The document provides a summary of major art market events and developments that occurred in 2010, including record-breaking auction prices for works by artists such as Picasso, Raza, Kapoor, and Tagore. It also discusses Copal's recommendations of emerging Indian artists like Manjit Bawa and Krishen Khanna, and notes growing interest from new Indian collectors in the heritage of Indian art. The chief mentor of Copal is optimistic about the future of the Indian and global art markets in 2011 based on the recovery and unprecedented growth seen in 2010.

1. Copal
The Leading Authority on Indian Art
Weekly Collector Issue: I
January 2011
Newsletter for Art Aficionados
Global Business and Strategic Partner- ERNST & YOUNG

2. 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 from
my desk for the first time! The best way to begin this would be to express my gratitude to
all the readers and subscribers of Copal Newsletter for the past 4 years. I thank all the
informed readers who have added value to this initiative of ours by giving precious
inputs that has helped us shape better. Thank you all!
The Year 2010 has created multiple records not only for the Indian Art Market but for
the Global Art Industry as a whole. So many developments, events and fads that
emerged during 2010 having made history, leaves me with no doubt that the art market
is burgeoning at such a rapid pace that the only logic I could evolve from the events of
today and the progression of events in the previous year will be the growing interest and
awareness on art.
I am glad to share with you the first issue of Copal Newsletter 2011 and this time I
diverge from the usual prototype of highlighting the past week's news to highlighting
events and landmarks that made 'Art News' in the year 2010.
Sincerely,
Saguna Ahluwalia
Manager, Corporate Communications

3. Art Market Outlook from the Chief Mentor:
It has indeed been enriching to witness some record breaking landmarks elevating the
global prominence of Indian Art in the year 2010. However for us at Copal, it has truly
been heartening to see records being created by Copal recommended artists in the past
year. Apart from artists S.H Raza, Bharti Kher, Jogen, Tyeb and Rabindranath Tagore
who 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 National
Heritage of India in 2011. It has been encouraging to note that the heritage art of India is
not restricted to the select collectors, but new collectors have realized the potential of
Indian art and are eager to have a piece of it. Year 2010 observed the trend of Indians
collecting Indian art at record breaking prices. This has been supportive in promoting
Indian Art and to keep the valuable evidence of the history of our culture in our country,
as likely as possible. With Raza's Saurashtra, Bharti's memorable sculpture, Tagore's
record in Sotheby's and Arpita Singh's 'Wish Dream', Indian Art has just begun its
expedition to the offshore arena and in no time sooner or in the coming years, it is
destined 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 the
performance of the world art-market in 2010 that has seen unprecedented recovery of the
global art market.
Warm Regards,
Ajay Seth

4. 2010: A GLIMPSE
As the market moves towards the work of artists with a proven track record, collectors and
investors have shifted their focus from the usual contemporary art to the work of artists
from the senior genre of Master artists that seem to display comparatively better scope of
returns and wealth creation in future, at least for those who wish to contemplate the
commercial aspect of it.
Few snap shots of the major news on art (worldwide) in the year gone by, are
highlighted in this issue of Copal Newsletter January Vol:1.
Financial Times, March 7, 2010, Nalini Malaviya
Economic Times, January 24, 2010,
Economic Times, Ashoke Nag
Rabindranath Tagore: A Genius gifted to India
Celebrating his 150th Birth Anniversary
May 9th, 2010 as the 150th birth anniversary of Rabindranath Tagore bestowed an
opportunity to remember the genius and the legend that has given so much to the identity of
an 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 advocate
of Independence for India, Tagore won the Nobel Prize for Literature in 1913.

5. Business Standard, May 12, 2010 by Kishore Singh
Mint, August 8, 2010 by Kelly Crow

6. COPAL & BLOOMBERG|UTV Presented ART WISE
Copal joined hands with Bloomberg UTV for launching one of its kind
initiative that aims to bring awareness to art collectors in India and
globally. It was aired two times in a week and was critically acclaimed for
its contribution towards art society and towards the awareness of art
enthusiast across the globe.
THE HERITAGE OF INDIAN ART AT COMMON WEALTH GAMES
The rich legacy of Indian sports was not confined only to the field. A unique
exhibition at the capital's National Museum captured its evolution over the last
5,000 years titled 'Games and Sports of Indian Art', opened in October, 2010. It
aimed to throw light on sports as a way of life in India and played a vital role in
the realization of Cultural strength of India as games and sports in India had
very early roots and a tradition as old as the history of our country.

7. ANISH KAPOOR: INDIA CELEBRATES A GENIUS
He's a superstar in the art world; and in 2010, art lovers in India got their first
chance to see the work of famous sculptor Anish Kapoor up close. It's was a
homecoming of sorts for the Mumbai-born artist who has never shown in the
country before. The three-month exhibition, which started in November 2010,
was organized at two sites — the National Gallery of Modern Art in New
Delhi and Mehboob Studio in Mumbai.

8. HOMECOMING OF S.H. RAZA
According to the art market sources, the great modern master of Indian Art, Syed Haider
Raza is returning to India forever after living in Paris for more than half a century. Raza left
India in 1950 to study at the Eecole Nationale des Beaux Arts in Paris, and stayed on. He has
been coming home on annual visits every winter but this time, after he arrives on December
29, he won't go back to Paris -- except for work. Sources in the Raza Foundation said that
the master, who will turn 89 in February, had made up his mind on coming back to India a
long time back and on his last visit to the country about a year ago, he had zeroed in on a
house in the tony South Delhi neighborhood, Safdarjung Development Area. If true, Indian
art fraternity will feel a proud moment that it failed to cherish for MF Husain.
“The only thing I'm excited about is to touch down, to feel India…mujhe bas jeeena hai
aur jeena hai mere watan mein (I just want to live and live in my country),” SH RAZA (in
an interview to Shaikh Ayaz in “ Open Magazine” dated 30th December, 2010

9. ART THAT MADE NEWS IN 2010
The sculpture smashed the world record of USD 104.3 Million (INR 4 Billion) at Sotheby's
London auction on February 3, 2010. The auction house hailed the exceptional result not only
because the art work belonged to a legendary artist, but because it comprised of a very essential
factor related to art investment – that is Extensive Holding Span. Consequently, the sculptor
created during Alberto's lifetime grew more valuable as the era (it was prepared in) matured. It
is always advised to envision art as a long term asset, and not something one should incline to
buy, with an eye to sell. The metal figure was crafted in 1961 and before this auction, was a part
of the Corporate Collection of a Bank in 1980 eventually sold to a firm in 2009. Even the
corporate sector seems to vouch for Art as an investment.
RELEASE OF REPORT ON ART INDUSTRY IN INDIA: POLICY
RECOMMENDATIONS BY FICCI
April 2, 2010
The visual art sector in India has grown exponentially in the recent years with both appreciation
and 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 India
is faced with. Be it for addressing the regulatory issues pertaining to art, beefing up the art
education infrastructure, changing the way artworks are looked upon from 'Instruments of
wealth creation' to 'Intellectual Property', a need is strongly felt for developing a holistic policy
approach 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 has
prepared a first-of-its-kind report on 'Art Industry in India: Policy Recommendations'. The
Report makes an attempt to assess the existing legislative and taxation regimes pertaining to
visual arts in India, identifies the issues and challenges facing the art economy and outlines a

10. WORLD'S RAREST STAMP SELLS FOR RECORD GBP 1.6 MILLION
In the month of May 2010, the world's most expensive stamp has been sold for what is believed
to be a record sum at an auction shrouded in secrecy. The Treskilling Yellow had been expected
to fetch up to GBP 1.7 Million. But the exact price paid was not disclosed when the little
Swedish rectangular treasure, the world's most valuable object by weight, was sold to a group
of mystery buyers in a telephone auction in Geneva.
The Swedish Treskilling Yellow is believed to be the only surviving misprint of an 1855 three
shilling 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.)

11. Pablo Picasso became king of the art-market hill again when his erotically charged 1932
masterpiece “Nude, Green Leaves and Bust” sold at Christie's New York on May 5 2010
for USD 106 Million. This becomes the highest priced painting ever hammered at an
auction.
RAZA CREATED RECORD FOR INDIAN ART
A magnificent art work ”Saurashtra” by the connoisseur of Modern Indian Art Syed Haider
Raza fetched record price of approx. INR 160 Million at Christie's on June 10, 2010. This is
the highest price ever for an Indian Artwork.
BHARTI KHER
Bharti Kher had her celebrated elephant sculpture fetch USD 1.5 Million (INR 70 Million) at a
Sotheby's auction in London on June 28, 2010. The work (featuring below) was an iconic
representation of the artist's caliber as a legend of the future.

12. LEHMAN BROS AUCTION
Art hailing from the collection of unsuccessful investment bank Lehman Brothers fetched
more than $12 million US at an auction in New York 25th September, 2010. Anish Kapoor's
artwork was one of the creations from the Neuberger Berman and Lehman Brothers Corporate
Art Collections that was auctioned for $ 74,500 (estimated price was 25,000-35,000 USD).
WORLD RECORD FOR CHINESE VASE
World record for the most expensive Chinese art work was been created on 12th
November,2010 when a Chinese antique vase came under the hammer for USD 69.3 Million
in Bainbridge's, a British auction house (the hammer price does not include 20 percent in fees
and taxes).It belonged to the Qianlong dynasty and was discovered in the attic of a modest
suburban home.

13. ARPITA SINGH SETS RECORD AS ART MART BOOMS AGAIN
The boom was back in the auction market with Arpita Singh's 'Wish Dream' mural
selling 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 dimensional
art and murals by top-of-the chain artists. The sale follows in the footsteps of Bharti
Kher whose work, 'In the Skin of an Elephant', fetched INR 70 Million at an auction in
Sotheby's in June.
The art market in point of fact, has recovered its momentum in 2010. This fact has
been quickly seized by the auction houses who are now predicting annual growth in
three figures. Even the statistics (according to Art Price) stand till June 2010, global
auction revenue from fine art amounted to USD 3.9 Billion.
The same report (by Art price) states that Behind China, the other significant
emerging force on the international art market is India. The demand is global and
fast-growing, substantially fuelled by the speculative incentive to earn attractive
gains on quick turnarounds. The main players as of now are the sculptor Anish
Kapoor, as the biggest example of the 'Indian El Dorado'.
We look forward to an even more promising fate of Indian & Global Art and hope to
see more spectacular milestones in future that will emboss the history of Indian Art
on the World Canvas. The confidence in Indian artworks is on the rise again, and a
recent report by ArtTactic claims that the overall Indian Art Market Confidence
Indicator has risen 26% since October 2009, it also notes that the Speculation
Barometer for Modern Indian Art is now at 6.3, up from 4.9 in October 2009.

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authentic, 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 or
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Special Contributions by: Mr. Ashok Vajpeyi (Chairman), Mr. Ajay Seth (Chief Mentor).
Editor: Saguna Ahluwalia
Contributing 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: contact@copalart.com, office@copalart.com. Website: www.copalart.com