The Hindu Business Line : Slow-moving colours

The auction of Indian and Islamic paintings in London last month saw few sales and that too at lower-than-expected prices. Earlier, in September, the Sotheby’s auction in New York too had witnessed slower sales.

With newer contemporary artists struggling to sell, and even established names facing uncertain times, there is a distinct slowdown in the art world.

But not everyone is complaining though. There is a feeling in art circles that this is a time of reckoning… to make a distinction between the best and the mediocre.

It’s a correction

“It cannot be called a slump; it is more a correction in the market. The last couple of years saw an undisciplined, uncontrolled madness in art prices in India. I would say we are all responsible for it: the art dealers, galleries and artists. Particularly, the high-end galleries. Now, a much needed correction is happening,” says Niyatee Shindee, art writer and Curator for The Viewing Room, a gallery in Mumbai. In this changing market, people will demand quality works for their money, she says, adding, “This global downturn is cleaning things up.”

Artist Vivek Vilasini, whose work ‘Untitled (Last supper)’ sold at Sotheby’s in September, strikes a similar note when he says people will now stop buying blindly. “Art will now be based on creativity alone; the best will be appreciated for what they are... Advisors would have a role to play; buyers would want to ensure sound investments.”

In India, however, the average buyer is influenced by the stock market, and the art market appears to move in tandem with the rest of the economy. Those who bought art as short-term investment will surely feel the pinch. But for those who buy art for art’s sake, these downturns may not matter.

Business as usual

Despite the economic crisis, galleries continue to open. In Thiruvananthapuram, the Birds gallery is hosting its opening show this month and its owners seem quite unperturbed by the economic slowdown. “We did not start with a boom, we painted or photographed because we loved art. And so it would be now,” says an artist whose works are part of the gallery’s opening show.

These sentiments are echoed by Dorrie Younger, who owns and runs the Kashi Art Gallery in Kochi together with her husband, Anoop Skaria. Dorrie says Kashi does not depend on gallery sales alone to support its activities. A café run by them offers sufficient backing.

“The art café had supported the gallery for the first seven years and it seems that once again it may have to sustain gallery and residency activity. We have made efforts to keep overheads reasonable and work on shoestring budgets,” she says.

Dorrie is among those who believe that artistic activity should remain immune to commercial fluctuations “There was a lot of pressure to respond to market demands. Galleries and artists alike were working at an incredible pace. With the waning demand, this pace will slow down, and artists and galleries can focus on their priorities.” .

Conceding a drop in sales, she doesn’t see the situation improving in the near future. “Many artists who had achieved recognition and financial success may now discover that while their position is not threatened, their incomes are affected,” she says, adding that at a time like this collectors can play an important role in helping artists and galleries sustain themselves.

Right time to buy?

“One can’t really say the art market has come to a standstill. However, sales have declined by almost 60 per cent and shows are being postponed.

This is the time when talent alone will survive,” says Sathya Sai, owner of Chaithanya Art Gallery, Kochi.

Niyatee of Mumbai’s The Viewing Room gallery is confident the Indian art buyer will continue to shop.

“Especially those who refused to pay exaggerated prices for works of artists they are familiar with... good works will always sell,” she says.