Bombay, 13 July 2012, Art Media Agency (AMA).
Despite the depressing economic situation, the art market resists. It is the upscale art market that remains solid, principally thanks to the fantastic emergence of the Asian art market and particularly the Chinese one since 2007.
Masters’ works occupy 90% of the art market. The general reduction forces the buyers to better prepare their purchases. “Art is a limited edition product” underlines Ajay Seth, adviser at Copal Art, in the newspaper Business Line. At Pundole, three paintings out of 47 reached incredible prices during an exhibition last February, while 79% of the lots were sold for a much higher price than their estimations. At Christie’s in March, two paintings out of 85 reached exorbitant prices; these paintings overtook by more than 400% their highest estimation.
What is important is that during the last three years, 80% of the lots were related to Masters. In India, a large number of masters made their entry into auction sales, creating by this new references, as in the case of Indian Masters Jehangir Sabavala and Akbar Padamsee. At Sotheby’s and Christie’s, works by masters who rarely appear on the market obtained general appreciation.
The results of the recent sales in India confirmed that the masters Sayed Haider Raza and Vasuedo Gaitonde dominated the online auctions. During a sale in Bombay, a couple of days earlier, the works by Indian painter Francis Newton Souza were ranked first and third in the final sale result ranking.