Combined price of the 5 most expensive paintings by Indian artists is less than the price of 1 Gauguin
Source: Economic Times, 16 March 2015
Source: Economic Times, 16 March 2015
Monday, 16 March 2015
Sunday, 15 March 2015
Exhorting Johny ML to shut up - Urge for a 'Code of Conduct' for art critics!
Johny Mulluvilakom Lakshmanan's penchant to grab attention every now and then by making imprudent statements and writing preposterous pieces is well known in the art circles. Rubbing people and institutions on the wrong shoulder is nothing new to this art historian and art critic from Kerala - whether exhorting PM Modi to start a debate because of the Pune Biennale 2015 debacle (of which he was the project director) or stating that Prof. Rajeev Lochan should be out of the NGMA or unimpressively shooting down opinions of senior scholars and curators, there are many in the Indian art fraternity who believe that there should be a Code of Conduct for art critics and historians or an association on the lines of Association of Art Historians (AAH) UK to ensure that a certain dignity in approach and comments is maintained.
It doesn't suit someone to indulge in mud slinging and go pooh-poohing proudly that by doing so they become brave and outspoken under the garb of artistic freedom of speech and expression. The Pune fiasco might not have been so much about the artworks as it was more about Johny ML's defiance against local authorities and sentiments as the other works depicting nudes were not asked to be removed by the uniformed miscreants who were exceptionally outraged by Noida based artist-duo Manil-Rohit's work. Such controversies can easily be avoided if Indian curators exercise reasonable caution and demonstrate appreciation of regional cultural sensibilities.
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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.
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Tuesday, 10 March 2015
Indian Artists in Top 500 Artists by Auction Revenue in 2014
| SL NO. | Rank | Artist | Auction Turnover ($) | Sold Lots | Top Hammer Price ($) |
1 | 173 | Anish Kapoor (1954) | 1,08,06,042 | 40 | 15,00,000 |
2 | 235 | Francis Newton Souza (1924-2002) | 78,37,898 | 222 | 14,00,000 |
3 | 243 | Nicolas Konstantinov Roerich (1874-1947) | 76,76,780 | 17 | 21,79,190 |
4 | 275 | Tyeb Mehta (1925-2009) | 66,50,686 | 6 | 24,21,000 |
5 | 429 | Vasudeo S Gaitonde (1924-2001) | 37,99,700 | 4 | 21,00,000 |
6 | 496 | Maqbool Fida Husain (1915-2011) | 32,75,069 | 54 | 3,18,953 |
Source: Artprice.com
Monday, 16 February 2015
Landmark authenticity case in India finds in favour of the auction house
The auction house, which had sued Nadar and SKN, said that Nadar paid 50% of the total, and then asked for an extended period of 30 days to make the remaining payment. “However, at the end of this credit period when reminded to pay the balance amount, she disputed the authenticity of the work based on the [conservator’s] report,” says a statement from Bid & Hammer.
Ganesh Shivaswamy, the lawyer representing Bid & Hammer, tells The Art Newspaper: “Nadar sought to cancel the sale which the auction house found unacceptable…the dispute which originally commenced only to enforce the payment of [a] remainder matured into an adversarial proceeding regarding the authenticity of the painting itself.” Shivaswamy says that this litigation—where a dispute regarding the authenticity of a work has gone to court—is probably the first of its kind in India.
Jijo Jose, a spokesman for Nadar and SKN, says that Nadar agreed to receive the painting “on payment of half of the sale price… with the understanding that she would get [it] examined and tested by an expert and would complete the sale only if satisfied of [its] authenticity.” But a spokesman for Bid & Hammer said that Nadar “simply changed her mind [in 2010] after delivery of the work and took advantage of the trust we had [put] in her with regards to the payment schedule”.
The 2011 report by the conservator Sreekumar Menon concluded that “the authenticity of the painting under study is questionable and it is very unlikely that the painting is painted by Raja Ravi Varma (1848-1906).” However, in his December verdict, Justice Gururajan— the High Court of Karnataka’s appointed arbitrator—said “what is clear to this tribunal is that the respondents’ expert himself is not sure with regard to authenticity… when an expert subjects a painting [to examination] he should be positive and he cannot leave the question not fully answered.” Menon maintains his view.
The court ruled however that the work “is genuine and answers the description in terms of the catalogue”. (The catalogue describes the provenance as: “Consigned by a very prominent Chennai-based collector, who acquired it directly from the descendants of the Travancore Royal Family from Nagerkovil in Kanyakumari District in Tamil Nadu, in the 1970s.”)
The tribunal found that the agreement was with SKN, not Nadar personally, which must pay Bid & Hammer the balance of 50% of the total sum of Rs16m ($350,000, with buyer’s premium) plus 12% interest, along with legal fees.
Gareth Harris
(Source: The Art Newspaper, London, Section 2, Number 265, February 2015) Tuesday, 3 February 2015
Sotheby's Sued By Indian Business Partner B. K. Modi
B.K. Modi whose Smart Entertainment Ltd is suing Sotheby's
Sotheby's has been sued by Indian company Smart Entertainment Ltd over the alleged breach of a joint venture agreement for business conducted in India, the Economic Times reports. The joint venture, Sotheby's India Pvt Ltd, was created in the 1990s. Smart Entertainment, which is backed by Singapore-based industrialist B.K. Modi, filed a suit in the Delhi High Court on Friday as the auction house conducted a preview event in the Indian capital.
Speaking to the paper, Rishabh Tongya, the director of Sotheby's India Pvt Ltd explained, "We have had a 50:50 joint venture with Sotheby's for the last 25 years and it is discouraging to note that they are completely ignoring the Indian partner, now that opportunities in the art market are opening up in India."
However, Sotheby's representatives have maintained that they were not engaged in a an exclusive agreement with Smart Entertainment Ltd or Modi, himself, thus allowing them to conduct independent business such as the preview event.
Thrown in collaboration with Rolls Royce, the preview featured works for Sotheby's upcoming sale of Modern and Contemporary South Asian art , including pieces by prominent Indian artists V. S. Gaitonde, Jehangir Sabavala, M.F. Husain, Jagdish Swaminathan and Ram Kumar. The court accepted Smart Entertainment Ltd's suit and said, "The holding of the exhibition/auction will be subject to the orders passed by the court."
In a statement sent to artnet News, Sotheby's says, “Sotheby's position is that no joint venture was ever formally conducted with the Modis. We are able to conduct business in India without reference to them. We understand that proceedings have been initiated in the High Court of Delhi against Art Development (India) Limited which is a subsidiary of Sotheby's registered in the UK. Art Development (India) Limited has not received any copy of the court order as of yet. As this matter is now before a court, Sotheby's has no further comment."
It's the second time in recent weeks that Sotheby's has found itself being dragged to court (see Angry Seller Accuses Sotheby's of Misattributing Caravaggio). In a previous case, in which a verdict was reached in mid-January, a collector accused the auction house of being negligent in its attribution of his work, which was later re-attributed as a Caravaggio. In that case, Sotheby's was victorious (see Sotheby's Wins Case Over $15.8 Million Caravaggio).
Friday, 30 January 2015
Art fair turns India's capital into art hub
India's biggest art fair opened in New Delhi this week with a focus on homegrown artists and exhibits inspired by contemporary themes such as the worst floods in the Kashmir region in more than a century.
A smorgasbord of works by 1,100 artists lured art lovers, gallerists and gawkers to a cavernous exhibition space in the capital, cementing the annual fair's reputation as one of South Asia's top cultural events. Each year, an estimated 100,000 visitors flock to the four-day fair with entry tickets that cost no more than $6.
The city's glitterati strolled past exhibits by 85 galleries at Thursday's preview clutching glasses of red wine, with several displays sold before the seventh edition of the fair opened for public viewing on Friday. The show runs until Sunday. "We've had five or six sell-out booths and several galleries have done exceptionally well," founder Neha Kirpal told Reuters.
India's art scene has been expanding for the past few years, with auctioneer Christie's second Mumbai auction in December generating sales of $12 million. A report by analysts ArtTactic said confidence in the market was at its highest since 2007.
For four days each year, New Delhi becomes a centre for the visual arts, with the India Art Fair at the hub of several spin-off events such as museum shows, seminars and glamorous parties.
"Beyond the fair itself, the effect it has on the art scene in Delhi at large ... and almost collaterally, the rest of Delhi programmes its art agendas," said artist Jitish Kallat, who said he would be lucky to attend half the events on the schedule.
A life-size wooden replica of a typical Kashmiri house lies on its side at the fair's entrance, a reminder of the destruction wreaked by floods in the Himalayan state last year.
Kashmiri artist Veer Munshi, who lives in Delhi, took nearly three months to complete the house, and said he would use proceeds from its cost of about 3 million rupees ($48,500) to rehabilitate artists and writers from his native land.
Inside the fair, among an array of paintings, sculpture, video installations and photographs is another wooden exhibit - one inspired by a militant assault on the city of Mumbai in 2008.
Mumbai artist T V Santhosh's installation tilts the city's historic railway station at an angle, with several digital clocks on its walls counting down time in the Mumbai landmark.
Elsewhere, metallic beads take the shape of four men hanging on for dear life on a Mumbai train while an army of giant ants, with their bodies sculpted from motorbike parts, bask under the winter sun.
Like other years, customs duty and red tape threatens to temper the enthusiasm of Western gallery owners attending the fair. "I was told that a lot of the galleries from the United States stopped (coming) because of all the taxes and all the paper work involved," said Clarita Brinkerhoff, whose Florida-based gallery is exhibiting for the first time in India.
Brinkerhoff's metal sculptures of peacocks, India's national bird, studded with Swarovski crystals found favour with the Delhi crowd, with five of her exhibits sold on the first day.
She wants to be back next year, but said she hoped "the process would not be so complicated".
It may be years before New Delhi can hope to match art fairs in Hong Kong or Dubai, but director Kirpal is unperturbed. She describes India as an emerging market in contrast to several art markets that have stagnated.
"The good news is that we are at the beginning of our growth curve for the market," she said. "There's only one way to go."
(Source: Tony Thakaran for Reuters, 30 January 2015)
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