"Nonresident Indians are still an important component of our
buyer base," says Anu Ghosh-Mazumdar, senior cataloger in the Indian and
Southeast Asian department at Sotheby’s. "But interest from India has been very
strong and instrumental in pushing prices up."
Growth potential remains robust, with interest burgeoning in
this nation of more than 1 billion people, with an expat population of 25
million. Non-Indian Western collectors are also emerging as a small but growing
force. As their audience increases, however, Progressives are nearing the end of
their productive years. Gaitonde died in 2001. Mehta and Raza are now in their
80s, and Husain, arguably India’s leading artist, is 90. Husain has been
famously prolific—he is known to produce a painting on demand at a party in 30
minutes—but he is the exception.
 | | PROGRESSIVE ARTIST Maqbool Fida Husain captured the Thomas Keehn family in 1959. (Photograph courtesy Thomas Keehn.) |
"There’s only a fixed pool," says Prajit Dutta, a Columbia
University economics professor and partner at Gallery ArtsIndia. Dutta founded
Gallery ArtsIndia online in 2000, expanding soon after to galleries in New York
and Palo Alto, Calif. According to his research, prices in the Indian art market
rose 300 percent between 2000 and 2005.
Passages to India
The Progressives sought to articulate their distinct visions of
modern art, so it is only natural that many of today’s collectors are motivated
by an interest in Indian heritage. Some are also general fans of Indian art,
while others simply love modern art. Despite the recent surge in prices, many
fans believe the market has not peaked, primarily because Indian art is still a
relative bargain compared with Western modern art (as are works from other
emerging markets such as China). More importantly, significant collections of
Indian art remain in private hands rather than institutions, meaning that the
works may become available to collectors.
"Someone coming in today or tomorrow who says, ‘I want to build
a great collection [of modern and contemporary Indian art],’ may have to spend,"
says Chaudhri. "In the case of Western art, for love or money, you cannot get
the Met to sell its Impressionists."
Chaudhri has had a passion for art since he was a child poring
over pictures of great Western works, such as the Impressionist paintings he
would later see in New York. His heritage, and the fact that it was possible to
build a world-class collection for a relatively low sum, inspired him to focus
on Indian art of all ages and regions. Drawing on his experience as a financial
executive, he is highly selective. He has amassed only some 250 contemporary and
modern Indian works in 12 years because he seeks art from the top 5 to 10
percent of a given artists’ oeuvre. Chaudhri focuses on aesthetics rather than
investment value, and maintains 60 to 70 pieces in his office to enjoy during
his work week.
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