The Hindu Business Line : Indian artists carve a niche of their own

Even as the estimated returns on investment in works of art have been pegged at 104.08 per cent in 2006 – way ahead of gold at 48.47 per cent and the Sensex at 42.3 per cent – recent trends indicate that art collectors have preferred to shift their focus from established and senior artists to young contemporary artists.

In keeping with the emerging trend, Kolkata-based Aakriti Art Gallery has roped in 40 young contemporary artists from across the country to showcase their “delightful medley of expressions” on the occasion of its second anniversary. A total of 585 painters and sculptors from across the country had evinced interest in participating in the ‘Gen Next II’ show that will be held here between October 2 and 15.

According to informed sources, a recent auction of contemporary art at Sotheby’s New York saw 13 first-time entrants to the market fetching high prices. New records were made even as the works of as many as 10 contemporary Indian artists breached the $1,00,000-mark in the last one year.

The work of new entrant Farad Hussain to the Christie’s auction in Hong Kong earlier in March this year fetched $12,000.

Established and modern artists are those who were born before 1950 while contemporary artists comprise those born after 1950, according to informed sources in India’s growing market for art and sculpture.

According to the sources, a work by contemporary artist Atul Dodiya, which sold for $3,90,000 four months ago, now has takers for $6,00,000. This was a new record with the previous record being held by Subodh Gupta at $4,00,000. A work by Chitan Upadhayay has been sold for $5,29,000 while first timer Sonia Khurana fetched $56,200 for one of her works.

The sources said that the prices of works of modern era artists had gone “too high too soon” and art collectors were buying good works of art by contemporary artists “where the rates of return were higher even if there was some element of risk involved.”

More Stories on : Arts & Crafts | West Bengal

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
FICCI meet on interior design

Nickelodeon is No 3 among children’s channels

Tales of revolt

Indian artists carve a niche of their own

Corporates face off in Agilent Cup

India-Aussie semi-final gets top ratings for now