Last week’s analysis of the latest prices of the works of MF Husain and FN Souza allows us to understand that the price of good contemporary modernist works of Indian art should be close to Rs 500 per sq cm. Now it is in order to look at it over a time frame. In 2004, the average price of a Husain painting was Rs 281.05 per sq cm, while that of Souza was Rs 289.54. In fact, in one year, the prices of these two artists have nearly doubled. Souza’s rise has been of the order of 72.3% while that of Husain has been 75.4%. Once more, we find both artists in a neck-to-neck race.
It is not that other artists do not command higher prices. For example, SH Raza’s average price for works sold at Christie’s sale of March 2005 was Rs 710.08 per sq cm and for works of Ganesh Pyne that sold it was Rs 915.52 per sq cm. In general, the average prices of good works of Rabindranath, Gaganendranath and Abanindranath Tagore would all be above the Rs 900 per sq cm mark. But I prefer to work by the figures of Husain and Souza’s sales as they are far more stable and sufficient works are up for sale to make an assessment in general about what good Indian contemporary art should sell at. So the essential truths one can bank on are that it has the capacity to rise in price at between 60% to 85% in a year and its present common ceiling ought to be around Rs 500 per sq cm. This ought to allow galleries to mark up prices of the good works they still have in stock by at least 50% each year in March without worrying about not selling works as they are over-priced. This marking up, in fact, is on the moderate side.
Sales are also buoyant enough. The average mega-show, which stocks the works of over 60 artists ought to end up making a profit of no less than Rs 5 to 8 lakhs, which is far better than most sales in the retail trade. But what is important is the choice one makes of works to be shown. And beyond that, the projection of each work matters. Unless the seller is able to convince the buyer a work is relevant and meaningful enough to give it a place in the art history of our time, it will not sell. But one must understand that projection of anything does not give it value. The intrinsic quality of the work projected alone ensures its endurance in the market. The essential qualities that characterize a good contemporary Indian work of art are its execution, its originality and its irreverent approach to conservative standards. Our artists of quality excel in skill, individual expression and have a capacity to comprehend the different currents of our times without being overawed by them. This gives them their place in the art history not only of our country but also of the world. And that determines why these works are bought and sold at the prices they sell at.
The process of assessing individual artists is not as difficult as it might seem at first sight. Tastes are remarkably resilient. When I look back at the list of the living top ten Indian contemporary artists I drew up in 1999 on the basis of the importance of certain artists in the development of the contemporary art of the different regions of India, I find that it is remarkably accurate even today. Of the ten best living artists at the time at least seven: MF Husain, FN Souza, Tyeb Mehta, VS Gaitonde, Ganesh Pyne, SH Raza and Akbar Padamsee are very much on the upswing even today, while Anjolie Ela Menon, Manjit Bawa and Bikash Bhattacharjee have their own steady market. Of the twenty first century hopefuls, Ram Kumar, Krishen Khanna, Arpana Caur, Arpita Singh, Chittrovanu Mazumdar, Manu Parekh, Neeraj Goswami, Paresh Maity, Vivan Sundaram and Sanjay Bhattacharya, have all continued to hold centre stage. In fact, most have grown in stature over the years.
This allows us to come to the conclusion that the contemporary art that grew out of our national movement and made common cause with the anti-imperialist art of the world has a relevance and continuity still. This relevance and continuity is the basis of why this art is worth investing in. It has a distinctive past, a vibrant present and a strong future.
That is why its prices continue to soar despite the growing number of competent artists we find everywhere today. Demand far outstrips supply and the worth of the works is still far greater that the prices they sell at. So naturally such works of art are good to invest in. But it is evident that this applies only to the works of those artists who are modernist in approach and style, original in approach and excellent in execution.
