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Indian Contemporary Art on Paper - A Growing Yet Affordable Market (Feb 22, 2007)
During the first half of this decade when prices for Indian contemporary art of oils and acrylic paintings began their astonishing climb, the market for works on paper lanquished behind. However, in the past few years, drawings, watercolors, and gouaches have infused a new buying frenzy, with prices of these genres pushing steadily upward as well.
Despite its continuance as being somewhat of a niche segment of the overall Indian art market, works on paper have recently generated great interest, particluarly among new buyers and younger collectors, allowing them to own a piece by a senior artist whose canvases are beyond their reach financially. To illustrate, in 2006, Bonham’s London held their first ever sale of a solo Indian artist, F. N. Souza, composed entirely of his drawings. Top sales price went to his “Crowned Head” for over $40,000 USD. However, at the medium level, Souza’s paper works sold in the $8,000 to $14,000 range; at the bottom end, pieces could be had from $3,500 to $7,500.
Last fall, Christie’s New York auction featured several works on paper, which proved still affordable for the collector without deep pockets. All twelve Jamini Roy gouache on card/paper sold above estimates, with an average price of nearly $25,000 (range of $9,660 - $66,000), a K. H. Ara untitled nude done in watercolor, ink, and mixed media on paper tripled estimates at $21,600, a Avinash Chandra watercolor and ink on paper sold for $6,000 and an Akbar Padamsee watercolor went for $11,400. An untitled Souza pencil on paper went for $3,600, an M. F. Husain untitled watercolor for $36,000, a Jogen Chowdhury watercolor at $50,400, and a Krishen Khanna ink on paper for $12,000. An Anju Dodiya watercolor fell at $21,600, while her watercolor and charcoal on paper entitled “Pagoda” went for $50,400.
Among other artists whose watercolor works are appreciating nicely according to experts are Shyamal Datta Ray, Ganesh Haloi, Paresh Maity, Amitabha Banerjee, Sanjay Bhattacharjee, and Swaroop Mukherjee. Thematically, the paintings revolve around figurative, abstract, landscapes and cityscapes, with prices of selected works going up 50-100% in the last 1-2 years, depending on the signature and quality.
Another reason for the growing popularity in these mediums is because the technology inherent in art materials has advanced greatly. Artists now work on acid-free paper which retards deterioration and favor water-based paints that resist fading. These developments have pushed up the life of watercolors and other works on paper considerably if they are preserved properly.
The Indian art market is maturing and there is considerable focus on the genre globally. Whether out of necessity or preference, collectors seem to be gradually forgoing oil and acrylic paintings and turning to works on paper as an investment, as a love for artwork of this type, or simply as a less pricy alternative to owning a work by an aclaimed artist.
