The Hindu Business Line : Art collectors on bargain hunt in depressed market

Pune, Nov.6 Even as the seasoned stock market investor scouts for opportunity in a depressed market scenario, the serious art collector is discovering the silver lining to the economic slowdown: Art works that are more affordable and more realistically priced.

The discovery that art still has takers has come as a pleasant surprise to the directors of Kolkata-based auction house Emami Chisel Art Pvt Ltd. The company is holding its second auction of Contemporary Indian and Modern Art this year, both with online bidding that started a couple of days ago, and with the floor auction in Kolkata on November 8.

Reassuring response

“We were a little apprehensive about the response it would generate, given the current mayhem in the financial markets,” Mr Vikram Bachhawat, director, Emami Chisel Art, confesses. But 39 lots out of 105 that are to go under the hammer have already got bids in the online preview, and I am now confident that we will manage at least 65-75 per cent sales,” he says.

The company’s apprehension that art buyers will keep away on account of the prevailing liquidity crunch is not without reason. The last two months have seen five auctions (on Contemporary and Modern Indian art), four of which were held overseas, and the organisers included renowned auction houses such as Christies and Sotheby’s. The average sales stood at 35-40 per cent, one art collector explains.

No hidden reserve price

To cater to the current market scene, for the first time ever, Emami Chisel has not put a hidden reserve price on any of the paintings on offer. Though the February auction mopped up Rs 24 crore in proceeds, this time around, the auction house has set a target of Rs 12 crore.

When it comes to the art market, the liquidity crunch has one bright side, Mr Bachhawat says, adding that the last two years or so saw investors buying and real collectors stayed away because of the inflated prices. “This time, collectors, who know the correct valuations, are bidders. So the prices will be more realistic,” he explains.

Works on sale

Amongst the 89 artists whose works are on sale during this year’s Emami Chisel Art auction are M.F. Husain, S.H. Raza, Subodh Gupta, Bikash Bhattacharjee and Ganesh Pyne with a lot of paintings in the Rs 2-5 lakh range. Occupying the top slots in terms of estimated selling price is Arpita Singh whose novelty oil on canvas is tipped to fetch Rs 75-80 lakh and J. Swaminathan’s oil on canvas Bird, Tree and Mountain estimated to sell for over Rs 65 lakh.

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