Many observers trace the origin of the current run-up in Indian
modern art to a 1995 sale of the holdings of the late Chester and Davida
Herwitz. When more Herwitz works reached the auction block in December 2000,
Chaudhri had a keen interest in five lots. He dropped out of bidding on the
first four when prices exceeded double their estimates, but when the fifth lot
came up, he decided he had to have it. To obtain the painting, one of Mehta’s
falling figures, Chaudhri spent $72,625. At the time, it was the second-highest
price ever paid for a work of contemporary Indian art at auction and a record
for the artist.
"I felt I’d done something really crazy or stupid, but I
rationalized it that I missed out on the others," Chaudhri says. The painting
is now worth more than $1 million. "The reality and the right perspective is
that the best art always sells at a price that feels crazy at the moment."
 | | SYED HAIDER Raza’s Bindu-Naad shows naad, or sound, intensifying with repetition. The black bindu at the center of the work is the
source of the sound. Raza believes that just as the repeated syllables of mantras induce a state of meditation, so do repeated images. (Photograph courtesy Umesh and Sunanda Gau.) |
Like the Chaudhris, Umesh Gaur and his wife, Sunanda, enjoy
owning art that reflects their Indian heritage. The Gaurs’ inspiration to
collect Indian modern art, however, stems from their broad love of modern art.
Novices who are interested in building a collection of Indian art may find a
helpful example in the trajectory of the Gaurs’ collection. The couple began
buying Progressives 15 years ago, then focused on the next generation of
artists, including Ganesh Pyne and Nalini Malani. In the past three years, the
Gaurs have shifted their attention to younger, contemporary artists such as Atul
Dodiya and Subodh Gupta.
"We happen to be very fortunate that we are ahead of the
curve," says Gaur, who runs his own financial firm in New Jersey. "The
Progressives have gotten so expensive—if you were to go to younger artists, for
the same capital you can enjoy three paintings. You can have more fun."
The frenzy for Progressives, however, has also lifted prices
for work by second-generation and contemporary artists. An untitled Gupta oil
painting from 2005 fetched $84,000 in the March Christie’s sale, more than
triple the low estimate; an installation featuring stainless steel utensils sold
for $144,000, more than seven times the low estimate.
Some insiders worry that the boom portends a serious
correction. Fakes have long been a concern, but now gallery owner Deepak Talwar
fears that some artists are producing too much work of lesser quality.
Meanwhile, some new buyers are flipping art rather than collecting it.
"Collectors buy work they like, and if it appreciates, that’s a bonus. That
should not be the primary intention, or then you become a trader," he says,
proudly noting that none of the work he has sold in the last five years has been
resold. "The market has changed so rapidly, and you know when that happens a lot
of people are looking to make quick money."
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