Different strokes for different folks
The Indian art market is seeing a gradual segmentation at two levels. While the auction scene is divided into various genres, the buyers, too, are spreading over different categories.
By Ashoke Nag, TNN |
KOLKATA: The Indian art market is seeing a gradual segmentation at two levels. While the auction scene is divided into various genres, the buyers, too, are spreading over different categories.
Auctions are steadily focusing on separate collectibles like ancient sculptures, miniatures and Islamic art, Company School paintings, modern art and contemporary young artists.
At the same time, the art-buying community embraces the old-timers, seasoned collectors, new investors and NRI buyers. “The old-timers were picking up paintings like portraits by the earlier artists. Among other artists, they also buy the works of Hemen Mazumdar, Jogesh Seal, Dhurandar, Trinidade, Jamini Roy and Bendre.
Works of artists from the Bengal School were also acquired by them. Except for Jamini Roy and Hemen Mazumdar to an extent, these artists don’t enjoy much presence now. The old-time collectors are, therefore, a little confused with the paintings which have gained popularity now,” an art market source told ET.
In the same breath, the seasoned buyers acquired art largely for its aesthetic value, which included both old and modern paintings. After all, the art market had not developed at that time. It is another matter that these works may have appreciated tremendously in later years and those still in possession of the paintings are sitting on a goldmine.
The new investors are picking up artworks, especially paintings, from an investment point. They are also going for works which are being publicised in the market. In step with these investors, the Indian diaspora is purchasing ‘progressive’ and younger contemporary artists with an eye on investment.
“It is strange that people should be picking up old and Bengal School art, too, which are lying low from the price perspective,” the source said. “With buyer groups and their preferences becoming more and more defined, auctions are also following a trend of segmenting the different forms of art.” Two decades back, the international auctioneers placed only Indian miniatures and sculptures under the hammer.”
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