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Artist: Unknown Artist

Copal Newsletter - February, 2008

I’m not an abstractionist. I’m not interested in the relationship of colour or form or anything else. I’m interested only in expressing basic human emotions: tragedy, ecstasy, doom, and so on.

::: Mark Rothko :::

In this newsletter:

International Scenario

Many western collectors are favouring art from emerging markets like India, China, Cuba, Russia and Poland.

Christie’s will be holding an auction on 20th March for South Asian Contemporary and Modern Art in New York. Christie’s had a preview of this auction in India in the month of February. Christie’s has been taking interest in Indian art for quite sometime now.

Edited excerpts of International managing Director of Christie Lisa King interview to Mint on 27th February 2008 taken from Livemint.com

Asia focus: Christie’s Lisa King intends to focus on India and China for growth in the next few years.

There’s been a lot of press coverage about how the economy hasn’t really affected art auction prices. Do you think the Indian bourses’ performance will affect bidding?

Again, I don’t think it will because we’ve had the precedent from what’s happened in the rest of the world. I think the other thing is that when there’s a lot of uncertainty in the financial market, art is always seen as a good investment opportunity and as bit of a safe haven.

India and China are compared in almost every sector. How does India’s art market compare with that of China’s?

China and India are our main focuses for growth in the next few years. We’re very keen to invest in both markets. In China, we’ve got some artists who’ve reached fantastic prices, now being sold in major sales in London and New York. What we want to do with Indian artists now is bring them to a level where we should be placing them in our international sales, not only in our contemporary and modern sales, but our major evening sales in London and New York.

Are there areas where India is still catching up, where you think artists and particularly collectors are still lagging behind their peers from other parts of the world?

I don’ think you can say that. We’ve seen a real rise in the profile in Indian art in the last two or three years. There was the world record with the Tyeb Mehta work in September 2005. We have clients investing in Chinese contemporary art who are now looking at Indian contemporary, as it’s reached a level where collectors are seeing Indian contemporary as of interest perhaps in addition to Chinese contemporary and European contemporary.

Indian art has gone global, but most collectors still seem to be of Indian origin. Why do you think their appeal hasn’t broadened?

I think it has. We’ve seen some very good assessors in our Hong Kong sale. NRIs (non-resident Indians) are buying these works of art. What we hope to do is continue to show that and expose more of these works to a wider audience. I think the important thing is to expose it internationally—to take the mature artists and put them on the international level, by taking them out of the Indian category and putting them in the general artist category.

Indian Scenario

Investors are passing through a rough phase with the equity markets being choppy and turbulent. Investment experts have been guiding their clients to look towards the art market for investment and portfolio diversification when the equity markets are volatile. The financial gurus have always taken art to be a new asset class which is they feel is a safe haven and not affected by the volatility in the equity class. Banks are also advising their clients to put their money in art.

The press is repeatedly writing articles on how the effect on the economy has not affected the prices of the art pieces.

Indian Art Scenario

SEBI Regulations Pertaining to Art Funds

This has reference to the Securities and Exchange Board of India (SEBI) circular dated 13th February 2008 where in they have mentioned that all Art Funds operating under the Collective Investment Scheme must register themselves with SEBI under the ‘Collective investment Schemes Regulations, 1999.

We would on this account like to bring to your notice that Copal’s scheme is not a collective investment scheme and therefore we do not require registering ourselves under SEBI’s ‘Collective Investment Scheme Regulations, 1999’.

Copal’s business module is entirely distinct from art funds. Copal has an existing art bank from which the collectors buy artworks. Our Customers do not get units but they get physical possession of paintings or sculptures.

We have already written to SEBI on this account vide our letter dated May 9th, 2007.

We have also obtained a legal opinion on this front from the Company’s lawyers M/s S. Jalan & Company.

Auctions

Osian's Auction

Osian held an auction on 23rd January 2008. Both Abnindranath and Rabindranath Tagore paintings achieved new highs by fetching Rs 48 lakhs and Rs 33 lakhs respectively.

The Bengal school section did well with artists such as Sanat Chatterjee, Ganesh Pyne, Bikash Bhattacharjee, Ganesh Haloi, Shyamala Dutta Ray and Jaya Ganguly all got good values for their works.

Emami Chisel Art Auction

BROKE WORLD RECORDS BY SELLING 91% OF THE TOTAL ARTWORKS (FIRST AUCTION)

Emami, a new auction house the first in the Eastern Region, broke all world records by selling 91% of the total artworks. This type of sale in any auction is absolutely unheard of - Shows the potential of the art market in India.

Emami’s first art auction for Indian Modern and Contemporary Art was held on 23rd February 2008. It recorded sales of Rs 24 crores and saw over 200 art lover and aficionados. ‘Tribute of Hashmi’ created a record for being the first Hussain to cross the $1 million mark at an auction.

Other highlights of the evening include Tyed Mehta’s ‘Kali III’ which fetched Rs 4.4 crore and J Swaminathan’s ‘Bird & Mountain’ which fetched almost Rs 2 crore.

Overall, 91 per cent of art pieces from 70 artists were sold. The response to new talents being auction-listed for the very first time, saw bidders buying works from these.

Bids came in from all over the world and three bids were won by bidders from Italy, Mauritius and USA.

Forthcoming Auctions

Bid and Hammer Auction

An auction for modern & contemporary Indian paintings to be held by Bid & Hammer on 6th June 2008 at Bangalore. Their first auction took place in January 2008.

Two new auction houses have come up in the country namely Triveda Auction House in New Delhi and AstaGuru an online auction house. Triveda had its auction on 27th February, 2008. AstaGuru had its online auction on Feb 21-22, 2008. With the coming of new auction houses the number of auctions in India is moving up. All these developments are taking place due to the increased demand for the new asset class.

Saffron Spring Online Auction

Saffron is having its spring online auction on 12-13th March 2008 for Indian Contemporary Art.

Osian's Auction

Osian is having an auction for Indian Modern & Contemporary Art on March 18, 2008.

Copal’s Comments – The number of auctions taking place in India and the number of auction houses coming up has increased due to the increasing potential in the art segment.

Analysis of Osian's Auction Results

Achievements of Copal Recommended Artists

 

OSIANS INDIAN MODERN & CONTEMPORARY ART (AUCTION RESULTS) – 19th January ‘08

40% of the total lots sold were artists recommended by Copal

Copal recommended artists from Bengal school crossed their set benchmarks.

10% of the artists achieved new highs.

Introduction of 4 new artists-New artists are finding place in auction houses.

 

Results of Copal Recommended Artists

Lot No. Title Artist Size & Medium Marked price HP + BP Price/sq. in.
14 The Kajri Dance Abanindranath Tagore** Watercolour and wash heightened with gold on paper , c.1914; 10.6 x 7.5 in (27.0 x 19.0 cm) INR 2,000,000 – 2,500,000 4,800,000 60,378
15 Brother Frog, Brother Mosquito Abanindranath Tagore** Watercolour and wash on paper, 1952, 11.9 x 8.1 in (30.3 x 20.5 cm) INR 1,200,000 – 1,500,000 805,000 8,352
17 Les Miserables Gaganendranath Tagore** Wash and ink on paper , late 1910s; 9.4 x 4.1 in (24.0 x 10.5 cm) INR 640,000 – 800,000 747,500 19,396
18 Mother & Child Gaganendranath Tagore** Watercolour on paper pasted on cardboard, late 1910s; 4.9 x 3.9 in (12.5 x 9.8 cm) INR 640,000 – 800,000 690,000 36,107
19 Stormy Landscape Gaganendranath Tagore** Wash on paper, early 1920s; 6.9 x 9.7 in (17.5 x 24.6 cm) INR 640,000 – 800,000 632,500 9,451
20 Mountainscape Gaganendranath Tagore** Watercolour on paper, 1928; 5.9 x 7.5 in (15.0 x 19.0 cm) INR 520,000 – 650,000 576,000 13,017
23 Cactus Jamini Roy** Gouache on textured board, late 1930s; 12.7 x 9.1 in (32.3 x 23.0 cm) INR 700,000 – 800,000 776,250 6,717
24 Maidens Jamini Roy** Tempera on cardboard, late 1930s; 14.2 x 9.6 in (36.0 x 24.5 cm) INR 800,000 – 1,000,000 690,000 50,617
25 Untitled Rabindranath Tagore** Pen and ink Visva Bharti letterhead paper, mid 1930s; 8.7 x 7.3 in (22.0 x 18.5 cm) INR 640,000 – 800,000 718,750 11,318
32 Face Rabindranath Tagore** Mixed media on paper, mid 1930s; 13.5 x 9.5 in (34.2 x 24.1 cm) INR 2,800,000 – 3,500,000 3,335,000 26,004
86 Reflections Ganesh Haloi Oil on canvas, c.1976; 32.3 x 54.0 in (82.0 x 137.2 cm) INR 2,400,000 -3,000,000 2,880,000 1,652
89 Fossil Man Ganesh Pyne Ink on paper,, 1964; 6.7 x 8.7 in (17.0 x 22.0 cm) INR 600,000 - 750,000 1,800,000 30,881
90 Woman Smelling a Flower Ganesh Pyne Tempera on canvas, 1977; 21.3 x 27.2 in (54.0 x 69.0 cm) INR 7,000,000 -8,750,000 9,000,000 15,535
133 The Prince Ganesh Pyne S/d in Bengali ‘Ganesh Pyne 75’ , 1975; 16.5 x 14.6 in (42.0 x 37.0 cm) INR 4,000,000 – 6,000,000 5,280,000 21,918
164 The Cat Subodh Gupta Acrylic on canvas, 1990; 33.1 x 20.5 in (84.0 x 52.0 cm) INR 800,000 – 1,000,000 912,000 1,345

 

*Copal has been strongly recommending the Bengal School artists every month through its monthly Newsletters.

**National Heritage artists will appreciate immensely is one of our very initial predictions. This is proving right, time and again, in every auction.

Developments at Copal

MR. ASHOK VAJPEYI APPOINTED CHAIRMAN – LALIT KALA AKADEMI

 Mr. Ashok Vajpeyi, Chairman – Copal Art Promotion Board has been appointed by the President of India as Chairman – Lalit Kala Akademi.

Lalit Kala Akademi is a National agency that emerged as the principal establishment of culture that focuses its activities in the field of visual arts such as Paintings, Sculpture, Graphics, Photography, Ceramics and other arts allied to the field of fine arts. The adakemi is an autonomous organisation fully funded by the Ministry of Tourism ad Culture, Government of India.

Copal Events

SYED HAIDER RAZA’S 86TH BIRTHDAY

To celebrate the birthday of SAYED HAIDER RAZA an evening of poetry had been arranged by Copal, at India International Centre Annexe, New Delhi on 22nd Feb ’08 at 5.30 pm. Major Hindi and English poets namely Kunwar Narayan, Keki N. Daruwala, Kedarnath Singh, Kamalesh and Ashok Vajpeyi read their poems in the inspiring presence of Raza.

News of Copal Recommended Artists

Artist Siraj Saxena held a solo exhibition at the Anant Gallery at Kolkata from 6th February 2008.

Group show Hukumlal Verma at Lalit Kala Academy, New Delhi from 2nd February

Group show Siraj Saxena at Palm Court Gallery, India Habitat Centre from 2nd February 2008.

Siraj Saxena, Hukumlal Verma, Mohan Malviya and Hemant Rao participated at a group show at Dhoomimal Art Gallery, New Delhi on 9th February 2008

Group show Hukumlal Verma at Lalit Kala Academy, New Delhi on 2nd February 2008

Artist Siraj Saxena is having a Solo Show in Kolkata at Anant Art Gallery. This is his 3rd Solo Show in last 6 months (Bangalore, Indore, Kolkata). Apart from this in the last 6 months, he has had number of group shows. The artist is now working on a series on Musli Paper which will definitely take this artist to new heights.

Dhaneshwar Shah’s paintings will be previewed among works of other emerging artists at a show held by Anju & Baba Sehgal, on 6th March 2008 at Water Front, Taj Residency, Ernakulam, Kerala. The show will be held from 6th to 9th March at the same venue. He also participated in a group show in Chennai which was held from 22nd to 25th February 2008.

Syed Haider Raza appreciated and admired the works of upcoming artist Kuldip Singh (highly recommended by Copal also). He commented that the works of the artist were excellent.

Research Analysis

Given below are the results of the research work carried out by Copal, which we would like to share with our collectors, a step that has never been taken by any art company before. No Company has ever gone ahead to share its research work with its clients.

KISHOR SHINDE – The artist works are liked by most of the new breed of collectors as they are colourful and easy to understand.  As suggested by Copal, the future of the art market is in the hands of this new breed of collectors and they are responsible for driving up the art market.  The demand for Kishor Shinde is growing at a fast pace.  Collectors grab his works from every available source like shows, auctions and other secondary sources. In the past 18 months his price has shot up from a level of Rs 10,000 to Rs 63,000 (as shown in the auction conducted by Saffron Art).  The artist features regularly in auctions and all his paintings get sold. 

A leading gallery from UK is holding a solo show for him jointly with Saffron Art, this year. The show has been postponed for the last so many months due to the non-availability of works from the artist. The artist’s works are powerful and easy to understand. Three artworks of his will be up for bidding in Saffron’s forthcoming auction, in March. Prices of artists in the same league are around Rs 2,50,000 to Rs 3,00,000 per sq. ft. This leaves a lot of scope for further growth as he is still much undervalued.

JYOTI SWAROOP – is a senior artist and produces very few works. His works are very potent compared to masters whose works are selling above a crore.  Lalit kala Akademi, Rajasthan has compiled a book on him. The artist has featured in Osian’s auctions a number of times. His collectors are not willing to part with his works at any cost since they like his work. His works are very rarely found in the galleries. It is a rumoured that a leading gallery of India is cornering his works. Recently a gallery in Jaipur namely ‘Samanvi Art Gallery’ sold one of his works at the rate of Rs 1,29,240 per sq. ft. exclusive of taxes.  Another work of his is being offered at Rs 1,20,000 exclusive of taxes. His works are rapidly disappearing from the market. The artist is bound to attract the attention of the auction houses in the near future. The quality of his work is good. Artists in his league are commanding prices which are 6-7 times higher than him. We expect his rate to double from the existing levels next in 2009.

India Today Features Dhaneshwar Shah

India Today dated 18th February 2008 features Copal’s strongly recommended upcoming artist 28 year old Dhahneshwar Shah. He is being recognised by collectors and renowned art critics as a major new artistic presence. He is the recipient of many awards. He is presently participating in many international shows. There are on the agenda shows in August in Italy, one in Singapore and towards the end of the year one in New York.

India Today Features Dhaneshwar Shah

Copal’s efforts appreciated

We are attaching herewith an appreciation letter received from Shri Shyamanand Jalan for our organisation.

Shri Shyamanand Jalan is a theatre stalwart and has been involved with television, cinema and play. He has been directly associated with numerous art, industrial and legal organizations. Shyamanand Jalan attained the degree of B.Com. LL. B to be the Attorney-at Law. Shri Jalan has been the Senior Partner of M/s S. Jalan & Company with offices in Kokata and Delhi. He has been the Vice Chairman at Sangeet Natya Akademi as well as the Chairman at Kathak Kendra. Shri Jalan continues with steadfast leadership as an art organizer.

Copal's efforts appreciated

Copal Bet

Copal is betting on upcoming artist Veer Munshi. We very strongly recommend Veer Munshi to all collectors who have been time and again been requesting us to guide them.

 

 

AJAY SETH
CHIEF MENTOR