The Arts

Progressives Score Big as Indian Art Auction Beats the Pandemic Blues

Tyeb Mehta's work draws the highest bid as stay at home buyers boost sales.

Tyeb Mehta’s figures continue falling, M.F.Husain’s horses prance, F.N.Souza’s faces grimace and S.H.Raza’s Bindus sit squarely in their boxes. The dominance of such works by these highly respected members of Bombay’s mid-late 20th century Progressives Group, with their recognisable brands, has grown during the COVID-19 pandemic as auction houses have sought the safety of focussing on the top selling known names.

Christie's Top Lot 29 Tyeb Falling Figure

Tyeb Mehta’s Unitled falling figure that led the Christie’s sale at a hammer price of $800,000.

The Progressives accounted for all but one of the 13 highest prices achieved in the latest of the summer auctions staged by Christie’s on line from New York that closed on July 22 with $4.83m total sales(including buyer’s premium).

As many as 30 out of the 64 lots in the catalogue were from the Progressives compared with just 18 out of 75 in the same auction a year ago.

Also read: At First Sotheby’s Mumbai Auction, Tyeb Mehta’s Painting Sold for Rs 20.49 Crore

Such caution seems not to have been necessary because on line sales of South Asian art have been buoyant since the shutdown began in March. The pandemic has not made potential buyers shrink from spending their money, and instead seems to have made them more interested in doing so, providing estimates and reserve prices are kept within reach.

“People are sitting at home, so they are engaged,” says Dinesh Vazirani, who founded Mumbai-based Saffronart with his wife 20 years ago as an on-line auction house. “They are looking at being at home long-term so their homes are becoming more important, and they are realising that art is a long term asset.”

AstaG Lot 40 Husain, Untitled (Horses) circa 1990, Winning Bid - INR 1,64,38,507. Image couresty of AstaGuru.

M.F.Husain’s Untitled horses sold in the AstaGuru auction for $225,185 hammer price.

The Progressives also accounted for the eight highest hammer prices totalling $3.54m in the season’s top auction run on-line by Mumbai-based Asta Guru.

That was half the total of $7.04m achieved in the auction, where a similar proportion of the total 50 lots were from the group, roughly in line with the same auction in March last year.

They have also dominated other sales, with Saffronart, the market leader, devoting a two-day auction earlier this month to ten of Raza’s lower priced works with sales of $451,557. In its summer auction last month , the top five works were by Progressives and sales totalled $2.73m, though with only 71% of the lots selling.

Saffronart has been staging weekly and other smaller and varied auctions, including REDiscovery “art and collectibles” that closed yesterday (July 23). Sales totalled $355,661, with good prices for the art, including a G. Ravinder Reddy work (see below).

Christie's Lot_41__Souza_Frightened_Head_

F.N.Souza’s Frightened Head was among the top Christie’s lots at a hammer price of $200,000.

Vazirani says these auctions bring in new buyers and have helped to build the firm’s total of $10m sales (including some done privately) since the shutdown began in March.

Siddhanth Shetty, part of the family that runs AstaGuru, says that a third of the lots in its auction went to new buyers at a time when people were “looking for a hedge against traditional [stock] markets”.

Also read: Indian Art Touches New Records in Prices and Sales in Auctions

The overall result is that South Asian auctions are as strong as they have been in recent years. This is not a repeat of the sharply escalating boom of the early 2000s, but there are continuing solid sales with the “tried and tested” Progressives, as Vazirani puts it, providing the lead.

The Christie’s auction, which closed on July 22, was its first purely online sale for South Asian art and the catalogue was only slightly smaller (by about ten lots) than its usual sales. It sold 56 out of 64 lots and the total hammer price was 13% above the lowest estimate, which was a satisfactory but not astounding result. Nishad Avari, who ran the auction, says that the results showed the switch to an on-line format had not been significant.

AstaG Lot 46 - S H Raza, Panch - Tatva, 1997, Winning Bid - INR 1,81,12,500. Image courtesy of AstaGuru

S.H.Raza’s Panch-Tatva that sold for a hammer price of $248,116 in the AstaGuru auction.

The top lot was Tyeb Mehta’s Falling Figure (above), a 59x49in oil on canvas painted in 1965 with a rather more blurred image than others in his series. It was being auctioned for the first time, which is always a draw, but bidding failed to reach the top estimate of $900,000 – it sold for a hammer price of $800,000 ($975,000 including buyers’ premium).

The big surprise was that an attractive and unusual Tyeb reclining nude, which was one of the highlights, failed to sell (photo below). The bidding stopped at $220,000 compared with an estimate of $250,000-$350,000. An oil on board measuring 24x36in, it was smaller than most of Mehta’s works that come to auction.

Sfrnart G R Reddy_HighRes

G. Ravinder Reddy’s painted polyester resin on fibreglass works are always popular in auctions – made in 2008 and 18.5in high, this sold for $66,811, beating the top estimate, in the Saffronart REDiscovery auction.

Christie’s prices fell away sharply after the leading Mehta work. The next highest prices were for Woman at Work, a striking 20x20in oil on canvas by Husain that fetched $300,000 (including premium), well above a top estimate of $180,000, and Frightened Head, a typical Souza 30x20in oil on board (above) that went for $250,000, matching the top estimate.

AstaGuru, which beat all the other auction houses with a $12.7m sale in 2018, had more success with its top sales – six sold at hammer prices above $390,000 led by Landscape, an early 36x23in oil on canvas by Akbar Padamsee, which sold for $589,504 (plus 15% premium). That was followed by one of Raza’s Bindus at $569,999 and a striking Souza, Yellow Buildings, at $538,874.

The next big tests of the market will come in September when Sotheby’s, which first beat the Covid gloom in March with a $4.82m auction, has a live auction in London as well as an “affordables” on line sale.

Also read: Demonetisation-Generated Worries Curb Bids at Christie’s Auction

Saffronart has an auction room-based on-line auction in Mumbai, and Christie’s has an on line auction of the deBoer collection (postponed from March). There is also to be an auction by Mumbai-based Pundole.

It seems that there is no shortage of buyers, providing the auction houses can continue to provide works that meet the demand with attractive estimates. That, however, is becoming more difficult as top works move into private collections and museums, making sourcing increasingly difficult.

This article was originally published on Riding the Elephant.