Selling art in the time of a slowing market

The organisers of the second India Art Summit are pulling out all stops to make it a success in the face of growing scepticism.

It’s not unusual that the India Art Summit — only in its second outing, later in August this year — is raising the pitch as it assembles what it, and many others, believe is the only common, consensual platform available to the industry in the country.

That it’s happening at a time when the art market has crashed, when art funds have returned way below aspirations (as in the case of Osian’s, at 10.59 per cent CAGR) or are seeking extensions, and when all prominent shows have been cancelled, or at least postponed, is a cause of at least some concern to its organiser, Hanmer MS&L. “There’s some scepticism,” confesses Managing Director Sunil Gautam, “akin to the stock market situation.”

Actually, it’s a lot more than that. Despite the apparent success of the first edition of the art fair — 10,000 visitors over three days (which in the context of art is akin to a stampede), 550 artworks worth an estimated Rs 20 crore on display, a half of which reportedly sold — the response from the market is proving lukewarm.

Galleries that had participated in the debut summit are pulling out because, as one said, “We only met local collectors, which was not encouraging, and most of the participating galleries were from New Delhi” — where the summit is held — “so we gained nothing of value”. This gallerist, and a few others, say they will sit out this edition of the fair as observers rather than as paid-up participants.

The summit documents suggest that 80 per cent of the exhibiting galleries reported meeting new clients — but galleries allege that while the turnout was impressive, the people “were more art lovers and less clients” — and Gautam says the 2009 summit “has both expanded scope and expanded scale”.

“We made pretty big investments last year” — just under Rs 2 crore, for the record, up to Rs 3 crore this year —, but that’s because, as associate director Neha Kirpal insists, “It’s a platform for the true breadth and depth of Indian art” — from paintings to prints, from sculpture to installations to video galleries, from bookstores to an art arena for art support businesses, from curated projects to daily talks and seminars.

To do it justice — and no one can accuse the India Art Summit for being partisan — the organisers have booked 4,000 sq m of total space (up from 1,400 sq m last year), of which 15,00 sq m will be display space for galleries (800 sq m last year). If last year 34 galleries had participated, each in 18 sq m space, this year the expectation is 50 galleries with a flexibility of booth space ranging from 18-72 sq m. Customisation of booths, “at a huge cost to us” according to Kirpal, is to be undertaken by a Dubai-based company specialising in art fairs.

Stall prices have been set at $395 per sq m, but Kirpal says they’re willing to discount between 10 per cent and 25 per cent depending on the space booked, and to bring in galleries that are important for the summit, such as those in Mumbai, which were mostly absent last year. She says there’s considerable interest in the art fair overseas — last year three international galleries had participated — since “it’s an art fair in India” and not just an Indian art fair.

While Hanmer MS&L is keenly aware of the laggard environment, which Gautam actually refers as “a good time to get really good artists at a good price”, Kirpal is upbeat about the summit. “Even though we’re dealing with an eco-system that doesn’t exist, there’s lots of potential. We want to be part of the cohesive force that helps to build an inclusive infrastructure for Indian art.” Now if only it weren’t for the fence-sitters….