WHAT STRATEGIES DO EMERGING ARTISTS USE TO BREAK INTO THE MARKET?
DOI:
https://doi.org/10.53555/eijbms.v10i1.184Keywords:
Indian Art, Art Galleries , Auction Houses, Market Valuation , Contemporary Art , Art Market TrendsAbstract
Continental art encompassing multitude of trends, techniques and time periods has evolved tremendously in t he last few decades but has got a new face and fresh depiction in the international art market with art availabl e from India. Indian art that commenced the miniatures during the Mughal period as well as the progressive o nes of the modern contemporary artists, are an artistic and anthropological element of prominence. Neverthel ess, the price tags ascribed to them depend on a myriad of extraneous factors mainly the decisions and action s of art galleries and auction centers. These entities act as the mediators, selectors and sellers of art, helping t o decide what works becomes visible, the stories that it is given and the cost that goes along with it.
Another area or role of art galleries includes launching new artists in the market, staging exhibitions, as well as marketing certain art genres. They involve the most important means by which artists are able to work for art companies and or business entities in the commercial art market; their reputation across the industry greatly d etermines the prospects of the artists that work with them. As for the second, the auction houses are the bigg est players, due to a situation where art pieces produced by famous artists are traded on a platform, and usua lly, the prices obtained in these markets are record-breaking. The very atmosphere of competition along with names like Sotheby’s and Christie’s will set the bar for the value of art much higher than expected.
The purpose of this present paper is to examine how the art galleries and auction houses arrived at the value of contemporary as well as traditional art in India. This study aims at filling this gap by interviewing industry pl ayers focusing on current market trends and analysing auction house data to give an insight on how these ins titutions affect art market and the valuation of Indian art in the global market.
References
McAndrew, C. (2021). The Art Market Report 2021. Art Basel and UBS. This report provides a comprehensive analysis of global art market trends, including the performance of Indian artists in auctions and the rising demand for contemporary art in the international arena. McAndrew's work highlights the importance of auction houses like Sotheby’s and Christie’s in shaping the global valuation of art.
Mitter, P. (2007). Indian Art: From Tradition to Modernity. Oxford University Press. Mitter's book discusses the evolution of Indian art from its traditional roots to modern expressions, with a focus on the impact of globalization. It explores how Indian artists have navigated the international art market and the role of galleries and auction houses in this process.
Price, S. (2001). Primitive Art in Civilized Places. University of Chicago Press. In this work, Price examines how non-Western art, including traditional forms from India, is often marginalized in global art markets in favor of contemporary and modern works. The book discusses how cultural artifacts are commodified and how their value is shaped by market forces.
Thompson, D. (2008). The $12 Million Stuffed Shark: The Peculiarities of Art and Its Economics in the Modern World. Palgrave Macmillan. Thompson’s book delves into the economics of contemporary art, highlighting how auction houses, galleries, and collectors contribute to inflating the prices of art. He discusses iconic auction sales, such as Damien Hirst’s famous $12 million sale, and connects these phenomena to the broad er art economy, including Indian contemporary art.
Velthuis, O. (2005). Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art. Princeton University Press. Velthuis provides an in-depth analysis of how art galleries establish the initial value of contemporary artworks. He discusses how pricing strategies are influenced not just by the intrinsic qualities of the art but also by the social and cultural contexts, which is relevant to understanding how Indian art prices are framed in the market.
Mason, R. (2005). The Value of Art: Rethinking Cultural Value. Allen Lane. Mason explores how cultural and economic value is ascribed to art, focusing on the tension between cultural significance and market-driven valuation. This work is crucial in understanding the challenges faced by traditional Indian art forms in the contemporary global market.
Beckert, J., & Rössel, J.nomics, 37(1), 1-16. This article offers a sociological perspective on how art prices are determin (2013). The Pricing of Art: Sociological Approaches to Art Market Dynamics. Journal of Cultural Ecoed, discussing the role of auction houses, galleries, and collectors. The paper provides a useful framework for analyzing how social networks and cultural capital influence the valuation of Indian art in global markets.
Kinsella, E. (2017). Art, Price, and the Market: Rethinking Contemporary Art and Market Theory. Cambridge University Press. Kinsella examines the interaction between contemporary art and the market, focusing on the role of auction houses in setting benchmarks for art valuation. The insights into how contemporary Indian artists, such as Subodh Gupta, have benefited from international exposure are central to understanding the modern Indian art market.
Nandy, A. (1998). Exiled at Home: Comprising at the Edge of Psychology, the Intimate Enemy, Creating a Nationality. Oxford University Press. Nandy discusses the intersection of culture, nationalism, and art in India, providing a historical perspective on the evolution of Indian art and its reception in both domestic and international markets. This work helps contextualize how Indian traditional and contemporary art is valued today.
Bhattacharya, S. (2020). Indian Art at Auction: From Modernism to the Contemporary. Saffronart Auction House. Bhattacharya’s study provides detailed auction data and analysis, specifically focused on Indian artists like V .S. Gaitonde and Tyeb Mehta. It includes insights into how auction houses influence the valuation of Indian modern and contemporary art on the global stage.
