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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

Art Busan to focus on local, global markets

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Source: The Korean Herald

Art Busan 2024, the largest annual art fair in Busan, will return in May, strengthening its exhibition program and locality amid a sluggish art market. The art fair also plans to tap into the global art market to expand its brand overseas.

“It is a shame that the art market is assessed on its commercial aspects, although it is understandable. We will continue to do what Art Busan can do with our own programs,” said Jeong Seok-ho, managing director for Art Busan, at a press conference in Seoul on Tuesday.

Shrugging off concerns over the state of the art market, Jeong noted that the Busan art fair is putting in its utmost effort to cement its presence, maintaining its uniqueness as a local art fair in South Korea. As part of the art fair, it plans to stage Busan Art Week for collectors, offering them a tour around the city alongside the art fair.

Read more: https://www.koreaherald.com/view.php?ud=20240402050660

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Global Art Market

Seven Takeaways from The Art Basel and UBS Global Art Market Report 2024

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Source: LUXUO

The global art market totaled USD 65 billion in 2023, contracting by 4 percent year-over-year but remaining above its USD 64.4 billion pre-pandemic high, according to The Art Basel and UBS Global Art Market Report 2024, authored by Dr. Clare McAndrew, the founder of Arts Economics. The report can be downloaded for free here.

The market was constrained by factors including thinning sales at the highest price levels, high inflation and interest rates, an ongoing war in Ukraine, a new war in the Middle East, and uncertainty about economic growth in China. Those surveyed for the report also cited higher costs for things such as logistics and rent.

Here are seven key takeaways from The Art Basel and UBS Global Art Market Report 2024.

Read more: https://www.luxuo.com/culture/art/seven-takeaways-from-the-art-basel-and-ubs-global-art-market-report-2024.html

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Global Art Market

The Value Of The Global Art Market Fell By 4% Last Year

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Source: finimize

What’s going on here?

The value of the global art market fell by 4% last year, suggesting that even the very wealthiest have dropped their champagne budgets to, uh, slightly less expensive champagne budgets.

What does this mean?

The world’s art market picked up dust last year, falling to a three-year low of $65 billion. Now, the market does dip every few years, often by more than 4%. Strangely, though, the most expensive works took the brunt this time. Usually, the very richest investors – the only ones that can pick up a Monet like it’s a print at a Sunday market – aren’t financially impacted by the problems of the everyday masses. So unless world-renowned art has suddenly fallen out of favor, this bout of high interest rates, inflation, and political instability has even the ultra-wealthy watching their wallets.

Read more: https://finimize.com/content/a-dying-art

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