 "Edward Gibbs, chairman of Sotheby's India")
With the recent Modern and Contemporary South Asian Art Sale in London bringing in £4 million, Sotheby's is hopeful of a strong future for contemporary Indian art in the international market. To further develop the Indian art market and consolidate its presence in the country, the auction house has appointed Gaurav Bhatia [previously of Moët Hennessy India] as the managing director of its India operations, and he will be working closely with the international team. Avantika Bhuyan speaks with Edward Gibbs, chairman, Sotheby’s India, about more such plans to strengthen the India business and the shift in the collecting habits. Edited excerpts:
Have you witnessed an increase in the participation of Indian collectors in global sales?
On analysing figures of the last five years, we have seen a 10 per cent year-on-year increase in the number of Indian buyers. The value of spend has also doubled. Then, let’s look at the digital space. There has been a 12-fold increase in the number of Indian collectors bidding online for artworks.
How have the collecting habits changed in the last five years?
We do both private and public auctions for our clients here and get to engage with both existing clients and new ones. As the collecting journey evolves, they might look at artists around the Progressives or go back in time to look at classical Indian art. Some might travel geographically to look at European art. Or, if they are decorating the home, they may look at objects. It’s a very personal journey. But if I have to define it, I would say that the pattern has shifted from contemporary to modern — typically towards the Progressive group. You could see that trend at our Modern and Contemporary South Asian Art Sale in London, held in October 2016, when FN Souza’s Deposition (1963) sold for £1,565,000 (almost Rs 13 crore) — three times its estimate of £400,000 to £600,000. Tastes are evolving. Established collectors are looking at expanding their repertoire. We also saw 23 per cent new buyers and bidders at our recent sale.
Which category of Indian art holds most potential?
The contemporary space is always exciting as it is renewed by new voices. But one area that really excites me is that of Indian miniatures. There is a huge potential there. It is still a niche collecting category in India. At the same time that we held the Modern and Contemporary South Asian Art Sale, we also held an auction of outstanding Indian miniatures, which were part of the collection of Jaleh Khosrovani-Diba [a Swiss-based Iranian private collector]. It did extraordinarily well and witnessed active participation by a lot of Indian buyers. [It more than doubled pre-sale expectations with a total of £3,052,500 and over 87 per cent of lots sold, achieving in excess of their high estimates]
How are you strengthening the digital platforms to grant a wider access to collectors from across the world?
We have invested in our digital platforms. The website has improved tremendously. You can now register a bid online. There is also a constant feed of fresh content, with profiles of specialists being uploaded and celebrity guests talking about their favourite works coming up for sale. We are planning more online-only sales at lower price points. These will provide more rungs on the ladder for first-time buyers, and new and aspiring collectors. For instance, we have just announced the sale of Picasso’s ceramics. You would think that this is a niche category, but there is an extraordinary amount of excitement around it.
Are there any plans of an annual sale in India?
We have had successful sales of Indian modern and contemporary art in London and New York. International sales allow global audience to be a part of it. But, we are discussing the probability of holding auctions in India. This could be the next logical step. Not many know that Sotheby’s was the first international auction house to host a sale in India in 1992. The present time seems opportune. Let’s see.
