Osian's Auction Catalogue The Masterpieces and Museum Quality Series | October 2004

OSIAN ’ s–CONNOISSEURS OF ART 12 LANDMARKS THE INDIAN CONTEMPORARY ART AUCTION MARKET 1987–2004 December 1987 India’s first professional art auction, presented as a charitable auction, held at The Taj (Bombay) with Christie’s, where a donation to HelpAge India allowed the auction to occur given FIPB approval was not given to foreign auction houses in India. It was a major turning point in the progression of the Indian Contemporary Art market, with prices jumping to highs for all the participating artists, especially M.F. Husain. March 1989 Seeing Christie’s entry, Sotheby’s was not far behind, using the Times of India Group to piggyback into India and gain access to the high networth clients of the day, with M.F. Husain’s Tribute to Hashsmi reaching the elusive Rs.10,00,000 benchmark, though many questioned the credibility & sustainability of the value at the time. Yet Husain, more than any other artist understood the trigger effect that economic success would have on the general interest in the art market. October 1992 India’s first non-charitable Auction held by Sotheby’s–India (New Delhi), proving to be a landmark, with Amrita Sher-Gil’s Village Group being the highlight at Rs.11,00,000 (S.I.R. 1,189). Once again the legal-illegal lines were blurred and an attempt to open up the domestic antiquities market failed. June 1995 Sotheby’s Auction from The Chester & Davida Herwitz Charitable Trust Collection (New York) becomes a major market-making landmark, representing the first sale from the most significant private collection on the subject. The bulk of the collection was dominated by M.F. Husain with significant lots given to Bikash Bhattacharjee, Manjit Bawa, Jogen Chowdhury, Laxma Goud, Vinod Dave, Tyeb Mehta, Gieve Patel, Shamsad Husain, Rekha Rodwittiya, Arpita Singh, S.H. Raza, Ranbir Kaleka, among others. New highs are reached for many artists. £April 1996 Sotheby’s second Auction from The Chester & Davida Herwitz Charitable Trust Collection (New York) is another success, entrenching the key position of M.F. Husain in the global Indian art market with Ganesh Pyne, S.H. Raza and Tyeb Mehta close behind in valuations. 25 April 1996 The Sotheby’s Islamic & Indian Art (London) Sale throws up a major surprise with the grand success of the Ravi Varma Collection of Paintings, many crossing the Rs.10,00,000 mark (£20,000+) with the highest achieving a S.I.R. of 3,668. May 1997 Sotheby’s The Indian Sale (London) offers a very fine collection of Indian contemporary art, bettering their 1996 One Hundred Years Sale. The dominance of Sotheby’s over Christie’s was clear in Indian Art during this period, but the situation would be reversed by 2000. November 1997 HEART’s Intuitive-Logic II (Bombay) became Tuli’s first pathbreaking curated auction. It was also, India’s first professional auction without the involvement of Sotheby’s or Christies. The Begum’s Bath by Raja Ravi Varma sells for Rs. 32,00,000 at the auction becoming the highest priced Indian contemporary painting ever sold. Also, for the first time many high quality works of new artists are introduced to the auction world widening the base for the art market significantly. September 1998 A slump in the sale of M.F. Husain’s paintings is suddenly noticeable at the Sotheby’s Asia Week (New York) auction with 14 of the 18 Lots remaining unsold, and 3 of the 4 sold works selling below the lower estimate. This slump is a result of the controversy raised by certain vested interests over his Saraswati painting; much ado about nothing. October 1999 Rabindranath Tagore’s Portrait of a Lady sells for £34,500 (INR 2,487,450) at Christie’s (London) establishing a new high for the artist, still not bettered. November 1999 HEART’s second pioneering auction of Indian Art, brought on to the same platform Indian Miniatures, Tanjore Paintings, Textiles, Folk & Tribal Art along with Contemporary Indian Art. Once again attempts were made by vested interests to stop the domestic antiquities market in India from developing and becoming more transparent. March 2000 Sotheby’s Indian & Southeast Asian Art Sale (New York) highlights the market for A.R. Chughtai with works such as Laila & Majnu ($48,875) selling for relatively high prices.