The market post India art fair

With respect to the Indian art world, this is the season of searing heat and melting resolves under the fierce summer sun, when everything becomes supine, including the will to visit an art show or to even get together with friends over drinks and some hearty art talk. But with the pandemic forcing the humanity into hibernation for much longer than anyone could endure sanely, the 13th edition of the India Art Fair (IAF) came as a big break that everyone had been waiting for.

Despite being held from 28 April to 1 May - right in the middle of Delhi's unforgiving summer - the fair enthused the art fraternity of the country like nothing else had succeeded in doing in the past two years. There were apprehensions on surviving the fair in the heat, which were ruthlessly put to rest by people coming out of forced hiding in big numbers. In fact, on the last day of the fair, the guards at the gates of the sprawling NSIC Grounds in Okhla in Delhi had to deny entry to visitors coming late in the afternoon as even the vast parking space of the venue had become packed to the gills.

The triumph of IAF's 2022 edition

A fortnight since the fair ended, the participants - gallerists, artists, buyers, connoisseurs, and lay lovers of art - are still talking about the fantastic experience it was. However, it is not just the feel-good sentiment that the fair generated among all, that measures its success. It has been called a 'roaring success' by the organisers on the basis of robust sales that a majority of participating exhibitors reported at the end of the fair.

Kiran Nadar, one of the most important art patrons of the country today and founder of the Kiran Nadar Museum of Art, New Delhi, said that she was 'pleasantly surprised' on finding out that most of the gallerists she spoke to shared that they had sold well, 'and that too, to a young collector'. Mortimer Chatterjee, director of Mumbai's Chatterjee & Lal gallery said: "The works in our booth start slightly below Rs 1,00,000 to around Rs 50,00,000 and over, and we've sold across this range. We have seen a lot of younger collectors this year as well as major acquisitions made by institutions.' Richa Agarwal, CEO of Kolkata's Emami Art, shared that the works by Thota Vaikuntam, which ranged from Rs 15 lakh to Rs 45 lakh, were sold on the opening day of the fair itself. In addition, she stated, "We have focused on younger names in our main booth with works priced between Rs 40,000 and Rs 4 lakh, which have caught the eye of the young and collectors who have come from all over the country."

New Delhi's Shrine Empire gallery shared that it had sold out completely on day one; the works it had offered ranged from Rs 75,000 to Rs 11 lakh. Priya Jhaveri of Mumbai's Jhaveri Contemporary said that at the start of the fair, the gallery had sold one work by each of the nine artists it showcased at IAF 2022. Many other participants from across the country had similar reports to share.

Hopes from successful spring auctions

The financial success of the fair seems to be a continuation of the sentiment with which the Indian art market had entered the New Year 2022.

The first tranche of the year's traditional big auctions of Indian art - held between February and April by Sotheby's and Christies' in New York, and by Pundole's and Saffronart in Mumbai - saw several records being set, including those for the two most expensive works of Indian art ever sold.

On 24 February, VS Gaitonde's Untitled oil from 1969 had sold for Rs 42 crore at the Pundole's auction in Mumbai, titled 'Glenbarra: A Lasting Legacy,' becoming the most expensive work of Indian art ever. On 6 April, at Saffronart's Spring Live Auction in Mumbai, Tyeb Mehta's 1999 acrylic on canvas work, Untitled (Bull on Rickshaw), sold for Rs 41.97 crore, becoming the second most expensive Indian work of art ever sold at an auction.

These two new records for Indian art not only pushed the envelope for the market but underscored a vital point - that the market was ready to explore newer waters, and willing to dig deep for superlative works of art. Nothing could have been better than this feeling to enter the India Art Fair's 13th edition, which had earlier been slotted for its traditional date in the first week of February but had to be postponed due to the evolving pandemic situation at the start of the year.

With nearly half the year gone and only good financial news from all quarters of the art market, one can only conjecture the turn the fortunes of Indian art will take in the next few months, and especially in the next big sale season in September.

In the meanwhile, Saffronart adds buzz to the sleepy summer with its auction, 'The Art of India', to be held online on 18-19 May at www.saffronart.com. The most expensive work on offer at this auction is FN Souza's Standing Nude, an oil on board made in 1956. It is estimated between Rs 1 crore and Rs 1.5 crore ($135,140 – $202,705). Next is Satish Gujral's 2011 oil on canvas, Untitled but part of his famous sporting series of works. It is estimated at Rs 60 lakh – Rs 80 lakh ($81,085 – $108,110). Another Souza work, Still Life from 2001 - possibly one of his last works ever created as he passed away in 2002 - is estimated at Rs 30 lakh – Rs 40 lakh ($40,545 – $54,055). Works by other masters of modern Indian art, featuring top notch names such as Nandalal Bose, Jamini Roy, VS Gaitonde, Madhvi Parekh, HA Gade, and Himmat Shah to name a few make it an impressive collection to choose from. As the most expensive works are comparatively priced modestly, no world records are expected at this sale, but robust sales will push the market in the direction art enthusiasts would like it to go in.

In the meanwhile, Saffronart adds buzz to the sleepy summer with its auction, 'The Art of India', to be held online on 18-19 May at www.saffronart.com. The most expensive work on offer at this auction is FN Souza's Standing Nude, an oil on board made in 1956. It is estimated between Rs 1 crore and Rs 1.5 crore ($135,140 – $202,705). Next is Satish Gujral's 2011 oil on canvas, Untitled but part of his famous sporting series of works. It is estimated at Rs 60 lakh – Rs 80 lakh ($81,085 – $108,110). Another Souza work, Still Life from 2001 - possibly one of his last works ever created as he passed away in 2002 - is estimated at Rs 30 lakh – Rs 40 lakh ($40,545 – $54,055). Works by other masters of modern Indian art, featuring top notch names such as Nandalal Bose, Jamini Roy, VS Gaitonde, Madhvi Parekh, HA Gade, and Himmat Shah to name a few make it an impressive collection to choose from. As the most expensive works are comparatively priced modestly, no world records are expected at this sale, but robust sales will push the market in the direction art enthusiasts would like it to go in

(The writer is a New Delhi-based journalist, editor and arts consultant. She blogs at www.archanakhareghose.com)