One step forward, two steps back

In what is being widely reported as rollback season, indications from the critical March auctions are pointing to a disenchantment with the modern masters — either that, or like Mamata Banerjee, the aam aadmi wants better rationalisation of prices. Two back-to-back auctions in New York this week served up some surprising results, not least of which was Sotheby’s inability to find a buyer for its much-touted work by S H Raza, Village With Church, significant for being part of the John D Rockefeller collection.

Raza was meant to be this season’s biggie with an estimate between Rs 7.6-12.7 crore. Given its provenance, the auctioneers might have hoped to break the current Raza record for the most expensive Indian painting at Rs 16.5 crore; instead, the total value of the Sotheby’s sale added up to just Rs 10 crore, of which Raza’s Jalashaya commanded Rs 1.2 crore, M F Husain’s Untitled portrait of a scientist fetched the same amount, J Swaminathan almost made the Rs 1 crore club, and F N Souza’s Untitled (Still Life) stayed shy of it at Rs 93 lakh.

Christie’s bested Sotheby’s inventory with a Rs 40 crore sale, but here there were no surprises, though Tyeb Mehta’s strong streak at least continued with his Untitled (Figures With Bull Head) fetching Rs 8.9 crore (last year’s and his career best being Rs 14.4 crore), Raza going for Rs 2.1 crore, Souza for Rs 1.5 crore, and Husain for a mere Rs 80 lakh. Even Subodh Gupta barely scraped past the Rs 1 crore mark, so the dark horse of the auction — and the season — might well turn out to be Akbar Padamsee, whose Cityscape turned in a record for the artist at an astounding Rs 6.6 crore. Another work by him at the same auction, Mirror Image, too did well at Rs 2.1 crore.

While this points to prices for moderns retaining their vigour, bidders are clearly exercising caution and blanching before strong estimates. For now, no new trends have emerged, but then the March auctions are far from over. On Friday evening — too late for results to be included here — Osian’s auction of Bombay & Baroda artists included a more comprehensive line-up from pre-independence to more recent times. In spite of that, the giddy focus remained on the Progressive and associated moderns, with the highest estimates for Raza, Souza, Husain and Tyeb Mehta. What appeared strong were two nude canvases by K H Ara, both with estimates between Rs 35-56 lakh which could well establish that, or higher, as a record for this still undervalued artist.

Osian’s other focus was on works by N S Bendre, Gieve Patel, Bhupen Khakhar, K G Subramanyan, Krishen Khanna and Rekha Rodwittiya, but inexplicably weak on current favourite Akbar Padamsee. It is a vacuum that Saffronart has made good with two heads and one superlative abstract landscape which has an estimate of Rs 90 lakh-1.2 crore, all works in oil on canvas. Saffronart’s auction on March 28-29 will indicate whether Padamsee’s record at Christie’s was an aberration or part of an emerging trend, but as for the rest, the usual suspects have been lined up, from Husain’s horses (Rs 1.5-2.5 crore) to Raza (highest estimate Rs 1.5-2.5 crore) and Souza (Rs 88 lakh-1.17 crore), as well as its own favourites Arpita Singh, Ram Kumar and Krishen Khanna. Whether its attempt to bring the contemporaries back with Bharti Kher, Rashid Rana, Jagannath Panda, and Thukral & Tagra will pay dividends, or whether the new market will be served by a decorative Thota Vaikuntam, could provide a pointer to the mood of collectors in the new fisc.

 

Kishore Singh is a Delhi-based writer and art critic. These views are personal and do not reflect those of the organisation with which he is associated