From M F Husain, Raja Ravi Varma to Tyeb Mehta, Indian artists set new price records; no note ban effect, says study

The study shows that demonetisation has not affected the sale of Indian arts. This can be said as 34 out of 55 records were created after the implementation of currency ban.

We all have heard about the magnificent paintings of M F Husain, Raja Ravi Varma and other Indian artists. These artworks have been appreciated across the globe and a recent study concluded that 55 Indian artists have established new price records over the past 20 months. The study provides data that Raja Ravi Verma’s oil canvas ‘Radha in the Moonlight’ was sold at a whopping price of Rs 23 crore in Mumbai at Pundole’s art auction. Similarly Tyeb Mehta’s artwork ‘Women on rickshaw’ was sold at Rs 22.9 crore at Christie’s annual South Asian Modern Contemporary Art sale in London, Hindustan Times reports.
The study shows that demonetisation has not affected the sale of Indian arts. This can be said as 34 out of 55 records were created after the implementation of currency ban. The study shows that legendary painter M F Husain is at number second spot in terms of the 50 leading Indian artists based on turnover in auctions globally since 1965. The study also reveals that 5 out of top artists works were sold in the month of January 2017. Out of them one is the most expensive Indian works ever sold.
The study gives data on leading 10 artists amongst the record creators: Here I have chosen the top three record creators. Topping the list in November 2016 was Raja Ravi Verma and auctioneer was Pundole’s. Tyeb Mehta created the record in may 2017 and Auctioneer was Christie’s. Akbar Padamsee created the record in September 2016 and auctioneer was Saffronart.
In terms of a year, the study suggests that 2016 was best as it fetches Rs 609.3 crore from sale of Indian artworks. This was followed by 2017 during which artwork of Rs 505.4 crore was sold.
Artery India is an Indian art market Intelligence and advisory firm that owns and operates the world’s largest financial datacenter and knowledge bank focused on Indian art sales globally.

By: FE Online | New Delhi

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