Older artists left out of the bigger picture

KOLKATA: Not all artists, especially in the older generation, have benefited monetarily from the price rise in the art market in recent years. The general impression that most artists have gained financially in the price boom may be misplaced.

“In some cases, the artist may have passed away when the price rise took place. While in other instances, the artist was not in possession of his stock of paintings when the market climbed on the price front. Thus, in both situations, these artists lost out on finances,” an art market source told ET.

According to the source, most of the works had been bought in bulk by dealers or large collectors at the earlier prices and sometimes at throwaway price tags. This specially applies to artists who had a great deal of potential, but had slipped as far as sales went. “They agreed to sell their paintings in bulk even at very low prices because they were not armed with substantial wealth. Incidentally, these bulk purchases began about five to 10 years back,” the source added.

Apparently, the growth in prices of artworks bought in bulk was not accidental. The dealers who bought them in large quantities positioned them at hefty price tags. “Artists whose prices where already high were not included in this group because their works could not be bought in bulk. Artists who could paint and sell after the price rise, of course derived the fruits of the price appreciation.

But, there are others who remained in the same financial position. However, dealers who acquired in bulk seemed to have made healthy money,” the source pointed out.
The source went on to add that collectors who had focused hard for years to build their collection were also beneficiaries during the phase when prices shot up.

In fact, the price spiral in the auctions largely helped the collectors of Indian art both in India and abroad. After all, auctioneers largely source the works from collectors and galleries.
“Internationally, collectors and galleries also pay a lower commission than artists when works are sold. When artists supply works, they cough up a higher commission based on the parameters of overseas auctioneers,” the source added.

While senior artists have seen mixed fortunes, the younger artists have generally profited from the boom and as things stand, their future looks good, the source added. But, all said and done, the larger quantum of wealth from the art boom has gone to functionaries other than artists except in select cases.

“That’s probably one of the reasons why international artists are paid a royalty every time a painting is sold,” the source pointed out.