Rs 900 crore for a painting - or three

Whoever thought the art market crash had brought it to its knees must be scratching their heads at the phenomenal $142 million that Francis Bacon's painting (or "paintings" - since it is, in effect, three "studies" of Lucian Freud) fetched at the post-war sale of contemporary art in New York last week. That's Rs 900 crore, give or take a few, for a few lengths of canvas, some paint, and an artist's creativity. Will it be insured for as much? How do economists explain the value of something so ephemeral? Is it, in fact, "obscene" for a property with no physical property to have a price that can only be explained as unjustifiable?

To put it in perspective, Rs 900 crore is what private equity group Blackstone is spending to buy out the 25-floor, Joseph Allen Stein-designed Express Towers in Nariman Point, Mumbai. It is equivalent to the loss suffered by Kerala in a shutdown to protest against the Kasturirangan panel for the conservation of the Western Ghats.  That is the sum the Brihanmumbai Muncipal Corporation is owed by private and government organisations by way of water dues, the sum TataSky hopes to invest in 2014 to strengthen its subscriber base by a further 30 per cent. Air India's Dreamliners have been acquired for considerably less than the cost of Bacon's triptych.

It has always puzzled many - the art fraternity included - why some works have prices that in a "normal" world are inexplicable. While it is true that a few paintings by any artist are considered superior for their quality, therefore higher priced, and that rarity might contribute to their escalated value, Rs 900 crore-plus does seem extraordinary by any standard. It is the more astonishing because the winning bid went to someone who competed for the triptych against at least five other bidders. That so many people were bidding "fiercely", according to a spokesperson, legitimises the tiny niche in which the rich are getting wealthier and whether for reasons of creating a heritage, or simply as a matter of ego, do not mind spending part of those gains on amassing culture.

In a sense, this is what monarchs did till a few decades ago. Beyond a point, the rich seem to have little to spend on. In an era of masstige, brands are no longer bespoke. When the business jets and luxury yachts have been acquired, the distinguishing stamp that marks the career billionaire is something that needs to be both distinctive and rare. The gemstone with a unique history, antiquities and works of art become such differentiators.

The Francis Bacon painting created such a stir that many missed the high prices and records that the Christie's auction created for, among others, Jeff Koon's Balloon Dog ($58.4 million), and Andy Warhol's oversized graphic of a Coca-Cola bottle ($57.3 million) that pushed up the prices for contemporary art. Just last year, Edvard Munch's The Scream had sold for $120 million.

Where does this leave Indian art, still considered by many to be in its infancy with a record of a "mere" Rs 16.5 crore for S. H. Raza's Saurashtra. Tyeb Mehta, who had set the cat among the pigeons with India's ceiling-breaking $1 million for his Celebration triptych is often described as "India's Francis Bacon". The Indian art market has been going through a rough patch in recent years, despite high prices for some "masters", but the scene is set for Christie's first-ever commercial auction on December 19 in Mumbai when expectations are that new records might be set on Indian soil. If Christie's manages that, chances that Indian art, artists and collectors will go the Chinese way may finally come true - to the hopes (and fears) of many.

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