Examining Buyer’s Premium at Auctions with ARTIANA’s Lavesh Jagasia

Published: October 2017 – widewalls.ch 

Among the words found in the vocabulary of the art market, we find “Buyer’s Premium”. In auctions, this is a percentage additional charge on the hammer price of a certain lot that must be paid by the buyer. All major auction houses implement it, usually between 10% and 30%, and it is charged as a remuneration in addition to, or instead of, seller’s commission. Buyer’s premium was there since the Roman ages, in particular during the reign of Augustus, and was introduced by Christie’s and Sotheby’s in 1975; and while Christie’s still implements it, Sotheby’s eliminated it in August 2017, following the steps of an auction house that had had it for years before that – ARTIANA.

This online platform for selling art was founded by Lavesh Jagasia, an expert on South Asian art with three decades of experience in the field and the founder of an art publishing firm The Serigraph Studio, which has collaborated with most of the leading South Asian artists. ARTIANA’s slogan was “What You Bid Is What You Pay”from the get-go, and naturally, it also applies to their upcoming South Asian Art Sale, taking place between October 26th and 30th. The No Buyer’s Premium policy was introduced in line with their commitment to keep the transactional costs for both buyers and sellers at a minimum – which could be part of the reason the idea might become widespread.

Of this, and more, we talked to Mr. Jagasia once again, so be sure to scroll down and have a read.

Manjit Bawa – Lot 51 – Untitled (Goat)
Krishen Khanna – Lot 41 – Emmaus

ARTIANA’s No Buyer’s Premium Policy

Widewalls: ARTIANA is known for the No Buyer’s Premium policy. What were the circumstances that brought you to this decision?

Lavesh Jagasia: ARTIANA was conceived as a hybrid auction house that would redefine and streamline the auction transaction process, and reduce the historically high costs associated with it, whilst still offering the important elements of the traditional auction house services such as expertise, viewings and printed catalogues desired by many art collectors.

I drew on my three decades of experience in the art sphere, both as a collector and an art entrepreneur to come with the most optimal offering without diluting any of the services expected from a premium auction house, simultaneously doing away with non-essential activities related to the actual sale.

A lot of buyers stay away from the art market due to the high costs of transacting art in the secondary art market, and there has been a decline in in-room bidding with buyers preferring to bid over the telephone or online, rendering the live bidding process, one of the main costs attached to the auction process as replaceable.

ARTIANA conducts the auction process online on its proprietary auction application software, while continuing to offer viewings at our own gallery, allowing us to pass on all the savings to our clients.

Convinced that the No Buyer’s Premium would grow the market and that this would be the new normal we pioneered this concept and coined our USP slogan ‘What You Bid Is What You Pay’.

Widewalls: What was the feedback of your buyers and sellers regarding the policy since you introduced it?

LJ: The buyers were extremely pleased with the No Buyer’s Premium policy resulting in our auctions being an immediate success. With the sellers, we had to explain that either way they are paying the entire commission both at the front-end and back-end just presented differently; in-fact this policy increased the possibility of attracting extra bids resulting in a better net realization for the seller.

Widewalls: It would seem that the idea is now being picked up by Sotheby’s and possibly by other auction houses in the future. How would you comment on these changes?

LJ: Yes, they have adopted the No Buyer’s Premium policy across all their online auctions. Traditional business models are regularly being challenged by disruptive business models and have to adapt accordingly. We are pleased to have spearheaded an important change in the way art will be transacted going forward.

Widewalls: If widely adopted, what would the sales without Buyer’s Premium bring to the art market in general? What will it mean for the artworks’ value?

LJ: The No Buyer’s Premium policy will widen the market by attracting new buyers, it would increase transaction activity and encourage investment in art. All this would result in an overall increase in the value of works of art that have secondary market demand.

Francis Newton Souza – Lot 23 – Head
Syed Haider Raza – Lot 12 – Earth

The Upcoming South Asian Art Sale

Widewalls: The South Asian Art auction is approaching. What would you point out as its highlights?

LJ: Our South Asian Art sale is led by a seminal work by one of India’s important modernists MF Hussain. The painting is based on The Last Supper and presents a rare opportunity for any collector to acquire a significant work of this artist. The work is the pivotal feature of The Lost Continent series. Painted in July 2005 in London, the series gives an insight into Hussain’s sense of humanity and moral values. It was sold for USD 2 million in 2005 and, at the time, bore the record of the highest sum ever paid for a work of modern art from India.

The catalogue comprises of paintings by artists such as FN SouzaRameshwar BrootaManjit Bawa among others including a collection of Indian classical paintings.

The sale features 60 lots of classical, modern and contemporary paintings, and will open for bidding from October 26, 2017 at 6:00 pm UAE time and will close on October 30 between 6:30 – 9:00 pm. Prior to the auction, buyers can view the works in our gallery by prior appointment. Registration for the auction can be completed on our website or through our mobile app available on both Google Play for Android and the App Store for Apple devices.

Featured images: Lavesh Jagasia with MF Hussain’s The Last Supper; Lot 30 – Rameshwar Broota; Lot 55 – Ram Kumar. All images courtesy Artiana.

Source: widewalls.ch

Online auction sans Buyer’s Premium

Published: October 20, 2017 (Gulf News)

by Jyoti Kalsi (special to Weekend Review)

Online auction house Artiana will conduct a sale of classical, modern and contemporary South Asian art from October 26 to 30. Highlights of the event include The Last Supper (left), a seminal work by M.F. Husain, which was sold for $2 million in 2005, establishing a record for the highest price paid for a modern work from India; and an Arabian-themed painting from Husain’s Ibn Zainab series done in the late 1970s.

The sale also features classical Indian miniature paintings and significant works by leading artists such as F.N. Souza, Manjit Bawa, S.H. Raza, B. Prabha, Sakti Burman, Jamil Naqsh and Rameshwar Broota. It includes a portrait of Shaikh Rashid Bin Saeed Al Maktoum, painted by Souza in 1976.

Founded by art expert Lavesh Jagasia, Artiana has a unique auction model that offers traditional auction house services such as printed catalogues, pre-sale viewings and expert advice, but does not charge a buyer’s premium. The online format, and Artiana’s proprietary auction application software, allows buyers from around the globe to place their bids at any time convenient to them. Bids can also be placed via a mobile app, available on Google Play and the Apple App Store.

The paintings can be viewed at Artiana’s viewing gallery in Downtown Dubai, by prior appointment, from October 15 to 25. The auction will begin at 6pm on October 26, with final bids being accepted between 6.30pm to 9pm on October 30. For more details, registration, and online catalogue, go to www.artiana.com

Jyoti Kalsi is an arts-enthusiast based in Dubai.
For more information and registration, visit www.artiana.com
For viewing appointments, write to auction@artiana.com

Source: Online auction sans buyer’s premium

‘South Asian Art Market is Hugely Undervalued’

ARTIANA Founder Lavesh Jagasia explains why South Asian art will weather economic slowdown

As founder of UAE’s foremost home-grown auction house for art and luxury collectibles, Lavesh Jagasia knows his art – not just from the aesthetic point of view but also from commercial perspective. As ARTIANA gears up to hold its next online auction on March 23-27, he takes us through the world of bidding and why South Asian art market is recession-proof.

ARTIANA Founder, Lavesh Jagasia

What’s the USP of your next auction? 

Our USP as an auction house is “what you bid is what you pay”; buyers at our auction do not pay any Buyer’s Premium over and above the winning bid amount. Other auction houses usually charge 25-30 per cent Buyer’s Premium on the final bid amount making the artworks more expensive. Our upcoming sale is about presenting Classical artworks along with Modern and Contemporary selection. This is a rare occasion when a sale of Classical South Asian art is taking place in the region and these will be presented with the expertise of world class scholars such as JP Losty for the Indian Miniature Paintings and Renzo Freschi for the Indian and Gandharan sculptures.

For a buyer, what is the advantage of participating in an online art auction? 

Online art auctions give buyers the benefit of a seamless and convenient platform to bid from across the globe! They can view the works in our gallery and participate in our timed online auction as per their respective time zones. Online auctioning reduces the high costs associated with live in-room bidding of art and luxury collectibles. Buyers can also view all the details of the work and study the artworks through high-resolution images provided on our online auction platform, as if looking at the artworks in person. There are many buyers who prefer to remain discreet and this medium allows them that flexibility. Besides, there are options for ‘Proxy Bid’ in which case, a bidder can put in their upper limit bid and our proprietary auction application will bid on their behalf till this limit is reached, relieving the bidder of keeping a constant watch on the bid increments.

MF Husain – ‘Islam’ – 1992 – acrylic on canvas – 78 x 139 in.

What tips would you give an art lover who is participating in an auction for the first time? How should he or she make smart choices?

  • Check the credibility of the auction house.
  • Make sure that they are selling genuine art works by ascertaining their reputation and length of association with the sphere of art that they specialise in.
  • Since art and luxury collectibles have a historically high value, make sure that you are getting the best value for your money by acquiring artworks that you love.
  • Acquire a painting which you can live with for a long time, as art should not be acquired merely as an investment. It is an asset class which should be approached with a combination of passion and research.
  • As much as possible, go for the auction houses who have a ‘No Buyer’s Premium Policy’ as it would save you from paying additional 25-30% of the hammer price.
Jamil Naqsh – ‘Arrival’ – 2015 – oil on canvas – 48 x 30 in.

Given the general economic slowdown, what is your assessment of the art market currently? 

Based on my experience over many years which have included both highs and lows, I would say that the South Asian art market is hugely undervalued. The economic slowdown may broadly affect the mood of the buyer temporarily but confidence is proved time and again by record prices achieved by top-end works in which rare and sought-after pieces see hectic bidding activity. This is proof that the market for quality works remains extremely strong in any economic scenario. Moreover, the Indian economy is growing at a very healthy pace and has remained unaffected by the economic slowdown in the Gulf and other emerging economies.  In this current auction, majority of our artworks are by Indian artists.

SH Raza – ‘Emergence’ – 1988 – acrylic on canvas – 31.5 x 31.5 in.

Can you recommend some South Asian artists to watch out for? 

We always recommend acquiring the established masters from South Asia. The established artists we recommend any serious collector to acquire would be from the ‘Progressive Artists Group’ such as M. F. Husain, S. H. Raza, F. N. Souza, Ram Kumar and other artists such as Sakti Burman, Jehangir Sabavala, Jogen Chowdhury and Jamil Naqsh.

Krishen Khanna – ‘Bandwallas’ – 2003 – oil on canvas – 40 x 30 in.

What are your favourite pieces that will be going under the hammer in the auction? 

We have a seminal work of S. H. Raza titled ‘Emergence’; this work was painted in 1988 and has been published on the cover and inside of one of the artists’ most important books. There is a very large work of M F Husain titled ‘Islam’, this massive work is from his ‘Theorama’ series and is worthy of any museum acquisition.

Source: ‘South Asian Art Market Is Hugely Undervalued’: Lavesh Jagasia

South Asian art auction sans buyer’s premium

Emergence by SH Raza, acrylic on canvas, 1988

Published: March 17, 2017 (Gulf News)

By Jyoti Kalsi (Special to Weekend Review)

Artiana, the UAE’s only home-grown auction house will hold its third online auction of South Asian Art from March 23 to March 27. The lots on offer include classical Indian and Gandhara sculptures from the second and third centuries, early Indian miniature paintings and rare works by leading South Asian modern and contemporary painters and sculptors.

Highlights include breathtaking ancient sculptures of Buddha and Indian deities, S.H. Raza’s 1988 painting, ‘Emergence’, which appeared on the cover of Alain Bonfand’s book, Raza; and a large museum quality work by M. F. Husain titled ‘Islam’, from his Theorama series. Estimated prices start at $800 for some miniature paintings.

A unique feature of Artiana’s auctions is that it does not charge a buyer’s premium, which typically ranges from 25 to 30 per cent of the purchase price. Thus, buyers have more leeway while bidding and sellers can get better prices.

The auction catalogue is available at www.artiana.com and those interested can also physically view the artworks at Artiana’s viewing gallery in Downtown Dubai.

The auction begins at 6pm on March 23 and final bids will be accepted between 6.30pm and 9pm on March 27. Buyers from around the world can place their bids whenever it is convenient for them during the auction. They can also bid on the move via Artiana’s state-of-the-art proprietary application software that can be downloaded from Google Play for Android devices and the Apple Store for iPhones and iPads. The software also allows buyers to place a ‘proxy bid’ stating the upper limit of their bid, and bids on their behalf until that limit is reached, freeing buyers from keeping a constant watch on the process.

Artiana was founded by Lavesh Jagasia, an art expert specialising in Modern and Contemporary South Asian Art, and founder of art investment consultancy, The Fine Art Advisory, and art publishing firm, The Serigraph Studio.

“This is the first time ever that a sale of classical South Asian art is taking place in the region, and we are delighted to have the guidance of world class scholars such as J. P. Losty, an expert in Indian Miniature Paintings, and Renzo Freschi, who specialises in Indian and Gandharan sculptures,” Jagasia says.

Jyoti Kalsi is an arts-enthusiast based in Dubai.
For more information and registration, visit www.artiana.com
For viewing appointments, write to auction@artiana.com

Source: South Asian art sans buyer’s premium

ARTIANA – Highlights – Lot 21 – Classical, Modern and Contemporary South Asian Art – Online Auction – No Buyer’s Premium

Indian Miniature Painting – Maharao Ram Singh Killing a Buffalo – Kota, c.1830-40 – opaque pigments and gold on paper – 15.5 x 24.5 cm (painting)

Part of the upcoming online auction of South Asian Art are miniature paintings from the Indian subcontinent, showcasing different schools of classical paintings from 17th to 19th century. This one in particular uses opaque pigments and gold on paper, a medium unique in classical Indian miniature painting. 

Maharao Ram Singh of Kota (r. 1827-66) is one of the best represented of Rajput rulers with many aspects of his life both public and personal documented by his artists. He is represented in durbars with his court and with British officials, in the many festivals of the Hindu calendar, including Dussehra as here, the Asapura festival (Kreisel 1995, fig. 132), and the riotous spring festival of Holi (Topsfield 1980, pl. 7), as well as personal worship of the deities (Seyller 2015, no. 60) , and of course many scenes of personal interest such as riding an elephant on top of the chajja of a pavilion in 1853 (Ehnbom1985, no. 64), playing polo with his noblemen (Welch 1997, no 63), entering Delhi in 1842 (ibid., no. 65), and scenes of him enjoying himself with his women (Seyller 2015, no. 61). Here, he is celebrating the autumnal Dussehra festival, commemorating the slaying of the buffalo-headed demon Mahishasura by the Devi, by hunting and killing a buffalo in a ritual slaying. Other pictures suggest that this was not a solitary affair but was a communal ceremony undertaken with his nobles (Kreisel ed. 1995, fig. 133).

In our splendidly energetic painting, the Maharao is gorgeously apparelled in helmet and body armour, with room of course for jewels, over a lilac jama. He carries a small shield in his left hand which holds the reins, while an empty scabbard is by his side, the sword being used to slice at the neck of the buffalo, which is falling to the ground behind the horse. The horse is even more gorgeously caparisoned than the Maharao, with its tasselled mane, jewelled bridle and many chains with attached gold plates. Two attendants run beside on foot, one with a khanda sword and a chowrie, and the other with a sun-burst parasol. The latter may also be carrying an upright spear, unless it is attached to the horse in some way or held by an invisible attendant. The scene is set below a plain green hillside dotted with a few trees and with a walled garden near the summit of the hill.

The Maharao here appears relatively young, being without his full set of bushy sideburns that grew gradually over the course of his reign. He came to the throne at the age of 19 and one of his earliest datable portraits shows him about 25 (Bautze’s fig. 14 in Welch et al. 1997, p. 53), when his sideburns were already heavier than they are in our painting. His profile with its bulbous ending to the nose and protruding lips is instantly recognisable.

The horse rolls its eyes as the buffalo falls dying to the ground, its horns obtruding into the margin, but Ram Singh’s grave face is devoid of the pleasure of the hunt but rather intent on doing his ritual duty. A later and rather stiffer picture dated 1859 in the Mittal Museum in Hyderabad (Seyller ed. 2015, no. 63) shows the same ritual killing of the buffalo but with the Maharao using a spear rather than a sword, while a preliminary drawing for that painting is in the V&A Museum (Archer 1959, Kotah fig. 49).

Expert: J. P. Losty

Auction Catalogue-South Asian Art ‘Classical, Modern and Contemporary-March 23-27, 2017

ARTIANA – Highlights – Lot 10 – Classical, Modern and Contemporary South Asian Art – Online Auction – No Buyer’s Premium

Gandharan Sculpture – Buddha Head – 4th/5th century – North Pakistan – polychrome stucco – 23.5 x 13.5 x 16 cm. – Lot 10 

Featured in the Classical, Modern and Contemporary South Asian Art online auction on March 23-27, 2017 are sculptures from as early as 4th century such as this Buddha Head which is the oldest in the collection. 

This Buddha head reflects the typical Gandhara style with a clear hellenistic influence. The elongated earlobes only and the half-shut eyes show the Indian origin and taste.

The intensity of expression, the lengthened shape of eyes (that denote an oriental origin), the elongated earlobes, the circle (urna) in the middle of the forehead, the cranium protuberance (usnisa) are distinguishing characteristics of the Buddha. Furthermore, the sweet faraway look absorbed in deep meditation is typical of Buddhist art.

Face’s oval is perfect, eyebrows are gently arching, nose is straight. The face’s soft simplicity contrasts and points out the hair, which is treated according to an incisive cutting. Fineness of features is emphasized by the polychrome stucco.

The beautiful aesthetic quality of this head is a fine example of Gandharan stucco sculpture.

Expert: Renzo Freschi

Auction Catalogue-South Asian Art ‘Classical, Modern and Contemporary’-March 23-27, 2017

ARTIANA – Highlights – Lot 41 – Classical, Modern and Contemporary South Asian Art – Online Auction – No Buyer’s Premium

Maqbool Fida Husain – ‘Islam’ – 1992 – acrylic on canvas – 78 x 139 in. – Lot 41

ARTIANA’s upcoming online auction of Classical, Modern and Contemporary South Asian Art on March 23-27, 2017 highlights this distinct work of Maqbool Fida Husain. This painting is the most valuable lot in the upcoming sale, both in terms of price and history behind the artwork. 

‘Theorama’ is a ten panel series that was influenced by Husain’s past preoccupations with theosophy and his experiences as a billboard painter. Composed in the early 90s, Theorama tributes ten different faiths — highlighting what Husain sees as the finer aspects in each; these are strung together in the series to symbolise a sense of unity or a common thread. ‘Islam’ is Husain’s masterly depiction of the Muslim faith.

To the left is a Sufi saint with his finger of ‘Kalema e Shahadah’ raised. The black and majestic cube of Kaabah, inscribed with the Arabic ‘Kaaf’, is positioned at the heart of the image, emphasising its prominence in no uncertain terms. A circle beside the Kaabah represents the dome of the The Prophet’s mosque in Madinah and is inscribed with the alphabet ‘Meem’. ‘Al-buraq’, the lightning horse, gallops across the sky to the right while the ‘Al-Shaqqul Qamar’, the splitting moon — an Islamic symbol of the scientific temper — watches over. ‘Al-Loh-al-Mehfooz’, the book of Judgement Day, also sits prominently to the right.

This simple yet substantial homage to Islam is brought about through a keen use of colour and line. These, along with tasteful use of religious motifs and symbolism, assembled together with an intimacy and personal reverence, lends this painting the distinctness for which it is known.

Auction Catalogue-South Asian Art ‘Classical, Modern and Contemporary’-March 23-27, 2017

ARTIANA – Highlights – Lot 46 – Classical, Modern and Contemporary South Asian Art – Online Auction – No Buyer’s Premium

SH Raza – ‘Emergence’ – 1988 – acrylic on canvas – 31.5 x 31.5 in. – Lot 46

Syed Haider Raza’s ‘Emergence’, published on the cover and inside of ‘Raza’ by Alain Bonfand and the cover lot of our upcoming auction on March 23-27, 2017.

In his meditations on colour and their emotive qualities, Raza was taken back to his childhood. It was a voyage, so to speak, back to the moist and pregnant ground where experiences were naked and free from the shell of words. This apprehending of the ‘source’ — the point of emergence — is a spiritual element captured best in the Bindu. This is arguably why it has remained pivotal to Raza’s repertoire.

Drawing from Raza’s own words: “The point, the Bindu, symbolises the seed bearing the potential of all life, in a sense. It’s also a visible form containing all the essential requisites of line, tone, colour, gesture, and space.”

Since the 1970s, Raza began to visibly emphasise his Indian identity. This is evidenced in his frequent visits to India. His concepts and colours at the time were distinctly akin to Indian spiritual thought but their plasticity, however, remained their most striking quality. The Bindu figured prominently in his paintings in this period. It was a starting point that brought together geometry, colour, space and several aspects of Indian aesthetics. The circle, one recalls, is a figure within which every geometric shape can be featured.

The late 1970s witnessed a considerable change in his style of painting. He preferred basic geometric figures and the primary palette in his compositions. The Bindu was reinstated in ‘Emergence’ (1988) as the centre of his contemplations: a radiant circle emerging from within a square, flanked by distinct carves of bright colour. The Bindu is black but illumined — a sighting of the source in the silent minute of meditation.

Understanding Raza: Many ways of looking at a Master, Vadehra Art Gallery, New Delhi, 2013, p. 52

Auction Catalogue-South Asian Art ‘Classical, Modern and Contemporary’-March 23-27, 2017

ARTIANA – Highlights – Lot 31 – Modern And Contemporary South Asian Art – Online Auction – No Buyer’s Premium

ramachandran-brown-final

K.G. Subramanyan – The Visitor – 1994 – Acrylic on Canvas – 54 x 54 in. – Lot 31 

ARTIANA’s  upcoming auction on October 13-17, 2016 features an important painting of K.G. Subramanyan – ‘The Visitor’. This iconic work of the artist has been exhibited in his retrospective and published in the book K.G. Subramanyan: A Retrospective, National Gallery of Modern Art, New Delhi, 2003.

The philosophical and mystic traditions of India are replete with stories and symbols. The ease and clarity with which these convey the deeper narratives and connotations intended from them, appeal powerfully to the artistic eye. The number ‘three’ is very significant in the philosophical symbolism of the Shaiva and Advaita traditions. Shiva is considered to be the singular principle of all existence, the Brahman. He manifests Himself as the One Conciseness that illumines the three states of experience: the waking, dreaming and deep sleep states. He is also considered the pervader of all three worlds — heaven, earth and hell — and the ground on which the past, present and future are conjoin to form the progression of time.

“In this painting Subramanyan uses the colours of the earth, images of animal skins and the trees to create a dense visual field. The Visitor seems to refer to the iconography of Shiva who appears here with the three faces of a trimukha, a snake, suspended from his right shoulder. The fact that the face is rendered like a mask adds to the piquant quality of the painting. Shiva’s conventional seat, the hide of the spotted deer appears in different parts of the painting. This work is typical of Subramanyan’s involvement with myth, his ability to rework it for his own purposes. It also demonstrates what he calls the bahurupee or disguise in play ‘mixing the normal with the hieratic’, the human with the mythic, the world of play and the imagination” (Gayatri Sinha, Jiva – Life: Contemporary Indian Art, Bodhi Art Exhibition Catalogue, Singapore, 2004, p.46).