On the eve of Saffronart’s Evening Sale, founder Vazirani talks about the highlights of the auction and what has sustained the interest in art
Like every other industry, the COVID-19 pandemic left the art industry in India altered too, but in this case, it was a change for the better. According to industry insiders and trend reports, people were buying more art and with the widening breadth of online access, the art world also saw a record number of first-time buyers.
As Dinesh Vazirani, CEO and co-founder, Saffronart points out, many “new bidders” found the new auction format more accessible as it took “away some of the intimidation of participating in a live auction, giving them easy access to information, which was perhaps not available before”. The leading Indian auction house is back with its flagship Evening Sale in New Delhi after three years. There are 75 artworks by India’s top modernists up for bidding, with F N Souza’s Broken Head (1957)and N S Bendre’s Untitled (1983) leading from the front. While the former marked an important phase of Souza’s career since his arrival in the United Kingdom in 1949, the latter is a highlight of Bendre’s Pointillist phase. On the eve of the auction, Vazirani tells The Established more about the changes in the art auction business, the choices made by buyers and what can be expected at their Evening Sale tomorrow.
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Akbar Padamsee's Metascape, 1975
What are some of the changes you have observed in the art auction business in India in the last three years?
It seems strange to think that the onset of a global pandemic would drive up purchases of fine art, but that is exactly what happened as we went into a lockdown. Though there are several reasons for this, there are two major factors that stand out. One, people were home and more involved in their living spaces, so they were pushed to put art up on the walls. Two, given that art is such a highly involved purchase, collectors had more time during the work-from-home period to focus on what to collect. That being said, the most significant change was auction businesses having to go entirely online in order to meet this demand.
What is Saffronart doing to keep up with these changes and stay relevant?
Saffronart has, from the very beginning, been a company that believes in the idea of art being accessible by and to people across the globe without requiring them to be physically present. Due to this, we have always been a primarily online company with sales taking place virtually. However, the onset of the pandemic in 2020 made us examine the challenges posed and come up with solutions that would work in a world that was forever changed. And so we returned to the origin of Saffronart—collaboration, information, transparency and access, no matter where you are.
“THE GLOBAL PANDEMIC, IN A WAY, HELPED DRIVE UP THE PURCHASES OF ART AND LUXURY COLLECTIBLES, PARTICULARLY FOR THIS GROUP OF NEW COLLECTORS. ”
– Dinesh Vazirani
As a result, we have seen an increase in the number of auctions conducted at both Saffronart and StoryLTD over the past two years. We have conducted three times the number of auctions between April 2020 to April 2021, as compared to the preceding year. Additionally, the number of lots sold in 2020 was nearly double of what was sold in 2019. We have also ramped up our engagement with the art community over this period by conducting webinars and talks regularly.
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S H Raza's Jaipur, 1976
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Jehangir Sabavala's Of Cloud and Air II, 1977
What are some of the highlights of this auction and why/how were they chosen?
There is undoubtedly an air of excitement as the Evening Sale returns to New Delhi. This auction features a diverse collection of prominent works by great modernists and contemporary artists from South Asia. All the works in this auction are highly valued due to their individual artistic histories, unique provenances, significance within the artist’s oeuvre, and the artist’s standing within the larger art world. The leading lots in the auction are F N Souza’s Broken Head from 1957 and N S Bendre’s Untitled from 1983. The former marked an important period in Souza’s career; it was around this time he gained recognition and critical acclaim since his arrival in the United Kingdom in 1949, after which he dominated London’s art scene for nearly 10 years. It is estimated at ₹ 8-12 crores . The latter, Bendre’s Untitled, is a prime example of his Pointillist phase and showcases his phenomenal balance of colour harmony. It is estimated at ₹ 5-7 crores .
Other important works from the auction include S H Raza’s Jaipur from 1976, Jehangir Sabavala’s Of Cloud and Air II from 1977 and Akbar Padamsee’s Metascape from 1975.
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N S Bendre's Untitled, 1983
How do young buyers/collectors bid on art in comparison to older ones?
We have definitely seen a change in the buyer profile in recent years, with slightly younger buyers entering the market for the first time. This change in age demographics, in fact, played a role in the introduction of many new categories in our weekly auctions on StoryLTD–Absolute Tuesdays and Friday Five–that cover a range of products from art to rare books, prints, vintage cameras, furniture, carpets, jewellery and other collectibles. Saffronart’s online and hybrid formats have also allowed several young collectors and first-time buyers of art to engage with us and make acquisitions through a seamless online process. Many of our new bidders have said that the new auction format seems to take away some of the intimidation of participating in a live auction, giving them easy access to information, which was perhaps not available before.
The global pandemic, in a way, helped drive up the purchases of art and luxury collectibles, particularly for this group of new collectors. This was a group that suddenly had disposable income available–one that would have otherwise been spent on travel and unique experiences. Instead, they turned towards art and the luxury market as a form of investment.
How do you educate your bidders on the art pieces going on auction?
When making a purchase decision on art, it must be about the aesthetics first–is it a work that you will enjoy living with, learning from, and viewing? We encourage buyers to understand the factors that contribute to growing the value of the work over time as well. This can be done by browsing auction catalogues–these works have typically been researched, vetted and evaluated in terms of market pricing. Much of the effort required is done by the auction house and can be a great way to research, learn and potentially even buy. Additionally, it is good to learn all that you can about an artist’s life, journey, influences and artistic phases before making the purchase. It will give you a deeper understanding and appreciation of the artwork you are looking to invest in.
Also Read: From established artists to debut shows, here are five art exhibitions to check out