This is a post based on the excellent article published in TOI of 27-11-2011 - 'Masters and the Economics of Art' by Archana Khare Ghose. We acknowledge te source with thanks.
- The Indian Art Market is valued at anywhere from $100 million to $ 400 million ( roughly about Rs 1000 to 1600 crores )
- 50 to 60 percent of the above market is controlled by the Big Four Club consisting of Modern Art masters MF Hussain (1915-2011), FN Souza (1924-2002) , Tyeb Mehta (1925 -2009) and Syed Haider Raza
- The Indian art market is lap sided, the collector base being just 500, largely located in 2 cities. However there is a hope among collectors that the market will expand soon as Tier II and Tier III cities acquire more money power now.
- China market is 40 times that of India and has done internationally
- Sapna Kar of Indian Art Collective initiative, whose online fair just concluded says , " I have received queries from Hyderabad, Surat and Gaya. A big chunk of the future of Indian Art lies in the smaller cities where people have the money to buy art but no exposure yet".
- Menaka Kumar Sha , the Head of Newyork auction house Christies cites the example of collectors in Coimbatore who are beginning to set up art institutions.
- Anybody with enough money to buy top-end art wants to own a Hussain , a Raza, a Souza or a Mehta. The enduring popularity of these super sellers had even survived the recession.
- Maithili Parekh , Director of Sotheby's India says that it is the historicity of modern masters - a term that would also include, besides the top four, artists like Jamini Roy, the Tagors, VS Gaitonde, Akbar Padamsee, Ram Kumar and a few others - that makes them so attractive.
- Arun Vadehra of Delh based Vadehra Art gallery ( and host of Raza's latest exhibition) adds that buying a canvas by a top-ended modern master is like buying " a piece of history".
Top Three Raza Paintings
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| Saurashtra- 1983 Acrylic on canvas |
Saurashtra- 1983 Acrylic on canvas is the most expensive Indian canvas ever sold. Price Rs 16.49 crores. It was auctioned by Christies in June 2010.
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| La Terre 1973, acrylic on canvas |
Price Rs 10 crores approximately - One of the highest prices achieved by Indian canvas before 2008 downtown.
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| La Terre 1985, acrylic on canvas |
Price Rs.10 crore approximately. - Another top canvas by Raza and sold by Christies in September 2010
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