[Arvind Vijaymohan's Art Blog] The Summer Auctions: Part I

[Arvind Vijaymohan]

Just back from an interesting week in Hong Kong. The main event was Art HK 09 which for a second chapter was excellent: 110 galleries from 24 countries with an excellent mix of the community in tow. Great job, Magnus and team! With the whole doomsday squalor hanging over the market, many were unsure about what to expect but if the turnout and sales are anything to go by, I would say we are settling in a bit. There is little doubt that a number of the lesser fairs will be winding up operations this year and this trend will continue for the next 2-3 years. Regarding the general market mood, all eyes are on Art Basel: Stay tuned.

An observation I would like to share: I spent a day with a HK-based collector who has over the last 4 years acquired some interesting contemporary objects, for which my company is conducting a prelim appraisal study. He, I can say without much hesitation started as a pure investor with little much on his mind beyond the capital at play. Even in the current scenario, two of his works would safely fetch a tidy “ROI’” which I mentioned to him. “Don’t think I can move these…too much of me in them now...” This statement made me smile - and it gives me hope. The manner in which art can lightstep and silently slide into one's senses is incredible.

Now to the auction reading: Let me begin by giving context to the market with some figures. The contemporary Spring sales managed to notch strong numbers but the sum of the sales were far lesser than the achieved total last year (consider Christie's 93.7 million US which was less than one-third the figure clocked last year). On the flip side, with this year's more concentrated sales, Christie's managed to auction more than half of its lots (over 30 of the 54 lots) for above US 1 million each while Sotheby’s managed to set three world auction records. Interesting times, indeed!

On the Indian auction front, we are gearing up for 4 auctions over the approaching 3 weeks with some collectable lots on offer. I will cover the sales in three parts, using chronological order for listing. Amongst the sales guides, the most interesting is the Sotheby's catalogue with an array of modernists and contemporaries (though as always - and this is true of all the auction houses, there are a number of names who do not belong in the sales....not for a couple of years, at least).

Regarding the selection, I have listed works which strike some balance on various grades including quality, the availability factor, suggested estimates, prior auction history and provenance amongst others.

Please note, that my company may (or not) have a direct (or indirect) bidding interest in any or all of the discussed works. It is strongly suggested that you conduct an independent analysis and condition study if interested in acquiring any of the following listings.

The Christie’s Asian contemporary Art Day sale

London / May 25, 2009
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Lot 1145
ATUL DODIYA
(b. 1959)
Sabari Sleeping with the Stars
Mixed media
65 7/8 x 52 1/8 in
Edition 3/12
Executed in 2005
Estimate $5,185 - $7,777

Dodiya is India’s most progressive contemporary...always ahead of time and trend. This editioned piece enables one to collect an interesting large-scale work of his, which would be a excellent acquisition especially at an early estimate.
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Lot 1149
ATUL BHALLA (b. 1964)
Piaus - II
signed in Hindi (lower right)
sixteen digital prints on archival paper
40.6 x 30.5 cm. (16 x 12 in.) x 16 pieces
edition 3/5
Executed in 2008
Estimate $7,777 - $10,369

Water and its usage (and misuse) is a global concern and this element has been enduring motif in Atul's practice. This series captures piaus, our traditional watering-holes which normally do not catch a second glance, as a representational motif of life in India's semi-urban quarters.
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Lot 1085
ASHIM PURKAYASTHA (b. 1967)
Butterfly MAN; Nude Female
acrylic and ink on postage stamps
10 x 9 in; 14 1/2 x 19 1/2 in
2004 & 2005-2006
Estimate $7,777 - $10,369

Purkayastha's stamp works though quirky, even humorous at outset are powerful anti-establishment statements, which voice strong opinion against the prevalent and accepted. The revenue stamp: at once a symbol of guarantee and authority is reworked and given a fresh identity by the artist, with his own indelible markings, thus effectively mocking the powers-that-be.
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In part II, I will discuss the June sales: Saffronart and Christie's. In the meanwhile, am getting ready for the La Biennale di Venezia which kicks off the 5th of June and the 40th edition of Art Basel which opens on the 9th.

Images courtesy http://www.christies.com/
Links www.labiennale.org/en/ // www.artbasel.com/

© AVM

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Posted By Arvind Vijaymohan to Arvind Vijaymohan's Art Blog at 5/18/2009 10:41:00 AM