Congrats,Gaitonde

But art that does not sell has to be conserved,too

But art that does not sell has to be conserved,too

The riskiest,least predictable markets are the most sensitive indices of investor sentiment. Money flees them first during a recession and trickles back last,when it has no place else to go. The modern art market is such a sensitive indicator,reflecting fickle perceptions of value and authenticity. Its local subset,the modern Indian art market,is even riskier and therefore more sensitive,since it has been standardised for only two decades. So when Christies debut auction in India features a rally by the late abstract master V.S. Gaitonde and not the better-branded Bombay progressives the writing is on the wall: the global recession is finally,definitely over.

Gaitondes early canvas fetched Rs 23.7 crore,almost three times the floor price. Another Gaitonde fetched 12 times the reserve price of Rs 8 lakh. Manjit Bawa,Bhupen Khakhar and Ganesh Pyne have also performed like racehorses,delivering excellent returns. However,many of these works were from the private collection of the late Kekoo and Khorshed Gandhy,whose Chemould Gallery has been a great enabler of modern art. These works were clearly authentic,had a vouched-for history and were therefore attractive investments.

But what about modern artists who are not racehorses,and yet are clearly valuable for historical or aesthetic reasons? They fall in the province of government,large corporates and collectors who are not primarily investors but fanciers. This sector has not always worked optimally. Archival art has been routinely destroyed in government holdings. Corporates have tended to prefer bankable brand names,going to the extent of commissioning them for new work. The holdings of individual collectors have rarely survived them. As the Indian modern art market evolves,some attention must also be given to conserving the work of artists whom commerce alone cannot keep alive.