‘Growth of Indian art market slow but steady’

Sayed Haider Raza’s painting Ville Provençale, which was last exhibited at the Venice Biennale in 1956, is going under the hammer at a Sotheby’s auction in New York. The modern and contemporary South Asian art auction on March 19 will feature masterworks from the 19th, 20th and 21st centuries, and some of the most important and avant-garde artists from India and the subcontinent.

The auction will also feature iconic works by MF Husain, FN Souza, Ganesh Pyne, Bikash Bhattacharjee, Raja Ravi Verma and Amarnath Sehgal.

Fortune India spoke to Yamini Mehta, international head of modern and contemporary South Asian Art, Sotheby’s, about the auction, and the relevance of Indian artists. Edited excerpts from the interview:

Tell us about SH Raza’s-Ville Provençale?

It's a seminal work for Raza not just in terms of his life and career but also in terms of Indian art history because it was featured in the 1956 Venice Biennale. That year Raza also won the prestigious Prix de La Critique award. It was a breakthrough year for Raza.

But what is also interesting is that during this time you have Raza, Padamsee and Souza, three of the leading progressives congregating in France, this work has elements and influence of the three.

What is the kind of response you are expecting from the forthcoming auction, and how significant do you think is it for the Indian art market?

We are hoping for a really positive response as we have a fresh catalogue with a lot of works that have never been seen before. Again, Ville Provençale is not a well-known masterpiece but people now have a chance to see it as it was tucked away in a private collection for as long as it's been in existence and came to the market about 8 years ago. So people have a chance to see the work again and it's importance Indian art history.

We also have one of the largest landscape work of Bikash Bhattacharjee which hasn't been seen by many. The works were sourced from the private collection of Helen Gordon, the wife of a senior American diplomat to India, Herb Gordon, who was based in Calcutta.

Do you think Sotheby’s has had a role in promoting some of the unsung heroes of Modern Art?

What has happened in the marketplace over the last few years is that maybe about 7 or 8 artists have catapulted in terms of value, and people have put more of their works in the market. These are largely the progressive masters like Husain, Raza, Souza, Gaitonde, Padamsee, Ram Kumar and Tyeb Mehta. The culture and diversity of India is richer than that.

When I go back to seeing the auction catalogue we had years ago and you realize there are many other artists who were represented in the museums and art market at the time. I want to strike a balance, our raison d'etre is to build value for these artists but we also want to introduce and reintroduce other artists who were also important during their time.

How do you see the Indian art market evolve after the global financial crisis, and its future?

I think global financial market affected every market, we have seen that best of the work and most of the senior artists have bounced back. We are seeing even higher prices being made today than what was made 10 years ago. Today, we are seeing prices in the two, three or even four million dollar range for absolute top quality works.

There are new records being made and I am optimistic about the Indian art market because the growth is slow but it’s steady. It means people are becoming more knowledgeable and much more discerning and some of the fuzziness that was there in the market in the period 2007 isn't there anymore. People value quality a lot more than just a signature. That’s a good sign.

What do you think is the role of galleries and art fairs in promoting the art market – in bringing the buyer and seller together?

Art fairs and galleries are very important in the ecosystem. You need a gallery to promote the career of the artist. Back in the day an artist would say maybe do a show with you or some other gallery, they were more of a journeyman as opposed to building a brand or career. When you have a strong gallery backing an artist, that's what helps promote the artist.

How robust is the gallery system in India?

It is becoming more robust. The gallery system is very different in the West but it is now being adopted here as well. It is that when you are an artist and you are working with 20 other galleries and just doing shows, then galleries may not protect your market or your work. There isn't loyalty going both ways. Now it’s galleries representing the artists, it is like an agent representing the actor. They help the artist to focus on work and not worry about their career.

What are the challenges in the art market in India?

Customs duties in India are quite high. I think the Integrated Goods and Services Tax (IGST) doesn't make sense because what you don't want to see people being taxed. It may be a protective measure may be to safeguard the Indian art market but ironically what you are seeing is that most of the best works are being sourced from abroad. That needs to be tweaked. People should be celebrated for bringing back the art and culture to country. They should be incentivized to bring art back.