CopalThe Leading Authority on Indian Art Weekly Collector Issue: I January 2011 Newsletter for Art Aficionados Global Business and Strategic Partner- ERNST & YOUNG
THE YEAR THAT WAS...Message from the editor:I wanted to begin the New Year with a new form and made a start by adding a note frommy desk for the first time! The best way to begin this would be to express my gratitude toall the readers and subscribers of Copal Newsletter for the past 4 years. I thank all theinformed readers who have added value to this initiative of ours by giving preciousinputs that has helped us shape better. Thank you all!The Year 2010 has created multiple records not only for the Indian Art Market but forthe Global Art Industry as a whole. So many developments, events and fads thatemerged during 2010 having made history, leaves me with no doubt that the art marketis burgeoning at such a rapid pace that the only logic I could evolve from the events oftoday and the progression of events in the previous year will be the growing interest andawareness on art.I am glad to share with you the first issue of Copal Newsletter 2011 and this time Idiverge from the usual prototype of highlighting the past weeks news to highlightingevents and landmarks that made Art News in the year 2010.Sincerely,Saguna AhluwaliaManager, Corporate Communications
Art Market Outlook from the Chief Mentor:It has indeed been enriching to witness some record breaking landmarks elevating theglobal prominence of Indian Art in the year 2010. However for us at Copal, it has trulybeen heartening to see records being created by Copal recommended artists in the pastyear. Apart from artists S.H Raza, Bharti Kher, Jogen, Tyeb and Rabindranath Tagorewho we recommended in the past year, Copal Research Team is also optimistic about ,Manjit Bawa, Ram Kumar, Krishen Khanna and the artists belonging to the NationalHeritage of India in 2011. It has been encouraging to note that the heritage art of India isnot restricted to the select collectors, but new collectors have realized the potential ofIndian art and are eager to have a piece of it. Year 2010 observed the trend of Indianscollecting Indian art at record breaking prices. This has been supportive in promotingIndian Art and to keep the valuable evidence of the history of our culture in our country,as likely as possible. With Razas Saurashtra, Bhartis memorable sculpture, Tagoresrecord in Sothebys and Arpita Singhs Wish Dream, Indian Art has just begun itsexpedition to the offshore arena and in no time sooner or in the coming years, it isdestined to be one of the most influential and inspiring genres of art and culture.Indian Art and the Artists have seen an intensifying appreciation in the overall art scene,especially internationally. As we enter 2011, it is due time to take a close look at theperformance of the world art-market in 2010 that has seen unprecedented recovery of theglobal art market.Warm Regards,Ajay Seth
2010: A GLIMPSEAs the market moves towards the work of artists with a proven track record, collectors andinvestors have shifted their focus from the usual contemporary art to the work of artistsfrom the senior genre of Master artists that seem to display comparatively better scope ofreturns and wealth creation in future, at least for those who wish to contemplate thecommercial aspect of it.Few snap shots of the major news on art (worldwide) in the year gone by, arehighlighted in this issue of Copal Newsletter January Vol:1. Financial Times, March 7, 2010, Nalini MalaviyaEconomic Times, January 24, 2010,Economic Times, Ashoke Nag Rabindranath Tagore: A Genius gifted to India Celebrating his 150th Birth AnniversaryMay 9th, 2010 as the 150th birth anniversary of Rabindranath Tagore bestowed anopportunity to remember the genius and the legend that has given so much to the identity ofan Indian. Rabindra Sangeet is still unique and practices all over Bengal and even abroad.Greatest writer in modern Indian literature, poet, novelist, educator, and an early advocateof Independence for India, Tagore won the Nobel Prize for Literature in 1913.
Business Standard, May 12, 2010 by Kishore SinghMint, August 8, 2010 by Kelly Crow
COPAL & BLOOMBERG|UTV Presented ART WISECopal joined hands with Bloomberg UTV for launching one of its kindinitiative that aims to bring awareness to art collectors in India andglobally. It was aired two times in a week and was critically acclaimed forits contribution towards art society and towards the awareness of artenthusiast across the globe. THE HERITAGE OF INDIAN ART AT COMMON WEALTH GAMESThe rich legacy of Indian sports was not confined only to the field. A uniqueexhibition at the capitals National Museum captured its evolution over the last5,000 years titled Games and Sports of Indian Art, opened in October, 2010. Itaimed to throw light on sports as a way of life in India and played a vital role inthe realization of Cultural strength of India as games and sports in India hadvery early roots and a tradition as old as the history of our country.
ANISH KAPOOR: INDIA CELEBRATES A GENIUSHes a superstar in the art world; and in 2010, art lovers in India got their firstchance to see the work of famous sculptor Anish Kapoor up close. Its was ahomecoming of sorts for the Mumbai-born artist who has never shown in thecountry before. The three-month exhibition, which started in November 2010,was organized at two sites — the National Gallery of Modern Art in NewDelhi and Mehboob Studio in Mumbai.
HOMECOMING OF S.H. RAZAAccording to the art market sources, the great modern master of Indian Art, Syed HaiderRaza is returning to India forever after living in Paris for more than half a century. Raza leftIndia in 1950 to study at the Eecole Nationale des Beaux Arts in Paris, and stayed on. He hasbeen coming home on annual visits every winter but this time, after he arrives on December29, he wont go back to Paris -- except for work. Sources in the Raza Foundation said thatthe master, who will turn 89 in February, had made up his mind on coming back to India along time back and on his last visit to the country about a year ago, he had zeroed in on ahouse in the tony South Delhi neighborhood, Safdarjung Development Area. If true, Indianart fraternity will feel a proud moment that it failed to cherish for MF Husain.“The only thing Im excited about is to touch down, to feel India…mujhe bas jeeena haiaur jeena hai mere watan mein (I just want to live and live in my country),” SH RAZA (inan interview to Shaikh Ayaz in “ Open Magazine” dated 30th December, 2010
ART THAT MADE NEWS IN 2010The sculpture smashed the world record of USD 104.3 Million (INR 4 Billion) at SothebysLondon auction on February 3, 2010. The auction house hailed the exceptional result not onlybecause the art work belonged to a legendary artist, but because it comprised of a very essentialfactor related to art investment – that is Extensive Holding Span. Consequently, the sculptorcreated during Albertos lifetime grew more valuable as the era (it was prepared in) matured. Itis always advised to envision art as a long term asset, and not something one should incline tobuy, with an eye to sell. The metal figure was crafted in 1961 and before this auction, was a partof the Corporate Collection of a Bank in 1980 eventually sold to a firm in 2009. Even thecorporate sector seems to vouch for Art as an investment. RELEASE OF REPORT ON ART INDUSTRY IN INDIA: POLICY RECOMMENDATIONS BY FICCI April 2, 2010The visual art sector in India has grown exponentially in the recent years with both appreciationand market for Indian art expanding domestically and beyond the national borders.Nevertheless, it has also brought to fore the myriad of challenges that the art ecosystem in Indiais faced with. Be it for addressing the regulatory issues pertaining to art, beefing up the arteducation infrastructure, changing the way artworks are looked upon from Instruments ofwealth creation to Intellectual Property, a need is strongly felt for developing a holistic policyapproach towards the sector as also for better enforcement of the existing policy instruments.It is against this backdrop, FICCI in association with Amarchand Mangaldas and Deloitte hasprepared a first-of-its-kind report on Art Industry in India: Policy Recommendations. TheReport makes an attempt to assess the existing legislative and taxation regimes pertaining tovisual arts in India, identifies the issues and challenges facing the art economy and outlines a
WORLDS RAREST STAMP SELLS FOR RECORD GBP 1.6 MILLIONIn the month of May 2010, the worlds most expensive stamp has been sold for what is believedto be a record sum at an auction shrouded in secrecy. The Treskilling Yellow had been expectedto fetch up to GBP 1.7 Million. But the exact price paid was not disclosed when the littleSwedish rectangular treasure, the worlds most valuable object by weight, was sold to a groupof mystery buyers in a telephone auction in Geneva.The Swedish Treskilling Yellow is believed to be the only surviving misprint of an 1855 threeshilling stamp that was supposed to be green PICASSO- THE PROLIFIC LEGEND Pablo Picasso (1881-1973) Nude, Green Leaves and Bust oil on canvas 63¾ x 51¼ in. (162 x 130 cm.)
Pablo Picasso became king of the art-market hill again when his erotically charged 1932masterpiece “Nude, Green Leaves and Bust” sold at Christies New York on May 5 2010for USD 106 Million. This becomes the highest priced painting ever hammered at anauction. RAZA CREATED RECORD FOR INDIAN ARTA magnificent art work ”Saurashtra” by the connoisseur of Modern Indian Art Syed HaiderRaza fetched record price of approx. INR 160 Million at Christies on June 10, 2010. This isthe highest price ever for an Indian Artwork. BHARTI KHERBharti Kher had her celebrated elephant sculpture fetch USD 1.5 Million (INR 70 Million) at aSothebys auction in London on June 28, 2010. The work (featuring below) was an iconicrepresentation of the artists caliber as a legend of the future.
LEHMAN BROS AUCTIONArt hailing from the collection of unsuccessful investment bank Lehman Brothers fetchedmore than $12 million US at an auction in New York 25th September, 2010. Anish Kapoorsartwork was one of the creations from the Neuberger Berman and Lehman Brothers CorporateArt Collections that was auctioned for $ 74,500 (estimated price was 25,000-35,000 USD). WORLD RECORD FOR CHINESE VASEWorld record for the most expensive Chinese art work was been created on 12thNovember,2010 when a Chinese antique vase came under the hammer for USD 69.3 Millionin Bainbridges, a British auction house (the hammer price does not include 20 percent in feesand taxes).It belonged to the Qianlong dynasty and was discovered in the attic of a modestsuburban home.
ARPITA SINGH SETS RECORD AS ART MART BOOMS AGAINThe boom was back in the auction market with Arpita Singhs Wish Dream muralselling at INR 90 Million (USD 2.24 Million) - a record for an Indian female artist.With prices of art stabilizing, buyers are willing to bet high on large three dimensionalart and murals by top-of-the chain artists. The sale follows in the footsteps of BhartiKher whose work, In the Skin of an Elephant, fetched INR 70 Million at an auction inSothebys in June.The art market in point of fact, has recovered its momentum in 2010. This fact hasbeen quickly seized by the auction houses who are now predicting annual growth inthree figures. Even the statistics (according to Art Price) stand till June 2010, globalauction revenue from fine art amounted to USD 3.9 Billion.The same report (by Art price) states that Behind China, the other significantemerging force on the international art market is India. The demand is global andfast-growing, substantially fuelled by the speculative incentive to earn attractivegains on quick turnarounds. The main players as of now are the sculptor AnishKapoor, as the biggest example of the Indian El Dorado.We look forward to an even more promising fate of Indian & Global Art and hope tosee more spectacular milestones in future that will emboss the history of Indian Arton the World Canvas. The confidence in Indian artworks is on the rise again, and arecent report by ArtTactic claims that the overall Indian Art Market ConfidenceIndicator has risen 26% since October 2009, it also notes that the SpeculationBarometer for Modern Indian Art is now at 6.3, up from 4.9 in October 2009.
CONFIDENTIALITY NOTE: The contents of this message may be legally privileged and confidential, for the use of the intended recipient(s) only. It should not be read, copied and used by anyone other than the intendedrecipient. If you have received this message in error, please immediately notify us at the above co- ordinates, preserve its confidentiality and delete it from your system. Thank you.DISCLAIMER: The contents of this message or any other communication from Copal should not be taken as investment, legal or tax advice. Each individual should consult his / her / their own financial and legal advisorsand accountants as to tax and related matters concerning potential purchase of the artworks. Although the information contained herein has been obtained from sources which Copal reasonably believes to be reliable andauthentic, Copal, its auditors and / or its legal advisors make no representations or warranties regarding its accuracy or completeness. Nothing contained here is to be, or should be, relied upon, as a promise orrepresentation of Copal. The information contained herein is not an assurance that a market will develop for the artworks purchased from Copal by the Art Collectors. Each individual must be prepared to bear the economicrisk of the purchase. Kindly refer to our website www.copalart.com, for detailed disclaimer.Special Contributions by: Mr. Ashok Vajpeyi (Chairman), Mr. Ajay Seth (Chief Mentor).Editor: Saguna AhluwaliaContributing Editors: Sahitya Prakash, Mithila Kapoor, Priyanka Mahajan, Sonam Parashar, Ricky Seth,Mahendra Nayar, Sharan Seth(UK), Nikhil Khandelwal( UK).Coordinator: Sanjiv Choube CORPORATE OFFICE:Copal Art Pvt. Ltd. 1112, 11th Floor, DLF Tower B, Jasola District Centre, Mathura Road, New Delhi – 110 025 (India) Phone: 011- 40647045- 52. Email: firstname.lastname@example.org, email@example.com. Website: www.copalart.com