Global financial crisis but art appears to be doing well

(Nalini S Malaviya)

Amidst global financial crisis where Lehman brothers filed for bankruptcy and AIG hopes to tide over with a bridge loan, there has been world wide concern whether art will continue to attract investors. In this regard, all eyes were turned towards the Sotheby’s auction featuring an exclusive and a humungous body of works by artist Damien Hirst.

Damien Hirst, often hailed as one of the most successful living artists, is known for his conceptual art which some consider as bizarre. However in this sale, Hirst broke Picasso’s record and fetched a cool £70.5 million in the first round of the Sotheby’s auction. "Beautiful Inside My Head Forever," comprising of 223 works produced by Hirst in the last two years saw phenomenal results at the highly publicized auction. The day sale held the next day also fetched another £40.9 million making it a total of £111.4 million.
"The Golden Calf," a white bullock preserved in formaldehyde, with hoofs and horns made of 18-carat gold and a gold disc crowning the head went for £10.35 million.
The unusual success of Damien Hirst’s works reiterates that there appears to be a strong interest in art. Although, Hirst’s art that comprises of dead animals preserved in formaldehyde and dead butterflies pinned and painted upon has been highly controversial the success of the sale defies logic. There have been skeptics who have pointed out that the success of the auction can partly be attributed to media hype and clever marketing strategy, the results are there for all to see.

This particular auction has been significant, also for the fact that Hirst bypassed dealers and took his works directly to Sotheby’s. This means that commissions that normally go to a gallery or dealer would now go straight to the artist.
There has been growing concern over the future of art as an investment option with financial markets reeling, and while the Hirst sale may have been a landmark one, there is no guarantee that future auctions will be equally successful.
However, it does appear that in these uncertain financial times, collectors with deep pockets are likely to find good art at competitive prices.

(Published in Financial Times)

Art Buzz (Bangalore)

Eastern and Southern Dimensions

(By Nalini S Malaviya)

A travelling show, ‘On High Ground of Indian Art: Eastern and Southern dimensions’ presents works by 13 artists representative of Indian art from the 1940s to the turn of the 21st century. The show tries to capture the influences that shaped the art of these prominent artists and attempts to present it in a contextual format. Paritosh Sen, Suhas Roy, SG Vasudev, Rekha Rao, Laxman Aelay are some of the artists whose works are part of this exhibition.

The Victim, an acrylic on canvas work by Paritosh Sen, focuses on the aftermath of the tsunami. The poignant image of the young girl sitting in the forefront with sketches of dead children and fish behind her paints a picture riddled with grief and trauma. The Landscape by Surya Prakash is a melange of colours that presents nature in all its majestic beauty. The Hyderabad based artist is known for his beautiful landscapes. The Chennai based artist K Muralidharan combines folk art elements in his mixed media work on canvas to weave a visual narrative. Despite borrowing motifs from folk art, the images are surreal where hybrid creatures are a combination of human and animal forms to create a fantasy world.

Palaniappan’s abstract is in his inimitable minimal style - the linear trajectories on the artist’s canvas project scientific precision on to the creative world of art. Subroto Gangopadhyay’s works are a riot of colours that capture the festive spirit. The dancing figures appear lyrical as they move energetically to the musical rhythm. Suhas Roy’s painting belongs to his popular Radha series that effectively presents his unique style.

Most of the other works are also representative of the artist’s signature style. For the viewer who is unfamiliar with the progression of Indian art at various time points, the exhibition offers an opportunity to look at some quality works by well known artists.


(The exhibition ended at Venkatappa Art Gallery, Bangalore and will head to Kolkatta)

Published in Bangalore Mirror

Art Buzz (Korean International Art Fair) Baiju Parthan & Ravikumar Kashi

Decorative art sells more!

(Nalini S Malaviya)

Despite the growing awareness about contemporary art, people are still attracted to conventional art forms such as paintings. In paintings, too, the ones with aesthetic appeal sell faster than unconventional themes. Typically, galleries see brisk sales of traditional art genres and styles, and buyers that pick up works for under Rs 50,000 look for decorative art. This can probably be explained by the fact that such paintings are usually associated with a feel good factor. Decorative art falls in the realm of the comfort zone of the buyer, and are best suited to dress the walls. At that price the buyer is looking for an aesthetic investment rather that a financial one.

It is widely accepted that art enhances the social status of an individual and plays an important role in defining spaces. The common buyer may find conceptual art difficult to relate to, and while newer mediums or radical concepts may create a thought provoking piece, but, a buyer may be reluctant to display it in the home. Often family and social considerations affect buyer preferences. For instance, Indian sensibilities are averse to displaying nudes in either home or corporate spaces. Similarly, controversial themes or unpleasant imagery may find critical acceptance but not necessarily many buyers. Decorative art that is rooted in ethnic and cultural milieu tends to find a wider audience.
However, serious art collectors are attracted to experimental pieces as it does not conform to the run of mill art, and it is this very uniqueness that draws them to it.

With new artists coming up with newer concepts the market sees plenty of experimental art. But, due to lack of a proven track record, buyers may be unclear about their investment potential. It is only the seasoned collector who is able to somewhat predict their investment value or are willing to take the chance. Resale considerations also affect sales and if the buyer is unsure about the work’s resale prospect he is reluctant to buy it.
Similarly, space considerations also play a role when it comes to forms of art that are larger in size or are site specific.

(Published in Financial Times)