Gloom in the circuit

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It might seem to be a green season for Indian art with the recent results at the Bonhams auction where Jehangir Sabavala’s Vespers I set a record of sorts.

But all is not well with the art market is what industry insiders say. Younger contemporary artists across major metros are selling works at affordable and lesser prices.
This new trend seems to be the only way to bail out younger artists from the hard time the market is facing. A slump in the economy, art experts say is forcing galleries to cater to affordable art exhibitions. In the southern city of Bengaluru, the last few months have witnessed quite a few art shows like 50 Under 50, Affordable Art and other small format works exhibitions. While the struggle to sell continues, galleries say artists’ calibre cannot be questioned. “Unfortunately it is contemporary art which suffers the most from the price fluctuations. The artist has to adjust the pricing to survive in the market and has to make art “affordable”. But this has nothing to do with the artist or his calibre,” says Deepa Subramaniam, founder and creative head, Galerie De’Arts, Bangalore.
While the international auctions tell a different story with Indian masters getting sold at record prices, many believe it is a created hype. The boom, three years ago, when surplus money was floating around in the market with anyone and everyone becoming an art dealer, art collector was a temporary phase. But now the times are different, it isn’t just about lower prices. “The general trend is that people are holding back because earlier art investments haven’t been recovered for most art investors. Buyers are cautious and are focusing on younger artists and lesser priced works,” says veteran art promoter Shreen Malani, founder, Renaissance Gallerie.
Artists agree with the seniors and say that those who are buying needn’t be art lovers. “The serious art collectors go by the signatures and stick to an established name. They don’t want to invest in a big way on younger artists. To bridge this divide, we have to accept low prices,” says Ganapati Hegde, a contemporary artist.