Showing posts with label Osians. Show all posts
Showing posts with label Osians. Show all posts

Thursday, 30 April 2015

The 5 biggest unresolved Indian art scams of the decade

Image Courtesy: Economic Times Newspaper

2006: Christies & their partner Vadehra Art Gallery offer fake works at auction
On 30th March 2006, Christies, in consultation with its Indian partner Vadehra Art Gallery of Delhi, withdrew as many as six lots from its SALE 1762 of Modern & Contemporary Indian Art in New York. No explanation whatsoever is available in the public domain explaining why those lots had been published in the catalogue in the first place, thus establishing that an auction house just by virtue of being one of the oldest or largest ones is not necessarily the most reliable ones when it comes to distinguishing between counterfeits and original works. 

As per a report in the Hindustan Times the works, that included two watercolours by MF Husain, three works by FN Souza and a tempera by Ganesh Pyne, also had dubious provenance.

In the past also Christies have been caught in similar controversies –
1998 - two of Ajoy Ghose's award winning Chaitanya paintings were listed in Christies catalogue as Nandalal Bose's. Ghose's signature had been replaced with a scrawl that read Nando. Their sale, at Rs 3.64 lakh each, was revoked later.
Source: Hall of fakes – India Today, 21 Feb 2000 
2001 - a Manjit Bawa was withdrawn from the Christies auction after the artist informed the auction house that he had nothing to do with the painting and that his signature appearing at the right-hand bottom corner was forged.
Source:
1. Mystery of the fake Bawa – Tribune, 14 Jan 2001 

2. Two Coats of Paint: Welcome to the dark world of art fakes – Indian Express, 6 July 2014 

2009: Saffronart and Osians under Income Tax Dept scanner

Rigging Auctions?
An investigation into the business practices of Osians and Saffronart had revealed several irregularities in their account books, including a possible attempt to rig the price of artworks and dupe investors, according to an income-tax (I-T) department official involved in the probe.
Saffronart was also charged for carrying out numerous cash transactions.
While Neville Tuli and the already beleaguered auction house Osians have been declared defaulters as recently as 11th March 2015 by IDBI bank, it would be in the interest of the art collectors if Saffronart can throw light on what was the final outcome of these investigations.

Inspite these investigations Saffronart continues to offer works at such low prices as evident from its upcoming auction of Modern & Contemporary Art on 12-13 May 2015  wherein a work by S H Raza (lot 21, titled ATMARAS) estimated at Rs 80 Lakhs - Rs 1 crore is available for an unseemly low starting bid of Rs 1,550 – Are there actually such gullible sellers who would be willing to even consider giving away such works at such prices or is it not a a way of misleading prospective bidders? Therefore, it is not a surprise that the IT department accused Saffronart of rigging the price of artworks during its raid in 2009.

Related Links:


2009: Fake Raza's at Dhoomimal Art Gallery
The discovery of Raza fakes in January 2009 at Dhoomimal Art Gallery in Delhi, at a show the artist himself visited, sent the art fraternity in a shock as the event was hosted by his nephew and at a gallery with whom he has had a relationship for several years.
The following quote from Dr. Alka Raghuvanshi in an article in The Asian Age on 9th April 2015 sums up the fact that this controversy has still not died down "A case in point being S.H. Raza’s show at Dhoomimal’s where he had declared that each one of those works hanging there were fake. Why would an old gallery with a reputation to protect hold a show of fakes and invite the artist himself to inaugurate the show is an unresolved point. Incidentally his market crashed soon after when galleries were approached to buy back stuff painted by him".
An important point to reiterate here is that family members cannot and should not be thought of as qualified authenticators of their kin's art. The more worrying aspect is that the gallery owners authenticated the work solely basis the provenance and not on the merits of the work when many experts claimed that the works were not even well rendered fakes. However, it would be even more disturbing if the following information published in the Economic Times on 30 Nov 2014 is to be believed “Art industry insiders suggest that Raza, who will turn 93 in February, is in indifferent health and a lot of assistants who are artists are working in his studio to produce paintings that should not be signed by Raza as his own”.

Related Links:

2011: Tagore - Fake or Not?
An entire exhibition of Tagore paintings by the Government College of Art was alleged to be fake. The principal of the college Dipali Bhattacharya was suspended a month before her retirement in the wake of the controversy and the matter landed up with the State Crime Investigation Department and the courts. The Archaeological Survey of India (ASI) was asked to comment on the authenticity of the paintings and they filed a report stating that these were not original Tagores.  (Source: 30 Nov 2014, Economic Times)
However, the Government Art College, stood its ground. In a statement, Dipali Bhattacharya wrote: “On behalf of the organising committee of the Tagore Show, I can only express my shock, disappointment and disgust at such an irresponsible statement made by someone [referring to Pranabranjan Roy] who has neither cared to personally inspect the exhibits nor cared to put them through any established method to verify their authenticity. The Government College of Art and Craft is proud to host the Tagore Show and dismisses such comments with the contempt that they deserve.” (Source: The Telegraph, 2 March 2011)
As per an article published in Economic Times on 30 Nov 2014, the matter is still in the courts. It remains to be seen whether R. Siva Kumar and Susobhan Adhikary, teachers at Kala Bhavan Viswa-Bharati University and also the whistleblowers of this matter, are found guilty of conspiracy or is it Dipali Bhattacharya who is to be held accountable.

2014: Sex, Lies and Art Theft: How Sheetal faked a Rs 100 crore heist
This is easily as big a counterfeit controversy as others and came to light after approximately 2.5 years of botched up conspiracy theories and half-baked investigations. The works forged were by Manjit Bawa, V S Gaitonde and others and had been restored for Sheetal Mafatlal by Pundoles Art Gallery & Auction House. Like a bollywood potboiler this tale of deceit involved many bizarre twists and unbelievable turns. 



Wednesday, 11 March 2015

Neville Tuli, Osian's Connoisseurs declared as defaulters by IDBI Bank

In a newspaper advertisement, IDBI Bank said Tuli and Osian’s Connoisseurs together owe it Rs59.20 crore as on 1st March, and the Bank holds second charge on the offices of the company


IDBI Bank, through an advertisement in a newspaper has declared Neville Tuli, promoter and personal guarantor of Osian's Connoisseurs of Art Pvt Ltd, and the company, a defaulter. The Bank says that it holds second charge of the office premises of the company situated in Nariman Bhawan in Mumbai.


The notice, which includes a photograph of Tuli says, "It is hereby notified to the public at large that the above mentioned borrower failed and neglected to pay the instalments of principal, interest and other monies to IDBI Bank with respect to the financial assistance granted to the borrower. The borrowers are required to pay the outstanding sum or Rs59.20 crore as on 1 March 2015 together with interest thereon till the date of payment in terms of various loan documents executed by them in favour of IDBI Bank."

The Bank also cautioned people against dealing with the property as huge dues are recoverable from Tuli and his company.

The notice is issued by the Bank's NPA Management Group.

Earlier in April 2013, market regulator Securities and Exchange Board of India (SEBI) had asked Osian’s-Connoisseurs, which managed Osian's Art Fund, to wind up its existing collective investment scheme (CIS) and refund the money collected from investors. SEBI also referred the case to the state government and the police for filing a civil or criminal case against Osian's and its promoters, directors and persons in-charge of its CIS. In addition, SEBI had also requested the Ministry of Corporate Affairs (MCA) to initiate proceedings to wind up the Art Fund.

Osian's raised Rs102.40 crore from 656 unit holders across 39 cities, most of them high net-worth individuals (HNIs). The scheme used to declare NAVs showing 30% returns, but when it was time for redemption, the money was not forthcoming. The scheme was wound up on 10 July 2009.

At present, the case is pending before the Securities Appellate Tribunal (SAT).

Meanwhile, in January 2015, Tuli, the chairman of Osian's group launched Osianama - India's Arts, Auto Cine & Culture Centre at the iconic art-deco Liberty Cinema in Mumbai. Osianama also launched its Vintage and Classic Automotive Club, which it claims is a unique initiative to bring the world of automotive 'cultural treasures' to both connoisseurs and students in the form of events, exhibitions, discussions, master classes and seminars. 


Related Posts: