PRINSEPS AUCTION, GLOBAL COLLECTORS
Prinseps is a cutting-edge research-oriented auction house with a world-class archive and library, is scheduled to having their online Modern Art Auction Fall 2023 on October 2nd 2023, 6 PM onwards, meticulously curated to feature an exceptional selection of master artists like F.N. Souza, Rathin Maitra, M.F. Husain, Gogi Sarog Pal, Jamini Roy, Ram Kumar, Thota Vaikuntam, Walter Langhammer, Bikash Bhattacharjee, and other esteemed talents.
Each of the sixty three lots have been meticulously studied and documented. Be it the captivating Thota Vaikuntam’s, Hussain’s striking oil on paper pasted on canvas where bold strokes of red and black are seen or Atul Boses, ‘Grandma’ where Bose depicts a grandmother, holding onto her prayer beads wearing a simple whited raped piece of cloth. A sense of spiritual calm prevails here. The multiple shades of brown and sepia used to accentuate the expression and emotions of the grandmother are a testament to Bose’s skills in shade, tone and portraiture.
Few of the important highlights for the Global Art Collectors –
https://prinseps.com/auctions/modern-art-auction-fall-2023-1/
LOT#29 || RAM KUMAR (1924 – 2018)
BANARAS (1993)
Acrylic on canvas
Signed and dated verso
23.50 x 32.50 in
Estimate ₹ 20,00,000 – ₹ 40,00,000
Starting Bid ₹ 20,00,000
Ram Kumar discovered his artistic passion through visits to Delhi’s galleries. Despite lacking formal training, he studied under Sailoz Mookherjea and refined his skills in Paris under Andre Lhote and Fernand Léger. As a Progressive Artists’ Group member, Kumar sought to define Indian modernism, merging Western influences with his cultural roots. Kumar’s transformative experience came in Banaras. The solitude and spiritual aura, intensified by the haunting absence of human presence during their arrival, deeply affected him.
LOT#28 || JAGDISH SWAMINATHAN (1928 – 1994)
UNTITLED (ABSTRACT) (1993)
Oil on canvas
46.50 x 32.25 in
Estimate ₹ 1,00,00,000 – ₹ 1,50,00,000
Starting Bid ₹ 1,00,00,000
Born in Shimla, Jagdish Swaminathan was trained at the Delhi Polytechnic and later pursued his art education further in Poland. However, it wasn’t until the late 1950s that he fully committed himself to art. Swaminathan’s paintings were characterized by an alluring simplicity. Through vibrant imagery and vivid colours; his works celebrated the triumph of the inner self above the mundane.
LOT#33 || F.N. SOUZA (1924 – 2002)
UNTITLED (PRIEST AT ALTAR) (1966)
Oil and marker on cloth
Signed and dated ‘Souza 1966’ center right
50.00 x 32.00 in
Estimate ₹ 90,00,000 – ₹ 1,30,00,000
Starting Bid ₹ 90,00,000
Souza’s signature style was a coalescence of Western and Eastern techniques and motifs. He derived his artistic language from his fascination with temple sculptures, Catholicism alongside African tribal art, and European modernism. Souza’s obsession with the visual culture of Catholicism stemmed from his childhood days in Goa.
LOT#48 || M.F. HUSAIN (1915 – 2011)
UNTITLED (LANDSCAPE) (1989)
Acrylic on canvas
36.00 x 55.00 in
Estimate ₹ 65,00,000 – ₹ 85,00,000
Starting Bid ₹ 65,00,000
From the beginning, M.F. Husain had been responsive to the force of symbolisation. Three jungle animals are considered sacred in India – an elephant, a tiger, and a monkey. This artwork depicts two of them. Perhaps this work symbolises his Southeast Asian homeland. Husain skillfully utilises animal forms to symbolise nature and encapsulate their emotional, literary, and mythical associations.
LOT#54 || ATUL BOSE (1898 – 1977)
GRANDMA (C 1935)
Oil on canvas
24.50 x 20.50 in
Estimate ₹ 8,00,000 – ₹ 12,00,000
Starting Bid ₹ 8,00,000
Atul Bose, a celebrated Indian artist renowned for his exceptional portraiture, received his training at Calcutta’s State College of Arts and Crafts and later became its Director. Bose’s preferred medium was oil and in this lot titled “Grandma,” he skillfully captures the serenity of a grandmother dressed in white, holding prayer beads, and radiating spiritual tranquillity. What sets this artwork apart is its monochromatic composition.
Prinseps takes pride in bringing to the forefront forgotten artists and languishing, hidden treasures. We have consigned Estates of artists such as Rathindranath Tagore, Bhanu Athaiya, Gobardhan Ash, Somnath Hore, Lalitha Lajmi, AA Raiba, Rathin Maitra, with the aim to document and research their contributions to Indian art.
“The legacy of Bhanu Athaiya”, an exhibition on India’s first oscar winner and only female artists of the Progressive Artists Group, was presented by Prinseps after two years of archiving, intense researching and documenting her estate. Our quest for adding value and passion for Indian art has helped us build a relationship of trust with the art enthusiast. Dear patron of art and culture, we cordially invite you to take part in an awe inspiring auction.
As a research driven auction house, Prinseps is always looking to add value to the ever changing and evolving art world and provide the discerning collector with an opportunity to collect works which are backed with exemplary provenance.
Having hosted multiple auctions to date Prinseps continues to foster research, curation, and further discovery within the art world. Following the inaugural auction where Prinseps was entrusted with artworks from the estate of Rathindranath Tagore (son of the nobel laureate Rabindranath Tagore), subsequent auctions have gone on to bring together the leading names in modern and contemporary art, backed by strong provenances and publication details. Over time the brand Prinseps has grown to become a one-stop destination for the collector and connoisseur. We welcome you to a carefully curated platform of luxury items.
MANJIT BAWA (1941-2008), LADY WITH BIRD (1999), Sold for ₹ 1,87,50,000 at past PRINSEPS auction. (above)
VIEW ON THE INDIAN ART SCENARIO –
On the commercial side, the Indian art market is expected to grow significantly in the coming years, driven by factors such as increasing wealth and disposable income, and a growing interest in Indian art and culture among both domestic and international collectors. On the artistic side, there is a lot of exciting and innovative work being done by Indian artists, which could lead to further appreciation of their work in the future.
The sale of Sher-Gil’s The Story Teller and Raza’s Gestation at a new high for the Indian art market is a significant achievement. The Indian art market has experienced remarkable growth in the past few years, as indicated in the report published by Grant Thornton Bharat and India Art Investor. In FY23, the market maintained its strength with a turnover of $144.3 million from the sale of 3,833 works. This represents a 9% increase in turnover and a 6% increase in the number of works sold compared to the previous year. Overall, FY23 has been the most successful year for Indian art at auction, according to the ‘State of the Indian Art Market Report FY23’.
It is worth noting that the Indian art market has witnessed substantial growth since the late 1980s when exclusive auctions by international auction houses such as Christie’s and Sotheby’s focused on Indian art. This trend showcases the increasing global recognition and demand for Indian art.
Based on the data provided, it can be observed that both Modernists and Pre-Modernists experienced a 7% increase in the number of artists featured at auction in FY23. Additionally, there was a significant decline of 9% in the number of Contemporary artists at auction during the same period. Looking ahead, it is expected that Pre-Modernists will continue to gain dominance in the art market.
In FY23, there were a total of 103 online auctions, which accounted for 45% of the total turnover and 75% of the works sold. It is noteworthy that over 40% of the works sold were sold above their upper estimates, indicating a high demand from patrons.
Overall, these impressive numbers in FY23, along with the previous two years, lay the foundation for a successful decade ahead for Indian art.
The Indian art market at auction has witnessed a phenomenal growth over the past 20 years. The market has grown from ₹7 crores in FY02 to ₹1,025 crores in FY22.
State of Indian Art Market Report FY 2022 – 2023:
- The market has clocked a 281% jump in the last 10 years itself.
- The Indian art market has survived 2 major economic crises (Global Recession of 2008 and the Covid Pandemic of 2020) in this time period and has bounced back stronger both times.
- Modern artists have held the lion’s share of the market over the entire period. They contributed to 85% of the total turnover in FY02 and 82% in FY22, with an overall share of 82.7% for the entire 20 year period.
- There has been a noticeable increase in the number of Contemporary artworks that have been selling at auction. Their share in the total number of works sold increased from a mere 9.3% in FY02 to 33.8% in FY22 with an overall share of 27.4% for the 20 year period.
- Canvas has been the largest contributor to the total turnover in the Indian art auction market while paper has been the largest contributor to total works sold over the studied period.
- Size-wise, M-sized works have had the highest contribution to turnover holding 37% of the market while XS-sized works have been the biggest contributors to the number of works sold, holding 55% of the market over the past 20 year period.
- The most expensive artwork by an Indian artist sold at auction is an Untitled 1969 oil on canvas by Modern Master V.S. Gaitonde that was sold for ₹42 crores in February 2022.
Girish B analysis:
In terms of the outlook for the Indian contemporary art market, it’s worth noting that the scene is quite diverse and vibrant, with many different styles and influences being represented. There’s a strong emphasis on experimentation and innovation, as artists grapple with ideas around identity, politics, and social change.