Today Indian art has become accessible, and is beginning to shake off the aura of mystery that previously shrouded the field. The young upwardly-mobile NRI, who still makes up a major part of the buyer profile, now has a variety of ‘user-friendly’ ways to purchase art. Be it online sites and auctions, galleries or international auctions, art is just a click away. This escalation in commercial activity is supported by an increased number of curated exhibitions and shows, both within India and abroad. Overall, the combination of this has resulted in a heightened interest in Indian art internationally and within the country. Different cities reflect the specific tastes and patterns of the buying audience. For example, it has been seen that New York-based buyers are often more experimental in their tastes. While the majority of the buyers remain Indian, auctions have seen a rising number of non-Indian collectors from South East Asia as well. Buying trends over the last few years have been increasingly focused on the extended group of senior artists loosely referred to as the Progressives. As the number of collectors chasing the finite number of works available rises, it is becoming harder to come by good quality works by these artists. This inverted relationship of demand and supply has led to this group forming the top end of the market price-wise. This will endure due to the hype built up around these artists and their works. However, the vast range of artists and works available today also ensures that a bidder doesn’t have to enter the market at a very high price point. This has also resulted in an increased focus on younger artists like Anjum Singh, Manisha Parekh and Nataraj Sharma. Recent trends also indicate that the physical location of art works may no longer be critical. Collectors buy globally, with the quality and rarity of the work usually being the deciding factor. While many high value works are sold abroad, Mumbai and Delhi remain two of the most important centres that accurately reflect market patterns. The sometimes dramatic increase in prices has also put Indian art in the investment spotlight. While there are reasons why paintings cannot be an investment, it has resulted in a greater number of non-traditional collectors. Consequently, attempts to analyse pricing into neat little boxes, with the all too familiar phrase of ‘Rs per square inch’ has taken on an unhealthy life of its own. With these growing numbers, price sustainability will be critical to ensure that the market grows, and, to make sure we avoid the dangers of the proverbial bubble bursting. Though the market is doing well currently, we have to take a long-term view so that prices are maintained without shooting up rapidly and then crashing equally quickly. To end on a note of caution— watch out for an increasing number of fakes and forgeries entering the market. Funnily enough, these are not just restricted to deceased artists. Copies of paintings by living ones are also numerous. While anyone can make a mistake, it should be a dealer/auction house/collector’s responsibility to do the due diligence on the painting. Mallika Sagar is the India representative of international auction house Christie’s
