In your opinion, is the collector base for contemporary art growing in India? If so, what are the reasons for this?
Yes, it has been growing steadily over the years. With the rise of the Indian economy and increasing global interest in Indian art, there has been a surge in the number of art galleries, art fairs, and auctions in the country. Additionally, the growing middle and upper classes in India have shown a growing interest in contemporary art, leading to an increase in private collectors and corporate collections. Private museums, such as the Kiran Nadar Museum of Art and The Nita Mukesh Ambani Cultural Centre, are credited with bringing art into daily life, says Sawhney.
Younger people are now more exposed to the arts and culture. Even schools have taken the initiative to educate students about museums and galleries in their city, adds Butani. Also, the India Art Fair and the Art Mumbai bring fantastic international contemporary art and design into India. Then there is ID and the AD Design Show, which showcase furniture and design from India and abroad- putting collectibles and design objects in the spotlight. And, of course, the Kochi Biennale is reaching new heights every edition, and the Hampi Art Labs by JSW is an art space to watch out for, he adds.
How has the buyer profile for contemporary art changed over the years? Do they consider the investment value of the piece when making the purchase?
It has evolved and diversified. Initially, the majority of buyers were wealthy individuals and traditional art collectors who were primarily interested in classical and traditional Indian art forms. There has been an increase in younger buyers who are primarily looking to buy contemporary art. It would be incorrect to say they do not consider the investment value of the piece. We feel the ratio would be 70 percent the visual appeal and say 30 percent the investment value. The Indian contemporary art space has enough for both the seasoned and the young collector, it also lends itself to a wide spectrum of prices. The spectrum could range from Rs. 40,000 for a smaller piece up to Rs. 25,00,000 for their larger works.
Some new collectors flip art. Sometimes not for profit but to invest in more art to extend their collection. The opinion on 'flipping' is divided. Your view?
We are not in favour of the rapid flipping of art. Art should be enjoyed and due should be given to the artist and the gallerist. It is more than just a government bond or a listed stock. It also causes volatility in the art market and its negative impact on the artist's morale is dangerous and sad.
What is your advice to young collectors?
Our advice to young collectors is to research the art, the artist, and the gallery before settling on a piece. Young collectors should study the art market and the artist, form relationships with galleries, attend art fairs, and travel. Also, start small - an artwork that doesn't cost an arm and a leg is still valuable. I picked up my first artwork when I was 15 for Rs. 16,000. It felt like a massive investment at the time. I have since added to my collection, but I still cherish that work, says Butani.
You recently showcased Saskia Pintelon's artwork. What is the one thing that stands out for you when you look at her body of work?
We are drawn to her ability to layer her works. Each piece is unique since she uses mixed media, and each layer has a different drying period. For instance, the charcoal and watercolour layers dry up quicker than the oil and turpentine layers, which take several months. The ability to flourish in imperfection is what we desire about her works. Many people say she is the modern-day Rothko. It is important for her work to be visually compelling and provocative rather than simply being visually appealing, says Sawhney.
Which was your favourite work from the show?
Our favourite work was 'Censored'. Of the collection, it was the most minimal and subdued-looking work but in our opinion made the maximum impact. Further, it made one think about how we live in a world that is highly censored, and yet opinionated. Who decides what is censored? In some situations, we censor and in others, we are censored, says Sawhney.
Quick look:
According to the Indian Art Investor report, the Indian art market clocked a turnover of Rs. 1,145 crores in FY 23. (based on auction data)
The Indian auction market in Q3 FY24 generated Rs. 480.4 Cr.
Contemporary art accounted for 21 per cent of the works sold.
Works in mixed-media have contributed 23 per cent to the overall volume of works sold.
Pristine Contemporary Gallery represents contemporary artists from the South Asian subcontinent, as well as artists from the global Indian diaspora.
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