A case for contemporising Indian craftsmanship and making ‘Made in India’ quality-oriented By Karan Ahluwalia The cultural rhythm of India resonates through centuries of signature skills and crafts, building an extraordinary legacy of unique craftsmanship, the traditional knowledge of which has been preserved, evolved and passed down from generation to generation creating a rich heritage to be mastered and treasured for eons to come. India is one of the most ‘hand-skilled’ countries in the world, employing approximately 34.5 million artisans across the nation. The Indian handicrafts industry pegged at Rs 46,000 crore. This presents an imminent opportunity to organise this sector with the focus on building the Indian handicrafts brand in the global market. Demand for luxury Indian handicrafts is extremely high globally with 60 per cent of India’s produce exported to US and European countries. It is imperative for us to not just protect the welfare of India’s much sought after artisans but also encourage industry participation by suitable policy intervention to support craftsmen. As has been highlighted by the government, for the country to grow at 9-10 per cent over the next three decades, it is critical to deconstruct the existing legacy systems and establish a strong and stable regulatory and business environment which will revitalise Indian economy and boost investor confidence. In that direction, integrating India’s foreign trade policy with the Make in India objectives, aided by a robust PPP framework and attractive FII norms, will provide the ideal launch-pad for India’s unique growth trajectory. And for India to maintain its growth path over the next three decades, we must aim to be a part of the global supply chain and produce for both the domestic as well as international markets, the objective clearly being the dual agenda of ‘Invest In India’ and Make In India. Given the Indian economy’s evolving nature and the definite need for policy and institutional support for the sector, it is important for the country to promulgate a strong financial advisory system that can play a critical support function to its fragmented luxury market. YES Bank’s Luxury Banking Group has taken steps to offer tailor-made solutions that are highly focused in knowledge and financial banking as part of its commitment to the growth and development of this sector. We hope institutional support to the sector will increase competitiveness in domestic manufacturing, encourage entrepreneurship and provide impetus to MSME and allied sectors. It is critical we promote the unique flavours of Indian artisans in the global luxury market as our prerogative of pushing entrepreneurship. The world today is looking at India for its wide range of products and indigenous processes. This may not be in line with the global trend of mechanisation and massification, and in order to preserve India’s made-by-hand skills and creativity, it is imperative this art is not only protected with policies but also promoted as part of the government’s Made in India initiative. The columnist is senior president & country head, Media & Entertainment, Fine Arts, Luxury and Sports Banking Group, YES Bank, and chairman, Luxury Council, ASSOCHAM (This story was published in BW | Businessworld Issue Dated 16-11-2015)
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India’s evolving consumer mindset is adapting traditional ideas of luxury to a modern outlook, writes Ritu Kumar The better part of my working career has been in the beautiful and artistically inclined city of Kolkata. Our generation grew up with the fact that India has a rich cultural heritage, with traditions of maharajas and kingdoms. We were blessed that we had the taste and understood the importance of investing in luxury. India is home to the most beautiful jewels, palaces and fabrics in the world. In my experience of close to 40 years, I would say only the elite probably knew the names and distinguishing features of luxury brands, be it hotels, automobiles, or clothing. But the Indian mindset has undergone a drastic change in the past decade. The market is starting to accept luxury. We are getting there, albeit slowly. The scale, opportunities and potential that India has to offer in the luxury fashion segment are substantial. I always wanted to find a universal definition of luxury. But I realised it would not be simple, as luxury evokes different things for different people. According to the Indian mindset, luxury is affordable, and opulence is still a distant thought. As long as something gives customers the special satisfaction of owning something prestigious that enhances their status, it can be termed a luxury item. Having been one of India’s foremost designers with an understanding of ancient designs and the innovative use of traditional crafts, I started out in Kolkata under the brand name ‘Ritu’, and was the first woman to introduce the boutique culture in India. I have seen the luxury industry being completely focused on quality, which is the primary requirement. The evolving consumer mindset is adapting the traditional outlook on luxury brands to a more modern stance. The average customer is far more conscious of labels and brands than he or she was 10 years ago. India is a growing market for superior brand-based designer garments. The increase in disposable incomes, a more globalised lifestyle, and even changes in the spending patterns of the young urban chic set have truly captured the essence of style and sophistication. Consumers today want to be seen in a light that is more luxurious than opulent. The older generation may like flashiness and lavishness, but independent men and women prefer understated luxury. I have focused my career on redefining the term “fashion” in the Indian context. I predominantly experiment with premium quality fabrics, such as cotton, silk and leather, influenced by India’s rich textile and embroidery heritage. After all, luxury is not all about the display of elitism through labels, but about the intricate details of artisanal work. It is truly impressive to see how the global market is embracing Indian designs and craftsmanship. Indian ethnic wear has been synonymous with detailing, a process driven by tailoring and detailed supervision at every step, to produce a wellcrafted garment. With the weddings becoming more extravagant and curated, consumers are becoming more detail-oriented, and demand quality and craft. They want their clothes to combine heritage craftsmanship with contemporary class. For example, actress Kareena Kapoor wore an heirloom gharara passed down to her from her husband Saif Ali Khan’s paternal grandmother, and we recreated it to give the heritage garment a modern look. In our business, creativity and technique meets with the exclusivity of couture heirlooms, which believes in reviving heritage craftsmanship. While bringing Indian silks to the forefront in the global market, we have concentrated in the past year on improving the livelihood of skilled workers, increasing the popularity of Banarasi weaves through our shows, and increasing the global fame of the fabric as a ‘Make in India’ product. Indian weddings are a huge market for designers to showcase and sell luxury ethnic wear, and to cater to the demands of the customers. At an occasion like this, not only do people make luxurious purchases for their own satisfaction, but entire families go out of their way to make the wedding a magnificent affair. This is a huge market for designers. Half of India’s population is under 30 years old, so the wedding market is set to boom like never before in the next five to ten years. Influenced heavily by their friends circle, women and men splurge to get the perfect wedding piece for their special day. People are quite willing to spend lavishly to ensure the perfect look, and for the expertise that goes into making individual designer silhouettes. Consumers invest quality time in deciding on the purchase of a high-value luxury outfit. Luxury is the affordable elegance used to pamper brides and grooms at a time that is one of the biggest highlights in their lives. I have seen a sea change in the mindset of the Indian consumer. With so many young designers trying to experiment with different styles, it is an interesting phase in Indian fashion industry. Honestly, I feel that young designers should only be encouraged. This is a crucial time when they are trying to maintain their identity amongst the various international brands. I am fortunate to be a part of this vibrant space over the past four decades, and wish to see Indian fashion grow globally and locally. I hope that today’s buyers understand the value of Indian brands just as much as they do of international brands. This would help place us higher globally. The author is a well-known fashion designer (This story was published in BW | Businessworld Issue Dated 16-11-2015)
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Besides unique designs and assurance of quality, the Indian luxe customer is also looking for instore experience, writes Nirav Modi
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Whether it’s aged alcohol or diamonds clinking at the bottom of a martini glass, here’s a list of some of the most decadent cocktails money can buyBy Smita TripathiDIAMONDS ARE FOREVER MARTINI $14,880The Ritz-Carlton, TokyoIf like Bond, you too like your martinis shaken, not stirred, head to The Lobby Lounge & Bar on the 45th floor of the Ritz-Carlton, Tokyo to partake one of the most luxurious martinis ever. The hotel’s tribute to the James Bond classic Diamonds are Forever, the martini by the same name is a Grey Goose vodka with a hint of fresh lime juice, garnished with a one-carat diamond that rests at the bottom of the glass. A live band serenades you with the film’s theme song as the 1.8-million yen cocktail is served to you.“We wanted to create a WOW offering from our bar which is also the highest bar in the city,” says Ranim Ben Romdhane, Director, Food & Beverage, The Ritz-Carlton, Tokyo. Only five such cocktails have been served till date. So go ahead make your reservations for the sixth one. Bling in a Glass: The Diamonds Are Forever cocktail at The Ritz-Carlton, Tokyo, comes with a certified one-carat diamondSALVATORE’S LEGACY $8,460Salvatore at Playboy, LondonIf you think diamonds are gimmicky and you are a true connoisseur of spirits, legendary London mixologist, Salvatore Calabrese’s iconic Salvatore’s Legacy is the drink for you. Its ingredients are not only some of the most expensive but also the oldest.“There is 737 years of history in my Legacy cocktail,” says Calabrese. The decadent four-ingredient libation is the world’s oldest cocktail, combining 1778 Clos de Griffier Vieux Cognac, 1770 kümmel liqueur, circa-1860 Dubb Orange Curaçao and two dashes of Angostura Bitters from the early 1900s. When first made in October 2012, it was the Guinness Book of World Records holder for the most expensive cocktail at £5,500. While you may have the moolah for it, Calabrese will decide whether you are worthy of the drink. “It is available on the menu but I am very choosy who I sell it to. It would have to be an individual who I believe will appreciate the experience of drinking liquid history and not just wish to impress,” says Calabrese.WINSTON, $9,045Club 23, MelbourneThe record of Salvatore’s Legacy was broken when Australian experimental bartender Joel Heffernan created the Winston, named after Winston Churchill, in 2013, priced at 12,500 Australian dollars. It takes two days to prepare this exotic cocktail that includes two jiggers of 1858 Croizet Cognac — a bottle of which sold at auction for over $150,000 — Grand Marnier Quintessence ($800 a bottle), Chartreuse VEP, and a dash of Angostura Bitters.The extravagant tipple is served with chocolate and nutmeg “soil” and pulled-sugar garnish infused with citrus peel and spices. More than a Drink: The Ono Champagne cocktail is served in a jewel-encrusted glass and comes with an 18k gold necklace and cuff linksGIGI’S, $13,660Gigi’s, LondonRecords are meant to be broken, and in September last year, Gigi’s, priced at £8,888, displaced Winston as the most expensive cocktail in the world. It was specially created for singer Grace Jones who attended the opening of the Italian restaurant Gigi’s in London’s posh Mayfair area. Gigi’s has the appearance of a traditional champagne cocktail, which is usually a bubbly laced with cognac and bitters. But unlike them it is made with a bottle of 1990 vintage Cristal and a bottle of 1888 Samalens Vieille Relique Vintage Bas Armagnac, with the result described as ‘liquid gold’. It also has lashings of gold leaf to give it extra bling. The cocktail is not part of the regular menu because the restaurant believes that if you have to ask the price, you cannot afford it. At the same time, if you do order it, you have to pay for it in advance in order to prevent the rather embarrassing situation of your credit card being declined.ONO CHAMPAGNE COCKTAIL, $10,000XS Nightclub, Encore Wynn, Las VegasIf you like to sip a really good cocktail but also have a taste for gimmicks then the Ono Champagne cocktail served at XS, the hottest nightclub in Vegas, is for you. The decadent cocktail is a mix of Louis XIII Black Pearl cognac and Champagne Charlie, a bit of bubbly known for its limited production, along with apricot puree and freshly-squeezed orange juice.The devilish indulgence is served in a jewel-encrusted champagne glass, and comes with an 18k gold XS-logo necklace with a Tahitian black pearl and diamond coupled with a pair of Mont Blanc cufflinks, made with genuine stingray leather and an 18-carat gold XS logo.smitatripathi@gmail.com @smitabw(This story was published in BW | Businessworld Issue Dated 16-11-2015)
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Thoughtfully choosing what you buy will earn you connoisseur points, writes Magandeep Singh Most people imagine a wine cellar to be a dark and damp place with history and cobwebs, where wine is laid down to sleep, only to be woken by the grandchildren or some native who will eventually come to live in the space above. Far from this necroromantic imagery, a cellar is the safest and most hygienic way of storing wine, allowing it to evolve and rest simultaneously. Unlike what many would like to believe, a cellar needn’t be big, neither store only old and expensive wines. In fact, 60 per cent of wines in any cellar should be ready to drink or for short-term cellaring, and the remaining should have high-end popular labels to impress the snooty oenophile, and wines intended for long-term cellaring. The most important quality of a cellar is to ensure that it isn’t too brightly lit, is free from vibrations and not susceptible to sharp temperature fluctuations. Together with these qualities, anything can double up as a wine cellar, from a prized silent-compressor cooler to a simple wooden cupboard under the stairwell. As to what one should stock inside, well, always keep a healthy mix of wines you like, and also those according to the taste of others, even if you don’t care too much for such styles, regions, or grapes. Your wine selection should reflect your taste and personality, but it should also accommodate others'preferences. It should be composed of memories and moments, rather than just expensive bottles with high scores and medals aplenty. And it should appeal to you as much as to your guests. So, you may prefer reds but definitely have whites, and always keep bubbly, even if you don’t care much for it. And finally, no cellar is complete without some port and sherry so don’t forget to have a few in there. Meanwhile, here are some wines which will earn you serious connoisseur points in any wine circle, wine references which are God’s new way of telling man that he is making too much money… • Château Petrus: I am tired of the many discussions of expensive wine that start with this wine but it is true; it is a good wine and ages better than Brigitte Bardot. I may prefer some other, but then luxury isn’t always about what you prefer. The Left Bank is also equally price-driven (Latour, Lafite and the other usual suspects) but Merlot is regarded as a more docile wine ingredient and hence Petrus. • Le Pin: When Jacques Thienpont acquired this tiny piece of property, he named the wine after the solitary pine tree on the estate. Technically, this was the first garage wine but the catch is that he merely happened to acquire a small property (which he initially planned to incorporate into his other bigger wine Vieux Château Certan) but then chose not to. It wasn’t intended to be a garage product, it turned out that way. • Domaine de la Romanée-Conti: I have named only one but this is only one in the series of top end Burgundy reds (La Tâche, Vosne-Romanée, Echezeaux) which command absolutely sky-high prices. Great Pinot remains a hedonistic high, an unending pursuit of perfection for the rich and wise. Imagine a wine you have always heard about; stories and fables about every time someone was witness to it being uncorked. And imagine each narrative to be superseding the ones before both in rapture and glory. Tasting a Romanée-Conti will be the biggest build up of your life and will live up to expectations every time. It’s often lauded as one of the most expensive wines in the world. • Château Valandraud: This dream-child of JeanLuc Thunevin and his wife sent the wine world into a tizzy when its smaller-than-boutique production stunned the biggest of wines in international markets. This (and not Le Pin) is regarded by many as the first true garage wine as Jean-Luc never intended to make more than a few thousand bottles to begin with. It set the trend for other microwineries and today it remains a cult wine from the Right Bank of Bordeaux. • Harlan Estate: Bob Levy and Michel Rolland are responsible for this moreconcentrated-than-anyjam-you-can-think-of style wine. Not the most expensive wine but a definite winner with those who have a taste for the expensive. Too heavy for me to enjoy with or without food, I can barely last through a glassful of this thick elixir. • Screaming Eagle: Only a few hundred people a year can buy this wine, so that already puts it right up there in the cult slot. That apart, the aged vintages of this wine are supposed to be absolutely divine expression of Cabernet. From the only time I had the opportunity to taste this precious beverage, I was rather stunned by its complexity and concentration with great length on the finish. However, I maintain that I must have been psychologically influenced as I already knew that I was sipping a Screaming Eagle. • Penfolds Grange: This Aussie Shiraz (and some Cabernet) blend was conceived by Max Schubert, who was inspired by French reds. Since its inception in 1951, the wine has come to be recognised as Australian Heritage. This undisputedly is the most coveted wine from that part of the world. • Unico de Vega Sicilia: As Spanish as it gets, it is the efforts of Javier Ausás that are responsible for this Tempranillo-Cabernet-Malbec blend. Rare and cher, this is all the Spanish you will ever need to speak to establish yourself as a serious winehead! • Dominio de Pingus: Peter Sisseck is the man behind this Tempranillo wine, the best thing to happen to the Spanish wine industry. In fact, this wine has become a good reference point for the uninitiated to understand what a good Tempranillo should aspire to be. • Sassicaia: The original Italian Super-Tuscan, this wine fought the odds (of foreign Cabernet being planted on Italian soils) and emerged as the face of Italian winemaking prowess. Something to give Monica Belucci a run for their money. • Champagne Krug: A champagne par excellence. So revered is the wine that nobody would dare debate its quality or consistency. The most successful blend ever to be crafted, it remains my onepoint reference for all fine champagnes. • Chateau Haut Brion: In this collection of reds, if I had to throw in a white it could come from a handful of houses. While this house is immensely famous for its red, it is the secretive white that connoisseurs like to boast of in hushed circles. Among the rarest and most prestigious whites to be had, ever! • Château D’Yquem: What better way to conclude the list than with the most delicious sweet wine in the world. Again, in a blind tasting session that I attended, we ended up rating another neighbouring Sauternes property higher than this one but, as I said, logic is not the basis for defining luxury. The author is a well-known sommelier (This story was published in BW | Businessworld Issue Dated 16-11-2015)
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Delhi Fatty Bao restaurant, sitting perched on the food stack that is the Sangam Courtyard—what used to be the Sangam Cinema for those who don’t venture too often towards RK Puram—is a little gem of a restaurant. I have been to the original Fatty Bao in Bangalore (FBB), which is a fantastic restaurant in its own right, so I started my meal at Fatty Bao Delhi (FBD) a little apprehensively.
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A billionaire’s guide to the world of decorative arts and other collectibles, writes Matthew Weigman One of the most notable aspects of the Forbes billionaires list this year is the conspicuously high number of art collectors. From Bill Gates, who famously purchased Leonardo da Vinci’s notebooks, known as the Codex Leicester, for $29 million, to Carlos Slim, who founded his own private museum in Mexico City with over 66,000 works, the pursuit of what has been considered life’s ultimate luxury occupies the wealthy as never before. Testament to the fact, the European Fine Art Fair’s 2015 Art Market Report revealed that the global art market in 2014 reached record levels, with total sales of $54 billion. For those looking to be a part of this multi-billion market, here is a brief guide on how to collect some of the world’s most prized extravagances, with tips for investors and connoisseurs alike. Decorative ArtsThere’s never been a better time to collect furniture and decorative arts with property from many of the world’s most discerning collecting families coming to market. The design and creativity we dedicate to the private spaces we live in can be considered a form of expression that reflects our personal style and taste — an extension of our personality. By following a discerning approach to assembling a collection, it is possible, through careful choice, to turn one’s home into your very own masterpiece, where antiques, fine arts and decorative arts coexist in a striking and innovative way. Mario Tavella, Sotheby’s chairman of Private European Collections and Decorative Arts, advises: “Don’t restrict your collection to just one category — always mix and match instead. Your house should not look like the period room of a museum. For the most wonderful environment, combine the antique with the modern to create the ‘wow-effect’.” Items every new collector should focus on acquiring: Decorative arts will always look their best if they are complimented by a sensational painting. If you cannot afford a sensational painting, choose a painting with a very unusual subject. Start your collection with the most beautiful Louis XV or Louis XIV chest of drawers you can afford, on which you can put objects by the likes of Alexander Calder and Henry Moore for the perfect combination. If you are a businessman, you must have a bureau plat which will immediately define your status or rank. However, do not make the mistake of putting a modern office chair behind it. You need to ‘suffer’ a little with an elegant eighteenth century armchair — it will be worth it. If money is no object, be creative. Don’t follow the style of collectors who have gone before you. Follow your own tastes and you will become the taste-maker. Seek advice: Consult with experts for a second-opinion as to which items will best complement your home and existing works in your collection. Collect objects that you love: Above all else, surround yourself with objects that delight and inspire you. WatchesTim Bourne, Sotheby’s Worldwide Head of Watches, explains: “The global interest in watches has seen significant growth in participation and at our sales we have seen growth of 200-300 per cent in the last 10-12 years. Not only have watches become a highly collectible category that resonates with many people throughout the world, but the increasing wealth in Asia and the Middle East has contributed enormously to the desire to acquire collectible watches.” JewelleryOf all the decorative arts, jewellery is perhaps the most personal, with great names such as Cartier, Tiffany & Co. and Bulgari, speaking of the ultimate in luxury. The most desirable are pieces with a noble and prestigious provenance, which evoke the lifestyle of the personalities who once owned them. A notable recent example, reflecting the allure of a celebrity provenance, is a rare 9.75 carat Fancy Vivid Blue Diamond Pendant from the collection of Paul Mellon, which sold at Sotheby’s in New York for $32.6 million and established $3.3 million per carat as the new world auction record price paid per carat for any diamond. David Bennett, Worldwide Head of Sotheby’s International Jewellery Division, explains: “Today, the market for jewellery is more globalised than ever. The Internet era has made information available to potential collectors across the four corners of the Earth. In this interconnected world, auctions can bring to sale rare jewels which have been in private collections for many decades or even centuries, as well as unique creations by all of the great jewellers.” Tips on Collecting: Focus on the highest quality pieces — not necessarily the biggest stones. Trust Your Taste: If you like something and feel a connection with it, there’s a good chance someone else will too, if you come to sell it. Ask for certificates to accompany the jewel, which attest to its quality and origin. Remember that important or historical provenance can greatly increase the value of a piece of fine jewellery. Classic CarsClassic cars are the best performing of all luxury assets over recent years. Of the alternative investments examined as part of The Coutts Index: Objects of Desire survey in 2014, classic cars have returned the most since 2005, rising by 257 per cent, easily outpacing any other comparable investment over the period. At the recent Amelia Island car sales in the US, almost 20 examples sold for $1 million-plus mark, with new records set for Ferrari, Porsche and Mercedes Benz. The top lots were a 1960 Ferrari 400 Superamerica SWB Cabriolet, which sold for $6.4 million and a 1955 Jaguar D-Type, which had raced at the 1954 24 Hours of Le Mans, and fetched $3.7 million. Alain Squindo, vice-president, RM Sotheby’s, advises: “First and foremost, start with what interests you and what you have a passion for — be it sports and racing cars or elegant coach-built classics. If you buy what you like, that is what will ultimately bring you the most enjoyment. From then on, do your homework to authenticate the vehicle and its history.” Tips on Collecting: Don’t buy a car with the thought of making money overnight. Buy something you are going to enjoy driving and owning. But don’t fall in love at first sight either. Some cars have great appeal, but that doesn’t always translate into value or reliability. Low production numbers and survival rates are important factors in the value. Fewer than 100 produced is good. Fewer than 50 is even better. Bigger engines can sometimes mean a bigger return on investment. The most desirable 1960s muscle cars are the special, high-performance, big-block V8, four-speed muscle cars, built in limited numbers. Knowing a car’s complete history is one of the most important factors to consider. Any factory-issued paperwork or documentation can add considerable value to a car’s selling price. Don’t forget to make allowances for upkeep. Classic collectibles require climate controlled system garages or special storage facilities, plus regular service and maintenance. And don’t forget to add car insurance to the equation. Contemporary ArtThe 2015 TEFAF Art Market Report showed that postwar and contemporary art was the largest sector of the fine art market, representing 48 per cent of all fine art sales by value, reaching a combined figure of $6.4 billion in 2014. The significant growth in this sector has continued into 2015, with record-breaking figures at London’s showpiece February sales. The most eye-catching of these was undoubtedly the $46.3 million paid for Gerhard Richter’s AbstraktesBild, 1968, a new high for any living European artist. Alongside the auction houses, the contemporary scene is also dominated by a series of highprofile fairs across the globe: prominent among these are Frieze in London and New York, Art Basel in Hong Kong, Basel and Miami and Art Dubai in the Middle East. Cheyenne Westphal, Sotheby’s co-head, Contemporary Art Worldwide, says: “My advice to new collectors would be to visit as many exhibitions and auctions as you can, learn about the artists, and discover the work that you truly love and want to live with. This could be paintings or prints by giants of contemporary art like Warhol and Richter, or younger artists such as Jonas Wood and JiaAlli, but the important thing is to follow your passion.” Tips on Collecting: Visit as many exhibitions as you can. Explore the art fairs; they are a fantastic opportunity to discover new art exhibited by major galleries. Do Your Research: Websites such as Artprice and Artnet publish extensive databases featuring auction records. Follow your passion and buy it because you love it. The author is Worldwide Director, Sales Communications, Sotheby’s (This story was published in BW | Businessworld Issue Dated 16-11-2015)
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Rising prices herald the arrival of collectors insisting on provenance and quality, writes Kishore Singh These are interesting, if schizophrenic, times, when the unexpected has become the norm. I imagine Amrita SherGil chortling from some special place in heaven reserved for the exceptionally talented. When she died, heartbreakingly young at 28 and heart achingly poor, she had been getting by on her Hungarian mother’s handouts and doles, her American husband’s pithy, irregular salary, and relatively rare portrait commissions, having sold only a few of her paintings even though they marked an important cusp in Indian modernism. Mumbai’s Parsis hadn’t responded positively to her aesthetic at least at the time, the Nizam of Hyderbad had refused to court her, and for all her glamorous persona and style, she’d managed pithy sales and lived penuriously close to genteel poverty. Therefore, unsurprisingly, the artist occupied herself painting self-portraits — many, many of them — several of which she gifted to family and friends. Now, seven decades after her tragic death, they’re popping up in auctions as cover lots — one sold in New York at Sotheby’s in March for a whopping Rs 18 crore, acquired by a hedge-fund promoter; the next popped up in London at Christie’s the following month and notched an even higher value; a third at Sotheby’s in London fetched Rs 17.3 crore defying all odds about a similar work fetching such a keen price point. How ironic that collectors should want portraits of the artist who found them difficult to flog in her lifetime and had to give them away free. But then, this year has become about breaking and establishing records. F.N. Souza, whose provocative nudes once scandalised Mumbai’s high society and got him in trouble in London’s mannerly neighbourhoods, found himself in the news when Man and Woman Laughing had the ballroom gasping when it fetched a benchmark Rs 16.8 crore at the Saffronart auction in New Delhi, only to find itself outbid a week later when Birth, in New York, was sold at Christie’s for Rs 27 crore, making it the most expensive work of Indian modern art, beating previous besties V.S. Gaitonde and Tyeb Mehta. That crown is likely to be a short-lived one, however, as more and exciting works come up for sale, displacing previous notches. Nor are auction houses the only ones to raise the pitch; private galleries are becoming aggressive and substantially raising the values in private sales in a bid to best their rival auction houses. Several other auction records have been established this year, whether for Nandalal Bose or Akbar Padamsee, and after a seven-year hiatus, the hardening of prices in the art bazaar has become a talking point again. But for collectors, the concern is not just the prices as much as the quality of works coming back into the market. After several years, prized art works are making a cameo appearance before being snatched up, and newer, younger collectors have moved from nibbling at the fringes to occupying centre stage. In just the last few months, I have met or been made aware of buying interest from a new breed of collectors whose knowledge is formidable and their determination and focus commendable. In the immediate future, rarity of works will play an important part in commanding a premium in the market. Already, what collectors — old and new — are demanding is provenance (equivalent to a lineage) and quality. They’re no longer content with just any Husain but demand his best (or at least better) works. Experts put 10 per cent of any artist’s output as excellent, but the very finest would number no more than a handful for each. These works would, typically, have won a popular or national award, been an important commission, have been for whatever reason controversial, or enjoyed some historical association. For works of such provenance, the term ‘priceless’ means precisely that. If the market is strengthening for modern art, an interesting diversion is antiquities which, increasingly, are beginning to attract collector attention. The old business families were always collectors, but regulations governing their sale or ownership are bogged down by red tape and ambiguity. In a civilisation with a rich mother lode of arts and crafts, the distinction between a masterpiece and a reasonable copy, between an artisanal and a conformist work, has been difficult to tell for all but a clutch of experts who have preferred, for some obscure reason, to let matters lie. Now, with Saffronart getting into the business of antiques, these auctions will hopefully bring some clarity to the procedure. Others are likely to follow suit. When a miniature painting, or a medieval sculpture, finally commands a price deservingly higher than an Amrita Sher-Gil or Souza, parity will have been well served in the art market. But it’s still a struggle for most contemporary artists, at least price wise. While they continue to create work that is recognised for its engagement with current politics and issues of social concern — gender, violence, class, migration — its edgy voice is becoming blurred for lack of popular support. Though this provides ideal opportunity for collectors, the investment bogey — unfortunately an inherent covenant of contemporary art — has restrained its popular appeal. There is also some trepidation that art that appears merely as reaction rather than its inherent aesthetic content may be a blooper in its long-term ability to survive: collectors, or just plain vanilla art buyers, wonder whether the pleasures of art are being sacrificed for a lesson in contemporary history, and whether these works will continue to have resonance a few decades from now. The success of any art lies not so much in the primary as in the secondary market. Amrita Sher-Gil & Co have seen their works survive long beyond their lifetimes. Whether today’s young generation of artists will share that experience remains untested — a question mark that’s casting a longer shadow than their, as yet, unproven longevity. The author is head, publications and exhibitions, Delhi Art Gallery (This story was published in BW | Businessworld Issue Dated 16-11-2015)
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