Kanga said that a lot of international buying interest in Indian contemporary art scene was responsible for much money being pumped into it, resulting in a hike in prices.
Why enough contemporary Indian art is not being bought.
It’s a perennial debate in the art world, with explanations ranging from not enough interest to not enough exposure offered. But perhaps, it’s strictly financial.
During a conversation with ETPanache, about the subject, Ishrat Kanga, deputy director, specialist, head of sale London at Sotheby’s said, “The space for up and coming contemporary art are the galleries. And there are so many galleries. I don’t feel whether people buy (contemporary) art or not is only linked to public institutions.”
Kanga added further, “I think that rather than whether it’s being given exposure in institutions or not, I think people’s memories are quite long and they are still badly burnt from how badly the recession affected the contemporary art market. So they are just being more cautious about how much they spend. And again, the contemporary art that we sell which is at the more affordable level, they are selling really well. It’s only where you are asking people to shell out crores, that’s where they think what if I buy something for Rs 3 crore and tomorrow it is for Rs 30 lakh. And that actually happened.”
A lot of international buying interest in Indian contemporary art scene was responsible for much money being pumped into Indian art, resulting in prices rising, Kanga said. If the recession hadn’t happened, would we have seen a steady rise in art prices? That is anybody’s guess.
ET Panache Dialogues: Bose Krishnamachari, GV Sanjay Reddy, Gayatri Ruia Talk Art
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‘Has art become more inaccessible than ever? Has the exorbitant cost of acquiring art limited its appeal to only the uber wealthy?’
In the inaugural edition of ET Panache Dialogues, a series of panel discussions on relevant subjects, six esteemed guests spoke about the state of affairs of the art market. Snapshots from the session:
When: Friday, July 26, 2019 Location courtesy: Wine & Malt Lounge at The Taj Mahal Palace, Mumbai
‘Has art become more inaccessible than ever? Has the exorbitant cost of acquiring art limited its appeal to only the uber wealthy?’In the inaugural edition of ET Panache Dialogues, a series of panel ..
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GV Sanjay Reddy (Vice Chairman, GVK), Bhushan Gagrani (Principal Secretary, Government of Maharashtra) and Dr Sabyasachi Mukherjee (director general, Chhatrapati Shivaji Maharaj Vastu Sangrahalaya) caught up with each other over tea and coffee after arriving at the venue for the inaugural edition of ET Panache Dialogues.
GV Sanjay Reddy (Vice Chairman, GVK), Bhushan Gagrani (Principal Secretary, Government of Maharashtra) and Dr Sabyasachi Mukherjee (director general, Chhatrapati Shivaji Maharaj Vastu Sangrahalaya) c..
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Mukherjee and Reddy echoed similar thoughts about art playing an important part in aiding the younger generation’s search for a cultural identity. “The younger generation isn’t able to connect back to their identity as Indians,” Reddy said. “The only way that identity will return is when people start appreciating the wealth of knowledge, history, culture, the social fabric that we’ve had for centuries. Exposure to art is one way to bring it back.”
Mukherjee and Reddy echoed similar thoughts about art playing an important part in aiding the younger generation’s search for a cultural identity. “The younger generation isn’t able to connect back t..
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‘Is art elitist?’ Perhaps. But it needed to become so for new art movements to emerge as a reaction. That was the view that Gagrani presented to his co-panelists. Artist Bose Krishnamachari joined Mukherjee, Gagrani and Reddy as the quartet warmed up for an engaging, hour-long conversation on art.
‘Is art elitist?’ Perhaps. But it needed to become so for new art movements to emerge as a reaction. That was the view that Gagrani presented to his co-panelists. Artist Bose Krishnamachari joined Mu..
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Gagrani made a strong case for augmented reality in increasing accessibility to renowned art. “In the form of augmented reality, people can appreciate the art from their home or wherever they are regardless. That also is a part of art appreciation,” he said.
Gagrani made a strong case for augmented reality in increasing accessibility to renowned art. “In the form of augmented reality, people can appreciate the art from their home or wherever they are reg..
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Saffronart cofounder Minal Vazirani gave the example of the High Line project in New York City as a public space that made cultural attractions, temporary exhibits and performances accessible to the general public. Art did not have to stay confined to museums and galleries, she said.
Saffronart cofounder Minal Vazirani gave the example of the High Line project in New York City as a public space that made cultural attractions, temporary exhibits and performances accessible to the ..
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Public - private partnerships can do wonders for the development of art and culture in India. That was the consensus at the table. In that context, having Reddy (who represents the private sector) as well as Mukherjee (who heads a public institution) and Gagrani (who holds holds a Government position) at the table added 360 degree dimensions to the conversation.
Public - private partnerships can do wonders for the development of art and culture in India. That was the consensus at the table. In that context, having Reddy (who represents the private sector) as..
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Almost everyone is familiar with Leonardo da Vinci’s Mona Lisa. But how many have visited the Bihar Museum in Patna to view the 3rd century BCE Didarganj Yakshi sculpture, considered one of the finest examples of Mauryan art? That was a question raised by Mukherjee while pointing out the bias towards Western artists.
Almost everyone is familiar with Leonardo da Vinci’s Mona Lisa. But how many have visited the Bihar Museum in Patna to view the 3rd century BCE Didarganj Yakshi sculpture, considered one of the fines..
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Reddy revealed that there were big plans in store for the upcoming airport at Navi Mumbai. T2 (the International terminal in Mumbai) which is lauded for the grand display of India’s art and craft may even be bested in that department.
Reddy revealed that there were big plans in store for the upcoming airport at Navi Mumbai. T2 (the International terminal in Mumbai) which is lauded for the grand display of India’s art and craft may..
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Gayatri Ruia, director, Phoenix Mills, shared the company’s vision of their malls doubling up as spaces for customers to enjoy art. The new age customer wants more from their shopping destination, she said.
Gayatri Ruia, director, Phoenix Mills, shared the company’s vision of their malls doubling up as spaces for customers to enjoy art. The new age customer wants more from their shopping destination, sh..