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Global Art Market

At Rs.51.75 crore, ‘Gestation’ puts S.H. Raza at the highest level of Indian art

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Source: Frontline

Even if only in the short term, August 31 was a crucial day for Indian art history. On that Thursday, “Gestation”, a 1989 S.H. Raza painting, sold at a Pundole’s auction in Mumbai for Rs.51.75 crore ($6.27 million). The final price more than doubled Pundole’s original Rs.25 crore upper estimate, making “Gestation” the most expensive Indian artwork ever to be sold at an auction. “These records will keep changing hands. Before this, we sold a Gaitonde for a little less. This time, it was Raza,” says Dadiba Pundole, owner of Pundole’s. In 2022, an untitled 1969 painting by V.S. Gaitonde sold for Rs.48.3 crore.

The “Gestation” sale signals a new dynamism in the Indian art market and also a maturing. Pundole says, “Significant works don’t come around every day, but when they do, Indians can now recognise their significance.” Sonal Singh, Managing Director of Christie’s India, tells Frontline, “It is overdue that there is such a movement of prices for high quality works with excellent provenance which are increasingly hard to find.” In 2018, Raza’s large-scale “Tapovan” had sold at a Christie’s auction in New York for Rs.28 crore, and in 2010, his “Saurashtra” had sold for Rs.16.3 crore. Singh says, “There has been a lot of interest in Raza’s works for a long time—our auction of ‘Tapovan’ is an example of this. In 2010, Christie’s sold ‘Saurashtra’, which was also the world record for Indian art at the time. Raza is one of the key artists in the history of modern Indian art, and he is recognised as this at a global level.”

Read more: https://frontline.thehindu.com/arts-and-culture/art/sayed-haider-razas-painting-gestation-makes-auction-history-by-selling-for-rs-5175-crore-recently/article67294418.ece

Global Art Market

Chinese Ink Painting: The New Star of the Global Art Market

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Source: Vents Magazine

In these challenging times, Chinese ink painting is engaging with the global art market at an unprecedented speed and scale. Particularly, the works of Taiwanese artists, with their unique cultural backgrounds and creative styles, have garnered widespread attention and acclaim in exhibitions. This summer, the Vueling Onboart Exhibition became a major highlight in the global art scene. Taiwanese artists, with their distinct styles and profound impact, infused the entire exhibition with vitality and creativity.

The exhibition featured numerous international artists, including Irena Orlov from the United States, Kohlben Vodden from the United Kingdom, Veronika Slivova from the Czech Republic, Riitta Hellen-Vuoti from Finland, Akshita Lad from the United Arab Emirates, Rania Abulhasan from Kuwait, and Francis Akpata from France. These artists employed various media, such as acrylic, oil, and mixed. Notably, a group of Taiwanese artists presented traditional Chinese paintings rendered in colorful ink. The charm of Chinese ink painting transported the audience into the majestic landscapes depicted in the artworks.

Read more: https://ventsmagazine.com/2024/07/10/chinese-ink-painting-the-new-star-of-the-global-art-market/

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Global Art Market

Art and Sculpture Market Expected to Surpass US$ 115.64 Billion by 2034 at 10.4% CAGR As Revealed In New Report

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Source: WhaTech

The art and sculpture market is a vibrant realm where creativity meets investment, offering a diverse range of pieces that captivate collectors and enthusiasts alike. With an ever-evolving landscape driven by cultural trends and individual expression, this market continues to inspire and intrigue audiences worldwide.

The art and sculpture market is expected to grow from US$ 43 billion in 2024 to US$ 115.64 billion by 2034, with a compound annual growth rate (CAGR) of 10.4%.

Creative expressions are in high demand as social appreciation of art and culture grows. Sales of paintings, sculptures, and antiquities are surging as a result of people’s growing attraction to art galleries, museums, and cultural events. This growing interest is a reflection of a broader understanding of the inherent worth that artistic pursuits have in enhancing our lives.

Read more: https://www.whatech.com/og/markets-research/consumer/835494-art-and-sculpture-market-expected-to-surpass-us-115-64-billion-by-2034-at-10-4-cagr

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Global Art Market

A touch of red helps global art market boom

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Source: Yahoo Sport

Want to sell that masterpiece for a fortune? It might help if it’s red.

That’s just one trend from an art market that has come roaring back from the global financial crisis, with buyers from emerging markets such as China molding tastes and driving top-end prices ever higher.

Sales next week at London’s Sotheby’s and Christie’s auction houses are expected to generate at least 400 million pounds ($658 million) amid an insatiable global appetite for works by Picasso, Matisse and other modern masters.

Read more: https://www.yahoo.com/news/touch-red-helps-global-art-174137470.html

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