Indian artwork sales rise 21.6% in 2018, SH Raza tops charts with Tapovan

Published January 14, 2019 (moneycontrol.com), by Tasmayee Laha Roy

With the economic outlook for 2019 remaining tentative, the Indian art industry is certain to witness a strong amount of trading

Art works brought India a reason to cheer in 2018 as sales recorded a 21.6 percent rise. According to the Artery India Annual Market Report 2018, out of 1,559 works up for sale in 2018, 1469 fetched Rs 685 crore. In 2017, out of 1,902 Indian artworks that went up for sale across the world, only 1680 got sold clocking sales worth Rs 563 crore.

“2018 has been a strong year, with sales reviving following the previous year’s slump that was recorded in the wake of demonetisation. The turnover also benefited from the comparatively richer quality of work consigned for sale in auction. The private sales domain recorded major activity, with the highest volume of sales in the past four years,” said Arvind Vijaymohan, CEO at Artery India, an art intelligence firm.

The top artist of 2018, was modern artist SH Raza with 67 artworks of his being sold for Rs 98 crore in the year gone by. Raza’s most expensive artwork sale was done by Christie’s at New York. The acrylic on canvas called Tapovan was sold for Rs 29 crore.

Online drive

Interestingly, online sales brought in more money than offline sale in 2018. While the turnover from online sale of Indian artwork stood at Rs 339 crore that from offline sales was Rs 318 crore. A lot of online auction houses across the world gained from this new wave of online sales in 2018. Out of 716 works offered online, 657 were sold. On the other hand close to 97 per cent of the 843 Indian art work offered on sale offline were sold.

Dubai’s online Indian artwork selling platform Artiana is an example. ARTIANA’s total auction sales in 2018, for their two South Asian Art auctions crossed the USD 3.5 million mark.

“Continued growth and engagement of new clients from within UAE, and India as well as other parts of the world, including many first-time buyers were equal contributors to the overall sales. Highest prices were bid for paintings by M.F. Husain’s Trinity of Mother Teresa ($320,000) and ‘Arjun and Sudarshan Chakra‘ (USD 300,000), works of other artists S.H. Raza and F.N. Souza performed well in the auction confirming the continued demand of modern Indian art,” said Lavesh Jagasia, managing director at Artiana.

2019 outlook 

“With the economic outlook for 2019 remaining tentative, the Indian art industry is certain to witness a strong amount of trading. In the scenario of the market slumping, there is certain to be a high level of distressed acquisitions, that will be conducted in the private sales channel. If the market holds, the surge in prices of the top 16 Modernists will continue its upward ascent, following after the charts from 2013 to current date,” added Vijaymohan.

ARTIANA’s auction sales turnover cross USD 3.5 million in 2018

Dubai – ARTIANA’s total auction sales in 2018 crossed the USD 3.5 million mark after the conclusion of the South Asian Art ‘Classical, Modern and Contemporary’ sale on 10 December 2018, which realized USD 1.8 million and achieved sell-through rates of 92% by lot and 102% by value. 

The first of the two South Asian Art auctions held in May was Artiana’s first white glove sale with a 100% sell-though rates and 111% of the total lot value sold. Both auctions were held with Artiana’s ‘No Buyer’s premium’ policy ensuring the minimum transaction cost for both buyers and sellers.

Growth continues

Continued growth and engagement of clients from within UAE, India, and other parts of the world – many of them first-time buyers, were equal contributors to the overall sales.

Highest prices were bid for paintings by M.F. Husain – ‘Trinity of Mother Teresa’ (USD 320,000) and ‘Arjun and Sudarshan Chakra’ (USD 300,000). Work of artists S.H. Raza and F.N. Souza also performed well in the auctions confirming the continued demand for modern Indian art.

Other established modernists Sakti Burman, Krishen Khanna and Ram Kumar completed the top ten list of highest prices realized.

Sculptures and company paintings attracted good interest from collectors throughout the year and opened up the accessibility of this genre to enthusiasts in the region.

Exceptional prices for Zarina Hashmi’s pieces were achieved on the back of increased demand for her works. The artist’s delicately executed prints, crafted through handmade paper, have become one of the most sought-after pieces for contemporary art collectors. Zarina and other leading printmakers work will be showcased in our upcoming Prints and Multiples Art Auction in early 2019. 

Future plans and engagement

The increase in the overall sell-through rate cements Artiana’s presence in the South Asian auction calendar whilst concluding another year of successful sales.

With its expanding client base and continued diversification across collecting categories, clients can look forward to rare pieces and wide range of artworks in the following year. Artiana’s line-up include Prints and Multiples, South Asian Art and Art Beyond Borders Auctions for 2019. For more details, visit the website at www.artiana.com.


ARTIANA – South Asian Art Auction | Over US$ 1.8 Millions in Sales | 102% Estimate Value Sold | 92% Lots Sold

Our recently concluded South Asian Art auction was a success, with 92% of the lots sold, over USD 1.8 million total sales and 102% estimate value sold.

For the complete auction result and analysis, please visit www.artiana.com.

Thank you for your bids! 

ARTIANA | South Asian Art | Online Auction – No Buyer’s Premium | Classical, Modern and Contemporary | Sale 1802 | 6 – 10 December 2018

MF Husain’s unseen works to be auctioned online by Artiana in December

Published November 17, 2018 (moneycontrol.com), by Tasmayee Laha Roy

Maqbool Fida Husain (b.1915), ‘Arjun and Sudarshan Chakra’ (circa 1980s). Estimate: $300,000-500,000

In a bid to make the deals lucrative for the buyers, Artiana’s finance arm is offering an installment scheme which allows buyers to pay for an artwork in installments ranging from 3 months to 24 months.

Known for their luxury collectibles, UAE’s Artiana is all set to bring to the international market some of the unseen works of Indian artist Maqbool Fida Husain during their December auction.

With 50 works on display in the online auction, the range will offer works of modern and contemporary artists from the Indian subcontinent including a suite of Company School paintings.

The highlights of the auction are MF Husain’s canvas from the 1980s titled ‘Arjun and Sudarshan Chakra’ and another work, ‘A Magician Dangles the Fortune Bird in a Cage’ from the seminal Lost Continent series. Both the works are new to the market for art connoisseurs. The other important works from prominent artists include SH Raza’s 1998 work ‘Prakriti’ and ‘Srijan’ from 2007 and FN Souza’s ‘Profile’ and ‘Red Houses with Front Garden’ from 1957.

Some other artists on display include Jogen Chowdhury, Jamil Naqsh and Zarina Hashmi among others.

While the ten Company School paintings are all priced at a base bid under $1000, the other works have a range of starting bids between $6000 and $2,60,000.

“The costliest of the lot is Husain’s Arjun and Sudarshan Chakra which is a 40inch x 60 inch acrylic on canvas and has the potential to sell for anything between $300000 and $500000. This is followed by one of his other works -A Magician Dangles the Fortune Bird in a Cage which is an oil on canvas painted in 2005. The starting bid for the same is $1,80,000 and has the potential to sell for anything between $2,00,000 and $3,00,000,” said Lavesh Jagasia, founder of Artiana.

In a bid to make the deals lucrative for the buyers, Artiana’s finance arm is also offering an installment scheme which allows buyers to pay for an artwork in installments ranging from 3 months to 24 months at a service charge of 1 percent a month after paying 20 percent of the price as down payment.

ARTIANA announces Online Auction of Classical, Modern and Contemporary South Asian Art – No Buyer’s Premium – 6-10 December 2018

 

Maqbool Fida Husain (1915-2011), ‘Arjun and Sudarshan Chakra’ (circa 1980s). Estimate: $300,000-500,000

ARTIANA, UAE’s first home-grown auction house for art and luxury collectibles, will offer works  of modern and contemporary artists from the Indian subcontinent, including a suite of Company School paintings in its upcoming December auction. The auction will take place online at www.artiana.com from December 6 (6pm) till December 10 (9pm), 2018. The works listed in  the auction are available for viewing at Artiana’s viewing gallery.

The auction features 50 works in various media such as oils, acrylics and paper works by established masters such as M.F. Husain, S.H. Raza, F.N. Souza, Jogen Chowdhury, Jamil Naqsh, Zarina Hashmi among others, alongside works by contemporary artists.

The highlights include M.F. Husain’s canvas from the 1980s titled ‘Arjun and Sudarshan Chakra’ as the cover lot of the sale and another work, ‘A Magician Dangles the Fortune Bird in a Cage’ from the seminal Lost Continent series; S.H. Raza’s ‘Prakriti’ (1998), ‘Srijan (2007) and F.N. Souza’s ‘Profile’ and ‘Red Houses with Front Garden’ both from 1957.

Besides Artiana’s attractive No Buyer’s Premium policy which essentially is ‘What You Bid Is What You Pay’, from this auction they have also launched FlexiPay – an installment scheme which allows buyers to ‘Bid Now Pay Later’ subject to eligibility and pre-approval prior to auction. (FlexiPay scheme details are available in the catalogue and on the website)

A print catalogue is available from Artiana upon request and the online catalogue can be viewed on their website. Collectors may place bids at ARTIANA’s website www.artiana.com, or through the mobile app available on both Google Play for Android and the App Store for Apple devices. 

For more information and registration, visit www.artiana.com; For viewing appointments, write to info@artiana.com or call ARTIANA’s help desk at +971558153030/ +971558253030

Auction Catalogue – South Asian Art ‘Classical, Modern and Contemporary’ – December 6-10, 2018

ARTIANA – Highlights – Lot 32 – Classical, Modern and Contemporary South Asian Art – Online Auction – No Buyer’s Premium

Maqbool Fida Husain – A Magician Dangles the Fortune Bird in a Cage – 2005 -oil on canvas – 72 x 90 in. (182.9 x 228.6 cm.)- Lot 32

M.F. Husain’s ‘A Magician Dangles the Fortune Bird in a Cage’ (2005) is expected to go under the hammer on 6-10 December 2018 at ARTIANA’s South Asian Art online auction. This important work is part of the seminal ‘The Lost Continent’ Series exhibited at The Arts House in Singapore and at the prestigious Victoria and Albert Museum in London. 

At the last years of his creativity, MF Husain, age 95 was India’s best known painter. During his long prolific career as an artist, he was witness as history unfolds; from the great wars being fought, through genocides and holocaust, the partition and the unfurling of his nation from the British Raj to modern India. He witnessed deprivation, violence and rapid deterioration of human values across the world. In pursuing the theme, he dedicated his art to express the great loss he called, “The Lost Continent” which he made into a 21-part series chronicling his thoughts about lost human values.

In the painting where a magician dangles the fortune bird in a cage, “the bird is surrounded by a mosaic of riotous colour. The bird is held by the stark blue hands of a magician, who is covered in a white cloth and slowly considering his next move. The composition lures viewers into a terrain where play and uncertainty coexist.”1 The title suggests a magician dangling the bird in a cage, just like in the popular magic trick; but behind the act is the magician knowing the true nature of the trick, concealed by the sleight of hand. Concurrently referencing Mahabharata, the blue hands signify Lord Krishna as he oversee the fate of the world. Starting from the game of dice, a key incident in the great epic, deceit had been a powerful driving force that ultimately led to the cosmic war from which the order of the universe was achieved. He orchestrated the war and change the whole course of the epic in ways more than one. Despite knowing the outcome, Lord Krishna let the events unfold and ensured that everyone answers to the laws of karma. Through the act of deception, he restore dharma into the world.

The immense narrative and pivotal personas that Husain picked from the epics convey deep meaning more than the explicit imagery. His symbolic images are introduced naturally in continual juxtaposition and serves as the foundation of his work. Husain used strong even coarse lines of Jain miniature painting to express energy and movement and sharp colors in basic simple design within strong broad border as influenced by the Basholi period. The demotic stylistics, the use of symbol, folk elements, and vibrant colors have come to characterize Husain’s signature style.

Text Reference:  Hwee Koon, MF Husain: The Lost Continent

Auction Catalogue – South Asian Art ‘Classical, Modern and Contemporary – December 6-10, 2018

ARTIANA – Highlights – Company School Paintings – Classical, Modern and Contemporary South Asian Art – Online Auction – No Buyer’s Premium

A collection of Company School paintings will be offered as part of ARTIANA’s upcoming online auction on December 6-10, 2018. Showcasing the miniature tradition, the works, marked by muted colors, recorded everyday rituals of local people in British India between the late 1700s and 1800s. 

Company Painting – Brahmin with a water pot- Tanjore, c.1850 – gouache on paper – 18 x 11.1 cm (painting) – Lot 3

Southern Indian artists in the 18th century were among the first to adapt their styles and subject matters for their new patrons from the French and English East India Companies. Hindu deities and religious scenes had been the traditional decorations on the walls of temples throughout the south, so it was a simple matter for the artists to produce sets of deities and festivals on paper to inform westerners of the many unfamiliar aspects of south Indian Hinduism. These paintings were painted in brilliant colours against an uncoloured ground. It was again a relatively easy further step for these artists also to produce sets of occupations, castes, ascetics and festivals when British tastes changed to want permanent records of local life. The figures were normally in the early period painted in pairs, a man and his wife, originally standing on a simply painted ground and with a blue sky background behind them, sometimes with a narrow strip of tangled clouds at the top. Around 1800 more details of landscapes and more naturalistic clouds were added and the clouds began to cover the whole sky in jagged alternations of blue and grey.

Company Painting – Woman in thought- Tanjore, c.1850  -gouache on paper – 18 x 11.1 cm (painting) – Lot 4

Men from Tanjore of the muchi or leather-workers caste are thought to have been the artists of these sets, although inscriptions of some of the albums and paintings indicate that they must have moved to other towns, particularly Madras, in search of employment, where they continued to paint their traditional subjects. Other centres where they are known to have painted included Vellore and Trichinopoly. The artists based in Trichinopoly specialised in painting on small sheets of mica that were mounted on paper guards and bound into albums. By the mid-19th century the artists had often abandoned painting couples, a man and his wife, and instead concentrated on single figures, as found here in this set.

Company Painting – Wife of an ascetic – Tanjore, c.1850 – gouache on paper – 18 x 11.1 cm (painting) – Lot 8

The figures in the set are well drawn, lively and colourful, with good modelling of forms and facial features. Without inscriptions, however, some of the women especially are difficult to identify, but most are normally based on earlier identified figures. Many of the single women seem modelled on the ‘wife’ half of the earlier couples. The women normally wear the elaborate jewellery of the south, with various heavy earrings, hairpins, noserings, necklaces, bracelets and anklets, not detailed here.

EXPERT: J.P. Losty

Auction Catalogue – South Asian Art ‘Classical, Modern and Contemporary’- December 6-10, 2018

ARTIANA announces Online Auction of Classical, Modern and Contemporary South Asian Art – No Buyer’s Premium – 6-10 December 2018

Browse the auction at www.artiana.com

FAQ: ARTIANA Fine Art Finance

What is ARTIANA Fine Art Finance?

Artiana Fine Art Finance is our art finance advisory division. Leveraging upon the strength of our auction house platform, we specialize in financing solutions that cater to both – buyers in our auctions as well as others who can borrow against blue-chip Indian art works.

What services does ARTIANA Fine Art Finance provide?

We provide finance solutions to consignors and buyers at our auctions, and arrange advances secured against Indian fine art at competitive interest rates. Our bespoke finance solutions provide financing for fresh acquisitions or existing collections.

Why finance or borrow against art?

By financing their purchases at Artiana auctions, clients can take advantage of opportunity buys and schedule a delayed or installment payment on their acquisitions based on their cash flows. By leveraging existing artworks, our clients optimize the use and enjoyment of their collection, while unlocking equity and allowing further portfolio diversification.

What type of art does ARTIANA Fine Art Finance accept as collateral?

We will consider individual artworks and collections of blue-chip Indian fine art as collateral. Artworks must be freely marketable and produced by prominent artists with an existing track record in the secondary market.

What is the artwork evaluation process?

We are an auction house, and offer advisory services on a highly confidential basis to evaluate artworks. The individual artwork or collection will be estimated by us as if they are being proposed for auction, and the advance against these item/s will typically be 50% of the lower estimate value offered by us. We will also require an independent inspection by a conservator.

What Loan-To-Value (LTV) does ARTIANA Fine Art Finance offer against the artworks?

We will typically advance up to 80% of the lower estimate value of artworks purchased at our auctions or up to 60% of the appraised value of the proposed external art collateral.

What are the advance sizes that ARTIANA Fine Art Finance offer?

We arrange advances starting at USD 50,000 and can assist in securing advances of substantially larger amounts.

How long does the disbursal take?

The approval depends on the location of the artworks and the clients’ art ownership structure. However, our domain expertise and large, liquid balance sheets of our financiers allows us to complete the process more quickly than traditional operators.

Do our clients’ retain possession of their art?

No, we require that the artwork be held as collateral in our art storage facility till the advance has been fully paid back to our financier.

Will the artworks be insured during the term they are held as collateral in storage?

Throughout the term that the artworks are held as collateral they will be insured at double of the advance amount, to cover the full value of the art asset. The policy will be assigned to us for distributing the amounts as stipulated, between the client and financier. The insurance covers the items right from the time of collection, during storage until the final handover.

Who owns the artworks during the term they are held as collateral in storage?

The artworks remain the clients property during the entire storage period.

What are the advantages of Artiana’s fine art finance compared to a traditional bank loan?

Our advances offer flexibility and a variable tenors upto 24 months with a no-charge early exit option. Unlocking equity and receiving liquidity without cumbersome documentation and credit approval process. There is no personal liability, the collateralized artworks are the sole guarantee towards the advance (non recourse).

What are the early exit options before expiry of the agreed tenor?

Clients can request an early exit before the expiry of the agreed tenor by giving a 30 days notice without any exit charges being payable. Any advance service charges collected in such cases will be non-refundable. For exercising in rare and unlikely situations, we reserve the right of an early exit option on behalf of our financiers by giving a 90 days notice to the client.

What are the charges and costs for the service and advance?

Artiana Fine Art Finance will charge an arrangement fee of 2% of the advance amounts arranged against external art assets, this fee is waived for finance arranged against purchases made in our auctions. Depending on the value, tenor and terms of the advance the charges are calculated at typically 15 % p.a., payable quarterly in advance for fixed maturity payments, and at a flat rate of 10 % p.a. for monthly installment payments. The charges are set at the start of the facility and fixed for the entire tenor. There are no additional costs for evaluation and storage, insurance cover is procured for double the advance amount to typically cover the full value of the asset and billed at actuals to the client.

 

Why ARTIANA Fine Art Finance Service is Perfect for Collectors of Indian Art

Published on September 18, 2018 (widewalls.ch), by Angie Kordic

The online auction house ARTIANA, a well-known platform based in Dubai, will now expand its activities and offer a one-of-a-kind service on the market right now – their Fine Art Finance service.

Announced just ahead of their November 2018 sale of South Asian art, it is an art finance advisory division that will specialize in financing solution to both buyers in their auctions and those who can borrow against blue-chip Indian artworks. By financing their purchases at Artiana auctions, clients can take advantage of opportunity buys and schedule a delayed or installment payment on their acquisitions based on their cash flows. By leveraging existing artworks, our clients optimize the use and enjoyment of their collection, while unlocking equity and allowing further portfolio diversification.

We talk to ARTIANA’s founder Lavesh Jagasia about the importance of such service being available within the field of Indian art and its market, as well as what it could mean for all sides of the sales.

The ARTIANA Fine Art Finance

Widewalls: What brought the creation of the ARTIANA Fine Art Finance on? How did it come to be?

Lavesh Jagasia: ARTIANA Fine Art Finance will assist us in increasing our clients and broadening the collector base of Indian art. Being a part of the Indian art sphere for the last 3 decades, I have experienced the effects that lack of liquidity has on this market just as it does on any other asset class. There are many times that works are sold in auctions for attractive prices, and end buyers are unable to take advantage of these situations as they would have not planned such purchases. With other collectors already holding significant portions of their net-worth in Indian art and unable to sell it quickly or leverage it when required, it limits their investments in this sphere due to the illiquid nature of this asset class.

By introducing our FlexiPay ‘Bid Now Pay Later’ facility in our auctions and offering bespoke finance solutions for blue-chip Indian art, we will address these issues resulting in deeper penetration of the market.

Widewalls: How does the service you’d be providing differ between the buyers and those who borrow against blue-chip Indian artworks?

LJ: The buyers on the ARTIANA auction platform have multiple benefits as compared to those offering external art assets as collateral. All items offered in our auctions are eligible for deferred or installment payments under our FlexiPay ‘Bid Now Pay Later’ scheme as long as the clients have been pre-approved for this facility. ARTIANA buyers have access to a higher Loan-To-Value (LTV) ratio of up to 80% of our lower estimate value as compared with up to 60% of our appraised value of all external art assets. The arrangement fee of 2% of the advance amount is also waived from them.

Charges for evaluation, storage and the conservator’s inspection report are currently complimentary for all clients, but maybe applicable to external clients in the future.

Widewalls: What is the process like for those who wish to approach ARTIANA in order to use this service? What can they expect and what is expected of them?

LJ: For prospective bidders in our auctions, the process is quite simple. All they need to do is select between the deferred or installment payments offered in our ‘Bid Now Pay Later’ plans, agree to the Terms and Conditions thereof and get a pre-approval prior to the commencement of the auction, confirming their eligibility for this facility. If their bids are successful, then they can then choose to either pay as usual or opt for their pre-approved FlexiPay facility.

The clients who want to propose external art assets as collateral, will have to first send us the image and details of the artworks. After our preliminary requirements of the artwork, such as artist and ownership are met, then an appraisal and condition check will be carried out, subsequent to which, the evaluation, LTV and terms are discussed with them ahead of the next steps.

In both cases, the artworks are stored in our art storage facility till all amounts due against them are cleared.

Making an Impact on the Indian Art Market

Widewalls: Why Indian art? Is it exclusively Indian art?

LJ: Yes, currently we are offering this facility only on blue-chip Indian artworks. This is a market that we have in-depth knowledge of, and is our core area of focus even in our auctions. Our expertise in this domain enables us to effectively manage the risks, and have quick turnaround times in structuring bespoke solutions for our clients.

Widewalls: The ARTIANA Fine Art Finance is the first service/product of its kind out there. What are the advantages you offer, as a company already in the bespoke business, compared to other sources of financing?

LJ: That is correct, currently there is no service/product available that offers specialized financing solutions for Indian art. Our advances offer flexibility and a variable term. Unlocking equity and receiving liquidity without cumbersome documentation and credit approval process. There is no personal liability, the collateralized artworks are the sole guarantee towards the advance (non-recourse).

Widewalls: How do you see this service having an impact on the art market and the way business is being done in sales?

LJ: The availability of flexible payments in our auctions will allow buyers to make purchases and plan their payments, no longer having to wait till the entire amount is available before placing a bid or making an opportunity purchase when a work is going for an attractive price at auction.

With the clients who will use this service for external art assets, they could use this facility to unlock equity and diversify their collection, for short-term funding and bridge finance to acquire works while awaiting sale transactions on their existing ones.

The availability of liquidity against only certain blue-chip artworks will also segregate the market identifying investment-grade art from the rest.

All of this will positively impact the Indian art market and increase overall sales of the artworks that qualify for this service.