehta's Mahisasura went on to sell for a record price of $1.54 million. In the ensuing years, record prices were also achieved for artworks by SH Raza, MF Husain and FN Souza. Hugo Weihe, International Director of Asian Art, Christie's, New York, tells Avantika Bhuyan about the impact of the economic slowdown on the art market and the 'behind-the-scenes' of a Christie's auction.
What is the demand for contemporary art from emerging markets such as India? How has the market slowdown affected the global as well as Indian art market?
Christie's has offered Indian art in dedicated sales since 1995 and have always been market leaders in this field. In 2012 our share of the market was 56 per cent against our main international and local competitors. Whilst no business has been immune to the global economic slowdown, more recently the art market has produced strong results. Last year, Christie's turnover was $6.27 billion, a 10 per cent increase against the previous year.
Some of the landmark Indian artworks that you have selected and auctioned so far?
The first lot related to India was sold by James Christie, founder of the auction house, in his inaugural sale on December 5 1766, nearly 250 years ago and ever since we have offered some of the most exceptional pieces in this category. We have held many noteworthy auctions that saw record breaking prices for Indian and Southeast Asian art across all categories and artists. As the auctioneer for this category, I have sold a Gupta stone sculpture of Buddha from Sarnath, dating from the 5th century, for just under $5million, and also set the current world record for a modern Indian painting, when I sold SH Raza's Saurashtra for $3.5m.
Can you tell us about the 'behind-the-scenes' preparations for a Christie's auction?
In general terms we have six months to prepare for each sale. Due to this short time frame our working processes do sometimes remind me of a Swiss clock! We work with three teams, one is based in New York, the other in London and the third one in Mumbai. Each member of the team has dedicated responsibilities and is in charge of different parts of the process. For business getting we allow three months - this is the time the team is actively travelling, meeting with collectors and colleagues while others research the pieces for the catalogue, prepare photography and start writing the entries for each lot. When this process is done, we concentrate on the catalogue layout, marketing and the promotion of the auction itself. Then we are joined by our large team that come in to help set up the sale - the events team who will welcome upwards of our 1,000 clients attending all the pre-sale events, the bids office in charge of the smooth running of the sale and explaining the bidding process to new clients and many others who ensure the same high standards are maintained wherever we do business anywhere in the world.
In the past, auctions have been dominated by veterans like Souza, Raza and Tyeb Mehta. Are you seeing demand for works by new artists in the contemporary arts space?
Our sales carry the title 'South Asian Modern and Contemporary Art' which allows us to bring the next generation of artist to the attention of international collectors. Auction houses are operating in the secondary market, meaning that we do not usually offer works directly from the artist's studio. Most of the works offered at auction would have entered the art market via galleries or have passed hands between artist and collector prior to be included in an auction. It takes time for artist's to establish a reputation and for their work to be recognised as of value in the wider, international marketplace that we operate in. Yet we are constantly on the lookout for new talent and exploring new areas, such as on my recent trip to Sri Lanka.
Today artists are not confined to one medium of expression - which was earlier the canvas or photographs. How has the Indian modern and contemporary art changed or grown since 2005?
The world has become far more connected and we are all influenced by different tastes, opinions and political developments from all parts of the world every day and this is opening our and the artists eyes to all new mediums being used outside India as well as from India to the world. We are open to offer works in all media, which allows different price points.
India is home to diverse art forms. Which of these have inspired you the most? Are you seeing a synergy between these traditional art forms and modern Indian art?
All art forms are inter-related and evolve over time. For instance, Kalighat painting directly inspired Jamini Roy. Medieval Indian sculpture deeply inspired MF Husain, who was guided by the sense of movement and form. Our goal is to re-connect the present with the past, to demonstrate how artistic tradition is an evolutionary process and showcase Indian art as a continuum.
What is the demand for contemporary art from emerging markets such as India? How has the market slowdown affected the global as well as Indian art market?
Christie's has offered Indian art in dedicated sales since 1995 and have always been market leaders in this field. In 2012 our share of the market was 56 per cent against our main international and local competitors. Whilst no business has been immune to the global economic slowdown, more recently the art market has produced strong results. Last year, Christie's turnover was $6.27 billion, a 10 per cent increase against the previous year.
Some of the landmark Indian artworks that you have selected and auctioned so far?
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The first lot related to India was sold by James Christie, founder of the auction house, in his inaugural sale on December 5 1766, nearly 250 years ago and ever since we have offered some of the most exceptional pieces in this category. We have held many noteworthy auctions that saw record breaking prices for Indian and Southeast Asian art across all categories and artists. As the auctioneer for this category, I have sold a Gupta stone sculpture of Buddha from Sarnath, dating from the 5th century, for just under $5million, and also set the current world record for a modern Indian painting, when I sold SH Raza's Saurashtra for $3.5m.
Can you tell us about the 'behind-the-scenes' preparations for a Christie's auction?
In general terms we have six months to prepare for each sale. Due to this short time frame our working processes do sometimes remind me of a Swiss clock! We work with three teams, one is based in New York, the other in London and the third one in Mumbai. Each member of the team has dedicated responsibilities and is in charge of different parts of the process. For business getting we allow three months - this is the time the team is actively travelling, meeting with collectors and colleagues while others research the pieces for the catalogue, prepare photography and start writing the entries for each lot. When this process is done, we concentrate on the catalogue layout, marketing and the promotion of the auction itself. Then we are joined by our large team that come in to help set up the sale - the events team who will welcome upwards of our 1,000 clients attending all the pre-sale events, the bids office in charge of the smooth running of the sale and explaining the bidding process to new clients and many others who ensure the same high standards are maintained wherever we do business anywhere in the world.
In the past, auctions have been dominated by veterans like Souza, Raza and Tyeb Mehta. Are you seeing demand for works by new artists in the contemporary arts space?
Our sales carry the title 'South Asian Modern and Contemporary Art' which allows us to bring the next generation of artist to the attention of international collectors. Auction houses are operating in the secondary market, meaning that we do not usually offer works directly from the artist's studio. Most of the works offered at auction would have entered the art market via galleries or have passed hands between artist and collector prior to be included in an auction. It takes time for artist's to establish a reputation and for their work to be recognised as of value in the wider, international marketplace that we operate in. Yet we are constantly on the lookout for new talent and exploring new areas, such as on my recent trip to Sri Lanka.
Today artists are not confined to one medium of expression - which was earlier the canvas or photographs. How has the Indian modern and contemporary art changed or grown since 2005?
The world has become far more connected and we are all influenced by different tastes, opinions and political developments from all parts of the world every day and this is opening our and the artists eyes to all new mediums being used outside India as well as from India to the world. We are open to offer works in all media, which allows different price points.
India is home to diverse art forms. Which of these have inspired you the most? Are you seeing a synergy between these traditional art forms and modern Indian art?
All art forms are inter-related and evolve over time. For instance, Kalighat painting directly inspired Jamini Roy. Medieval Indian sculpture deeply inspired MF Husain, who was guided by the sense of movement and form. Our goal is to re-connect the present with the past, to demonstrate how artistic tradition is an evolutionary process and showcase Indian art as a continuum.