Last summer, a friend pointed me to Saffronart, an online auction site that features artwork by both better and lesser-known modern and contemporary Indian artists. You can browse for works based on the artist, how much they cost, or look at specially organized collections. It’s addictive enough for those of us who are suckers for eye-candy, but it’s very interesting to see what you can get for your money, or somebody else’s money.
As most of you probably already know, over the last decade, the market for Indian art exploded, to the extent that it was considered a “sensible investment.” (Snarky aside to all those artsy types snickering at the thought of bankers, engineers, and doctors suddenly interested in Indian art: they paid your rent.)
Of course, we’re in a different world now.
A painting by a giant like V.S. Gaitonde can still be expected to yield an impressive sum, but since March there’s been some buzz suggesting that the market for Indian modern and contemporary art is heading south. As of May, it’s pretty clear that consumers are losing their confidence in Indian modern and contemporary art as an investment; London-based research company ArtTactic suggests global consumer confidence levels in Indian art have dropped 63%, and in contemporary Indian art, 90%.
While I was living nearer to New York a few years ago, exhibitions and galleries focusing on South Asian modern and contemporary art were a cheap thrill on a graduate student stipend. You still can see amazing things, but having made the mistake this morning of looking at my last TIAA-CREF statement, I worry about how all these riches will last. (Ok, to be honest, I'm wondering if I myself will last. Breathe in, breathe out.)
What do those of you who buy this art and follow what’s going on in the art world make of all this? [Edited: if you're not an Ambani and don't follow art, you're also welcome to dish.] And if you’ve been to any amazing shows lately, by all means, spread the word!
