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Artist: Hukumlal Verma |
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Dear friend,
Greetings from Copal!
This is to inform you that Mr. Dhaneshwar Shah’s show in the coming September in Singapore is being priced at Rs. 15,000 (for a 12/12 inch painting).
It is therefore evident that Copal allocates his art works to our collectors at Rs. 12,000 per sq. feet, which is comparatively lesser than the market value.
We recommend Dhaneshwar, being the artist of the future, and his paintings commanding even higher values, in a sooner time from now.
Moreover, we feel delighted to announce that Dhaneshwar is the Copal Artist of the month and we shall be sending you a Research Report discussing his journey & achievements.
Art is the concrete representation of our most subtle feelings.
Best Regards,
Copal Research Team
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Copal Newsletter - July, 2009
QUOTE
A GEM, A MAESTRO AND INDIA’S FINEST - TYEB MEHTA
India’s reclusive genius, Tyeb Mehta, passed away on June 30th due to a heart attack. Copal’s newsletter was under print when the unfortunate tragedy took place. He was an exceptionally good painter, a brilliant filmmaker and an acknowledged master of Indian Modernism. He was honoured with Padamabhushan award for his immense contribution to art. His has several record breaking sales to his name-in 2002 ,his painting Celebration sold for Rs 15 mn, at that time, the highest-ever price paid for an Indian painting ;in 2005, Gestures sold for Rs 31 mn. But the eye raising moment occurred when Mehta’s canvas Kali fetched Rs. 10 mn in 2005.Mahishasura won the distinction of being the first contemporary Indian art work to fetch 7 cr. at a Christie’s auction in 2005.
Tyeb ji was a man of great integrity. He was quiet and dignified rooted in a compassion for all, having transversed a long and painful life in many ways. Poor health was one of the destiny’s more underhand blows, given that it was only in the winter of his days that Tyeb’s work was given the financial recompense that is the due of all good art.
His silence was his greatest strength .He displayed all his emotions into his works. And they shone. Copal salutes the master’s unfailing nobility of his life and art, and his contribution to culture.
May his soul rest in peace.
In Art, you have to go on for a long time before you can say I have done something …. Tyeb Mehta
ANOTHER MILESTONE FOR INDIAN ART
Indian artists like M.F. Hussian , F.N. Souza , Jogen Chowdhury have touched figures like Rs. 3 cr ,2.5 cr +,2 cr+ . In a recent auction at Christie’s, Indian Paintings have fetched Rs. 20 cr in all. Indian art industry is comparatively less likely to face downturn, as recent auction of Indian Paintings at Christie’s, Sotheby’s and Saffronart have showcased record breaking sales. An untapped market exists for Indian Art, even in the International spectrum.
No doubt, Indian Art market is yet to witness more such head turning events in near future.
The upcoming 2nd Art Summit 2009, to be held at New Delhi’s Pragati Maidan between August 19 and August 22, is an important art event to look forward to. After a successful Art Fair of Indian Contemporary Art in 2008, where 34 galleries from India and abroad took part, the Art Summit’s second edition is being held on a grander scale and promises to be a world-class art event. The highlights would be :
· The Sculpture Park
· The Purple Wall Project
- Video Lounge
RECENT AUCTIONS RESULTS
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CHRISTIES |
SAFFRON ART |
SOTHEBY |
OSIAN |
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10th June London |
10th June Online |
16th June London |
30th June Mumbai |
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HIGHEST PRICED (Rs.) |
31,780,000 |
15,000,000 |
32,260,000 |
31,200,000 |
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ARTIST |
M.F Husain |
V.S Gaitonde |
F.N Souza |
V.S Gaitonde |
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2ND HIGHEST PRICE (Rs.) |
14,020,000 |
9,458,750 |
29,860,000 |
18,000,000 |
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ARTIST (2ND HIGHEST PRICE) |
Rashid Rana |
Subodh Gupta |
Jogen Chowdhury |
V.S Gaitonde |
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HIGHEST PRICE/SQ FEET (Rs.) |
2,438,400 |
4,071,210 |
1,306,720 |
6,936,663 |
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ARTIST |
Ram Kumar |
Ganesh Pyne |
M.F. Husain |
Ganesh Pyne |
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2ND HIGHEST PRICE /SQ FEET (Rs.) |
1,847,600 |
2,078,431 |
1,136,240 |
3,415,019 |
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ARTIST |
Akbar Padamsee |
M .F. Hussain |
M.F. Husain |
Ganesh Pyne |
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NO. OF ARTIST WHOSE |
36 |
44 |
23 + 22 Unknown |
23 |
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NO. OF COPAL |
14 |
18 |
12 |
17 |
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NO. OF ARTISTS RECOMMENDED BY COPAL (WHOSE PAINTINGS SOLD) |
14 |
15 |
10 |
13 |
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NO. OF PAINTINGS SOLD BY |
45 |
28 |
25 |
16 |
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PERFORMANCE OF COPAL RECOMMENDED ARTISTS
Ø In the Auctions, out of the t artists whose paintings were sold, following were key Copal Recommended artists :
S.H. Raza, Ram Kumar, V.S. Gaitonde, Ganesh Pyne, Atul Dodiya, Baiju Parthan, Jamini Roy.
Ø Out of 6 artists whose selling rate in the Osian auction has been 100%, 4 of them were Copal recommended artists (Gaitonde, Pyne, Baiju Parthan).
Ø V.S. Gaitonde, another Copal recommended artist was the artist price fetcher in both Osian and SaffronArt auctions.
Ø S.H. Raza- The most popular artist of the Christies auction, featuring with 11 sold paintings, i.e. around 15% of the total paintings sold. Majority of his works were sold at prices exceeding the upper estimates.
Copal bespeaks the fact that Copal recommended artists are not facing the heat of recession, for that matter, even the Indian Art Industry is less affected by the economic downturn. The interpretation of the indices evidences the positive trend in the Art market and this registers the Copal statement that “Masters are undervalued”, therefore, demand for their artworks is shooting, which is exactly what Copal has been recommending.
ART GYAN
In 1962 ,Leonardo DaVinci's Mona Lisa was valued at $100 million. Who knows what it would be worth today.!
NO LONGER JUST A COMMODITY
Contemporary Indian art is thriving in a global market that is otherwise gloomy
Hindustan Times, New Delhi dated June 09
Over the years,Indian art sales have become celebrated, lucrative events.last year was the litmus t5est for durability of Indian art-amidst declining economic conditions, Christies June sale generated Rs 43 crore. At sotheby’s Indian art sale on june 16, Jogen chowdhury’s evocative ‘day Dreaming’was sold for 2.9 cr and Ram kumar’s ‘Benares’ for 1.04 cr.
Copal comments: The encouraging figures endorse Copal’s view point that Art is a must in one’s portfolio as a risk free collection. It is evident that the horizons are widening for Indian art Internationally not only in the auctions, but also at the museum level, as the British museums display royal paintings of Jodhpur.
Needless to say, that the understanding and visibility of art at International level is far beyond compared to India, but the essence of Art would always be the same- magnificent.
DEMAND FOR AFFORDABLE ART PICKING UP
Financial Times 7th June 09
Over the years ,as the popularity of fine art as an investment and a status symbol grew, so did a parallel industry that has been feeding off on producing art work for the masses.reproduction of masterpieces or of art works of well –known artists,mixed media and three dimensional art ,pretty paintings,assemblages and murals are some popular forms of art.
Copal Comments: these then offer a steady source of income for artists who have the necessary skill and an eye for design. Housewives, graphic designers and hobby painters are just a few people from a variety of streams to explore this option.
ART FOR OFFICE SPACES
Financial Times 31st May 09
While there are no rules for choosing art, it makes sense to buy something that is also a good investment.
It goes without saying that every office space needs to create an ambience in line with its business image and the focus is on creating a visually rich ambience and at the same time, investing wisely in art.
Copal comments :this way, not only corporate would build a visual gain but it is also a way to promote young undervalued talent.
COPAL’S VISIT TO VENICE BIENNALE
7th June 09
The great art biennale is the world’s greatest platform for contemporary art. Held every alternate year for the last 106 years, it is influential and impartial; and the art work was extraordinary. This year, the biennale did not disappoint.
Indian artists who featured- Nikhil chopra,Anju Dodiya,Sunil Gawde, Sheela Gowda and Tibetan artist Gonkar Gyatso.
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AN INDIAN SUMMER OF HOPE |
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Kishore Singh / New Delhi May 24, 2009, 0:20 IST (Business-Standard.com) |
June was expected to sizzle not just because of the heat in India, but because the focus once again will turn to Indian art as it attempts to claw back from a value bloodbath that has all but crippled its bull run in auctions around the world. Expectations are muted, with a lot of hope riding on recovery by the time the winter auctions come around. Art fraternity hopes that the International recognition would come sooner: June would was a bonus.
ART AS A PRIZED POSSESION
Financial Times 21st June 09
Art has emerged as a prized asset to be owned and flaunted .as one goes up the social ladder, the status is reflected by the choice of art. An artwork can define a space completely, and if it is a known and an established artist’s, it becomes more than a conversational piece.
Most people who begin collecting art and have the liquidity to support their high end preferences , tend to buy works from the old masters.
AUCTIONS INDICATE UPTREND IN ART MARKET
Financial Times 21st June 09
The sales recorded at a few auctions recently, hold promise of better times for the art market.
Several auctions of the domestic art held in the last few days indicate that there is a perceptible change in the scenario now. The mood is upbeat and the sales indicate that there is a definite demand for rare and quality works.
Even though, a liquidity crisis has emerged, art market comparitively displays more confidence in terms of returns and value.
ACTIVITIES
Copal Dialogues
Looking at Art Series X
Copal conducted the monthly art education program ‘Looking at Art’ Series X on 14th May 2009 at India International Centre Annexe, New Delhi. The renowned art-critic Sadanand Menon spoke on Bhupen Khakar’s painting ‘A Old Man from Vasad who had Five Penises Suffered from Runny Nose’. The eminent poet-critic Shri
COPAL ART FOUNDATION
Copal art is its name to Copal Art Foundation, which will include promotion of Indian Culture,performing arts, literature etc.
This unique series draws a large and responsive audience who are able to hear and feel different ways of looking and appreciating contemporary Indian art.
COPAL’S RECOMMENDED ARTISTS – ACHIEVEMENTS
Allocation rates for Artist Badri Narayan were hiked with effect from 16th September 2008 to Rs 5 lacs per sq. ft. by Copal is due to the difficulty in sourcing of these artworks.
Copal recommended artist Badri Narayan shined in Saffron Art auction (summer online auction June-10-11, 2009).
We would like to share that Copal had recommended the artist Badri Narayan when the artist was quoting in the range of approximately Rs. 1 lac per sq. ft. last year when the markets were at peak. The artist has fetched a price range of Rs. 4.70 lacs per sq. ft. in the Saffron Art Auction on June 10-11, 2009, when the investment markets are down by 50%. Badri Narayan recommendation at the peak period @ Rs. 1 lac per sq. ft. was based on “Spot the Undervalued” practice adopted by Copal Art Bank.
Recently a gallery has quoted Badri Narayan (after the Saffron Art Auction) in the range of Rs. 6 lacs for a 12X12 painting. Most of Copal’s collectors were allocated Badri Narayan last year at Rs. 3 lacs per sq. ft. An appreciation of 60% to 100% in one year’s time..!
DHANESHWAR SHAH
Copal’s highly recommended artist Mr. Dhaneshwar Shah has been invited for an artist Residency in November in Beijing, China. . Being so young, he is an emerging and a prominent name in the industry, with deep insight of traditional and contemporary art.
His works are influenced by tribal and miniature art. He is been awarded the prestigious residency award from Australia, Italy and Tanzania and also been given the National Award for painting honored by Lalit Kala Akademi.
A phenomenal appreciation just in one month. The gallery is recommending investing in Mr. Raza even at this level expecting price to appreciate further. It’s not a magic but diligent research and analysis which Copal always boasts of.
MITHU SEN
Her show is being held in Zurich titled “Dropping gold, dropping gold”. She is one of the young vibrant faces of the Indian contemporary art scene and her paintings are immensely influential.
COPAL INITIATIVE- "KNOWLEDGE SERIES FOR NEW ART COLLECTORS"
Uncertainties’ pertaining to the equity market is no news. Copal also, has many such tragic stories, which our clients have shared with us. Today, when the financial markets of the world have collapsed, Copal’s clients feel that it is the time for us to enjoy the actual work – Art, to appreciate it, to understand its subtle nuances and to only live with art that speaks to us. This is the difference: it is to live with something one can appreciate. This is the first mantra of an art collector - Returns are a by- product. The other asset classes have suffered both in terms of risk and return, but the money parked in art is comparatively safer and rewarding.
Apart from our clients’ mayhem, there are numerous such incidents related to price plunge in the other asset classes. But, the significance of the Indian art seems set to continue unabated.
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Modern Master’s Specific Recommendation Report
On the request of some of our esteemed collector, Copal is releasing next week its recommendations and research report for Modern Master Series. Copal feels exalted to announce that you shall receive a comprehensive research report recommending a master, whose works can be owned in the current scenario.
Our research team has prepared the report and the same shall be forwarded to you next week.
We intend to soon launch a product where artworks of the recommended master shall be the underlying and only a few tickets will be allowed to feature.
Keep providing us your feedbacks and queries. Our customer service team is always trying to address your issues and strengthen our relationship.
COPAL INITIATIVE- "KNOWLEDGE SERIES FOR NEW ART COLLECTORS"
As endorsed by Mr. SK Goel of UCO Bank, Mr. Krishnamurthy Vijayan of JP Morgan AMC, Mr. Amitabh Singh of E & Y, Mr. DK Aggarwal of SMC and Mr. Rajesh Sud of Max New York Life in an article published in the Times of India (New Delhi), ‘Accumulate’ is the word of the day for wealth creation.
Please find Copal comments for the same featuring below the article.
COPAL RECOMMENDED ARTIST - MITHU SEN
Copal is elated to share with you that Copal recommended artist Mithu Sen’s show is being held in Zurich titled “Dropping gold, dropping gold”. She is one of the young vibrant faces of the Indian contemporary art scene and her paintings are immensely influential.
We had lately recommended the works of the artist to our collectors and had a view that her works shall be highly appreciated. Since then she has been featuring in a number of international auctions and exhibitions.
This show is conceived with the idea of presenting a many fold story, but as a Meta narrative, encompassing and explaining small stories within totalizing schemes. Such a platform provides an artist with utmost recognition in the international arena.
Copal is optimistic about the artist’s show and her future endeavors.
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COPAL INITIATIVE- "KNOWLEDGE SERIES FOR NEW ART COLLECTORS"
We are attaching a very interesting article recently published by Hindustan Times, New Delhi dated 23rd June 09. It states that Indian artists are gaining their well deserved recognition in the international market and are creating a number of benchmarks.
Please find our views and comments below.
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Copal comments: The encouraging figures endorse Copal’s view point that Art is a must in one’s portfolio as a risk free collection. Both modern and contemporary Indian art have gained immense market prominence since 1950.It is evident that the horizons are widening for Indian art Internationally not only in the auctions , but also at the museum level, as the British museums display royal paintings of Jodhpur.
Needless to say, that the understanding and visibility of art at International level is far beyond compared to India, but the essence of Art would always be the same- ‘magnificent’.
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Disclaimer
Prospective Art Collectors are requested not to construe the contents of the newsletter, or any other prior or subsequent communication from Copal as investment, legal or tax advice. Each Art Collector should consult his / her / their own financial and legal advisors and accountants as to tax and related matters concerning potential purchase of the artworks.
Although the information contained in the newsletter has been obtained from sources which Copal reasonably believes to be reliable and authentic, Copal, its auditors and / or its legal advisors make no representations or warranties regarding its accuracy or completeness. Nothing contained in the newsletter is to be, or should be, relied upon, as a promise or representation of Copal.
The Newsletter is not an assurance that a market will develop for the artworks purchased from Copal by the Art Collectors. Each Art Collector must be prepared to bear the economic risk of the purchase. Kindly refer to our website www. copalart.com, for detailed disclaimer.