The price of an artist's work evolves over time. It really comes into its own after an artist has lived and worked for a number of years. The market demands three things of him: a significance in the art tradition of a country or the world; a sufficient body of work; and an originality that visibly marks out the work of a particular artist from the others.An artist with recognition, but not one of the top rank, ranges from Rs 50 to Rs 90 per sq. cm. This would include artists like Ram Kinkar Baij, K K Hebbar, Jamini Roy, Gaganendranath Tagore, V S Gaitonde, F N Souza, Tyeb Mehta, Manjit Bawa, Bhupen Khakhar, K G Subramanian and S H Raza, to name a few.
The first-rankers fetch Rs 90 per cm and above. In this group we find the founders of the Bengal School like Nandalal Bose and Abanindranath Tagore; the poet laureate of India, Rabindranath Tagore; the best known of the Bombay Group, M F Husain; and cult figures like Ganesh Pyne and Anjolie Ela Menon.
It is evident that to reach this first rank, anartist has to catch the imagination of art lovers and enter a slot by himself or herself. Mere gimmickry never allows an artist to enter this space. Originality is something without which even a beginning cannot be made. If there is even a faint doubt of being derivative, the border between the artists of the first rank and those with a broad recognition is impossible to cross.
This, of course, does not mean that individual works of artists may not sell above or below the averages we have computed above. Often a subjective element comes into the buying or selling of a particular work. Temporary trends, superficial popularity as a result of a particular work can raise the price beyond this average, but it is neither a reliable measure nor an enduring one.
For our purpose, a promising young artist or an emerging force in the market should at least command a price between Rs 12 to Rs 40 per sq. cm. An artist who has arrived, from Rs 50 to Rs 90 per sq cm, while the masters sell at different prices above Rs90.
Another factor that needs to be noted is that work in different media sell at different prices. A drawing in charcoal, pastels or water-colours will naturally sell at a lower price than, say, a tempera or oils on canvas. Sculptures too, sell at a lower price than a canvas. This has to do with the taste in art in a particular market and nothing more than that.
Similarly, smaller works often get a higher average price per sq. cm than large works, perhaps because not everyone has the space to hang them. So the competition for smaller works is greater. Also, the total outlay may be considerably less than the per sq cm. reckoning. This allows a much wider section to invest in. That then leads to a rise in the price as a result of much broader demand for smaller works than for larger ones. Also, the buyer has a better deal with larger works, as the artist may not have the space to store them, and as a result, prices them relatively lower. But these are mere aberrations of the art market. The actuals arevery different.
The hype has nothing to do with reality. If the HEART foundation auction was much hyped, it netted only Rs 4 lakh for the organisation.
Already the Art Konsult has netted the WWF some Rs 8 lakh and more works are likely to be sold from the WWF premises at Lodi Road, New Delhi. And it was a relatively low key but sound affair from the results we have at hand. So the art investor must not be led astray by the hype. He has to watch out for the quiet undercurrents.
The figures tell us an interesting story. The art of the National Movement still holds centre-stage. It is folk oriented, reflecting different regional traditions which have a lot to do with agriculture but little with religion. The Bengal School artists still are in the first rank, just as the Bombay Group dominates the second. The third is the open playing field of artists from every region that are original. This rule of thumb is a good basis for the investor to work on.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
